WPP, the world's largest advertising agency, cut its full-year sales growth target for the second time in two months as the marketer grappled with reduced spending from clients in North America and Europe.

Revenue growth for the year will be 2.5 per cent to 3 per cent, down from an earlier forecast of about 3.5 per cent, the company said in a statement today.

Chief executive officer Martin Sorrell has been pushing the Dublin-based company into new markets, such as Malaysia and Brazil, to counter slowing growth in more established markets.

In August, WPP cut its full-year sales growth forecast to about 3.5 per cent from 4 per cent.

Third-quarter sales were £2.5 billion (€3.09 billion), the owner of the Ogilvy and Mather and Grey Group ad agencies said in a statement today.

Mr Sorrell has said that 2013 will be a more challenging year as the company comes off of the spending highs of the Olympics and the US Presidential election.

He pledged in March to spend £300 million to £400 million on acquisitions this year. WPP last year bought almost three dozen companies or units and in the first half of this year made 40 acquisitions, the company said.

WPP fell 1.5 per cent to 808 pence in London trading yesterday. The stock had gained 20 per cent this year through yesterday.

Bloomberg