WPP, THE largest advertising group in the world, believes the worst of the advertising recession is over and expects emerging markets and digital sales to help it record flat revenues in 2010.
WPP, which has Unilever, Vodafone, HSBC and Ford as clients, reported 2009 organic revenues down 8.1 per cent yesterday, at the lower end of a range of forecasts, but showed signs its operating margins were improving after it cut jobs.
Chief executive Martin Sorrell said the group, which is headquartered in Dublin, had recovered in 2009 after initially being slow to cut head count. He said he now expected 2010 like-for-like revenues to be flat, with margins up to 12.7 per cent from 11.7 per cent in 2009. It expects a slightly stronger second half.
French advertising group Publicis said last month it believed the worst of the economic downturn was over and it aimed to return to sales growth this year and achieve stable margins. – (Reuters)
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