PARIS -(Dow Jones)- WPP PLC, the world's largest marketing company by revenue, said Friday it is still too early to say that the global advertising markets are recovering, even though confidence among clients is definitely improving.
"I think it is wrong to call the end of a recession based on sequential improvements...I only declare victory when like-for-like revenues are up again," Chief Executive Martin Sorrell told Dow Jones Newswires in a telephone interview.
Sorrell said he remains cautious on making predictions for the advertising market next year as the company hasn't completed its budget yet. He added WPP's revenue looks set to be flat next year.
The U.K. and Japan are two of the advertising markets that still remain "very difficult," Sorrell said.
The U.S., Asia and Latin America however should be the regions to profit first from an eventual recovery.
Sorrell added that WPP isn't eyeing any major acquisitions at the moment as it is still busy integrating recently acquired market research firm Taylor Nelson Sofres.
"We're happy with what we're doing," he said, noting that the company will continue to target small acquisitions in emerging markets, online advertising and consumer insight.
-By Ruth Bender, Dow Jones Newswires; +33 1 40 17 17 54; ruth.bender@dowjones.com