WPP grows sales as US revenue rises
WPP, the world’s largest advertising group by revenue, said like-for-like sales grew more than six per cent in the four months to the end of April, buoyed by the United States and in line with its forecast for the year.
The firm, led by Sir Martin Sorrell, said yesterday its US revenue was up almost eight per cent in the year to date and British sales grew by more than seven per cent despite economic pressures, while continental Europe was up more than three per cent.
All advertising groups have been lifted in the last 12 months by a stronger than expected performance in the US market and WPP has also rebounded well from the downturn due to its strong position in key markets such as India and China.
Separately, WPP said it had bought a majority stake in Brazil’s largest independent digital agency F.biz for an undisclosed price. F.biz has 200 staff and had revenue of $30.1m reals (£11.6m) last year.
WPP said tsunami-hit Japan was its only Asian market not to have grown and said the situation was unlikely to change for most of this year. Political turmoil in the Middle East was continuing to have an impact, with year to date revenue flat.
WPP shares closed down almost one per cent at 732p.