WPP revenue decline slows

WPP, the marketing services group that owns Ogilvy and JWT, says revenue decline slowed in the third quarter with further improvements expected over the next six months.

The group says like for like revenues, which excludes any impact from the acquisition of Taylor Nelson Sofres (TNS) last year and currency fluctuations, were down 8.7% in the three months to 30 September, compared with a dip of 10.5% in the second quarter. 

Reported revenues, including income from TNS and accounting for the weakness of sterling, increased by 16.9% to £2.07bn.

Net new business billings totaled £730m in the quarter.

The company, led by Sir Martin Sorrell (pictured), says it is expecting to see further improvements in the fourth quarter of 2009 and into next year.

It adds there is “little doubt that consumer and corporate confidence has recovered somewhat from the panic levels of the fourth quarter of 2008 and first quarter of 2009”, but warns that consumer confidence remains “fragile”.

It adds that “whilst the hearts of CEOs and CMOs are stronger and their minds clearer, increased confidence is still not transferring to their cheque-writing hands”.

Latest from Marketing Week

PLEASE SIGN IN OR REGISTER. IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and inspiration that will help you develop as a marketer and leader.

Register and receive the best content from the only title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work, so we can make Marketing Week more relevant to you.

Register now

THE BEST CONTENT

Our award winning editorial team and columnists will ask the biggest questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we will be your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Dedicated to developing your skills and helping you achieve marketing excellence. Find guidance on leadership, professional development and the latest industry jobs.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here