WPP has delivered strong preliminary results, ahead of our forecasts and the consensus. We expect to upgrade following this morning's meeting.

This is disappointing, as we believe the logic for combining the two businesses is compelling.

If concluded, we believe the merger would add significant value to shareholders.

WPP has delivered strong preliminary results.

The group is trading well. The group has robust organic growth prospects.

These are excellent results in a challenging broadcasting environment. The impact of weaker television advertising has been offset by cost savings.