WPP sales up 7% on strong growth in UK and US
World’s largest advertising company sees revenue rise to €6.2 billion in first half of 2013
Chief executive of advertising giant WPP Martin Sorrell. Photograph: Monika Graff/The New York Times
Revenue rose to “over” £5.3 billion pounds (€6.2 billion), compared with analysts’ £5.3 billion average estimate compiled by Bloomberg.
Profit before interest and taxes was £541.4 million, versus £483.4 million a year ago, the London-based company said in a statement today.
The owner of ad agencies including Young and Rubicam and Ogilvy and Mather said revenue in July has increased 5 per cent on a like-for-like basis, the highest monthly rate this year, and forecast annual revenue growth at 2.8 per cent.
The company said it will also speed up strategically-targeted small and medium- sized acquisitions over the next three to four years.
The UK posted revenue of £669 million in the first half, an increase of 13.1 per cent, while North American sales rose 5.3 per cent to £1.84 billion.
“There has been some slowing of revenue growth rates in the faster growing markets of Asia Pacific, Latin America, Africa and the Middle East and Central and Eastern Europe, ” WPP said in today’s statement.
“This was more than compensated by a significant improvement in the revenue growth rates in the mature markets of North America and the United Kingdom in the second quarter.”