WPP’s sales growth dries up – hitting Sir Martin Sorrell in the pocket just as he faces a £110m divorce
Advertising giant WPP had its worst day on the stock market in nearly 30 years after sales growth had dried up – denting former boss Sir Martin Sorrell’s fortune as he prepares for a costly divorce.
The stock fell 16.2 per cent, or 146.8p, to 761.6p, with revenues for 2020 expected to be flat.
It wiped about £27million off the value of shares held by Sorrell, who is being divorced by Cristiana Falcone Sorrell.
Shares crash: Former WPP boss Sir Martin Sorrell is being divorced by Cristiana Falcone Sorrell
He ran WPP for 32 years and still owns 1.43 per cent of the business, worth around £134.6million.
He also owns shares worth about £108.8million in S4 Capital, the agency he set up after leaving WPP in 2018.
Sorrell’s total fortune has been put at about £368million by the Sunday Times Rich List.
Divorce lawyers have suggested his wife may be able to claim as much as £110million.
WPP said revenues fell 0.3 per cent to £10.8billion in 2019. It made a £982million profit, down 22 per cent from the previous year.