WPP CEO: We won most of our new business from rivals
The chief executive of WPP , the world's largest advertising group by revenue, said most of his firm's new business in the third quarter was from clients that had left rival groups Publicis and Omnicom .



WPP, which has market capitalization of £16.4 billion ($26.2 billion), posted sales that outstripped competitors in the third quarter. Its like-for-like revenues were up 7.6 percent in the three months to the end of September.

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In comparison, the U.S.'s Omnicom posted 6.5 percent growth in the quarter and France's Publicis reported growth of only 1 percent.

"Most of our new business wins have come from both Publicis and Omnicom in terms of talent – the rate of inflow into us is still running at 4-to-1. So there has been a bit of a talent outflow and a bit of a business outflow (from Omnicom and Publicis)," WPP CEO Martin Sorrell told CNBC on Friday.

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Sorrell described Publicis's third-quarter performance and fourth quarter forecast as "lacking in vigor".