UK ad group WPP on track to meet downgraded forecasts

LONDON (Reuters) -British ad group WPP said on Thursday it was on track to meet annual forecasts which it downgraded last month, when it warned of lower client spend and named senior Microsoft executive Cindy Rose as its new CEO to lead a recovery.

For the three months to the end of June, WPP reported net sales, which it calls revenue less pass-through costs, of 2.54 billion pounds ($3.40 billion), down 5.8% on an underlying basis.

WPP warned in July that net sales would fall by 3% to 5% this year, a downgrade on its previous forecast for them to be flat to down 2%, hurt by client losses and a slower new business environment.

($1 = 0.7481 pounds)

(Reporting by Sarah Young; editing by James Davey)