WPP Posts Strong First-Half Profit on Growth in U.K., North America
August 26 2015 - 3:07AM
Dow Jones News
By Nick Kostov
PARIS-- WPP PLC, the world's largest ad holding company said
Wednesday corporates are being increasingly cautious and risk
averse as the firm posted a sharp rise in net profit, despite
concerns about the strength of the U.K. pound and continuing
geopolitical tensions.
Net profit rose more than 50% to GBP566.2 million ($888.2
million) in the first six months of the year, while revenue rose
6.8% to GBP5.84 billion, as acquisitions and growth in markets
including the U.K and North America helped stem losses due to the
strength of the pound against the euro and many emerging market
currencies.
WPP said like-for-like revenue--a metric that excludes
acquisitions and disposals--rose 2.3% in the first half. The rise
was a slight reduction from the first quarter.
The advertising giant's latest earnings come as the industry
grapples with a record number of big advertisers reviewing the
agencies they use in an effort to cut costs.
WPP reaffirmed its full-year targets. The owner of agencies
including Grey and Ogilvy & Mather said it expects full year
like-for-like net sales--the firm's revenue measure which strips
out costs linked to acquiring digital media space as well as
currency swings, acquisitions and disposals--to grow more than
3%.
Write to Nick Kostov at Nick.Kostov@wsj.com
(END) Dow Jones Newswires
August 26, 2015 02:52 ET (06:52 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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