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Advertising giant beats forecasts in its first results since departure of Sir Martin Sorrell

WPP bosses have signalled a willingness to sell off underperforming parts of the global marketing empire but have ruled out a complete break-up following the departure of founder Sir Martin Sorrell, as shares surged almost 9% after a better-than-expected first quarter.

WPP is already running the rule over the future of market research arm Kantar, which continues to underperform, and has received an approach from private capital group CVC. The market research division, which accounts for 15% of WPP’s profits and 18% of revenues, is valued at about £3.5bn.

Related: Martin Sorrell's WPP pay plunged to £13.9m for last year in charge

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