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Revenues down but WPP optimistic about second half profitability
The world's largest advertising group by revenue WPP posted third quarter like-for-like revenue down 8.7 percent, at the higher end of forecasts, and said it would improve profitability in the second half.
WPP, whose agencies include JWT and Ogilvy & Mather, said conditions had eased in July, August and September compared to April, May and June. But the group said improved confidence had still not resulted in increased spend from clients.
Chief Executive Martin Sorrell said he expected there to be some positive growth in the first half of 2010 but overall he expects the year to be around flat.
Reported revenues were 2 billion.
The results follow similarly tough trading from other agencies. Omnicom saw a 10.7 per cent decline in the third quarter as key clients cut back on ad spending, Publicis reported organic sales down 7.4 percent, and Interpublic posted a 14.2 per cent fall.
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