WPP reports profit drop

WPP, the advertising and communications group, reported today that its profits fell 5.8 per cent in 2008.

Sir Martin Sorrell: WPP founder
Sir Martin Sorrell: WPP founder

The group, which owns Ogilvy & Mather and Hill & Knowlton, also revised its forecasts downwards for 2009. The initial budgets for 2009 indicated like-for-like revenue growth, but group now predicts revenues will fall a further 2 per cent.

However, the group, founded by Sir Martin Sorrell, reported that PR and public affairs continued its strong growth with revenues up 6.9 per cent on a constant currency basis and like-for-like growth of 4.9 per cent.

Hill & Knowlton, Burson-Marsteller, Ogilvy Public Relations Worldwide and Clarion were amongst its agencies faring best in the UK. Globally reported margins for PR and public affairs remained flat at 16.6 per cent.

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