WPP records record profits of over £1bn
WPP has recorded its pre-tax profits for 2012, which stand at more than £1bn for the second year running, but WPP chief executive Sir Martin Sorrell says ‘we got there ugly.’
Despite before tax profits of £1.1bn, up 8 per cent on last year, Sorrell has also heeded warnings over upcoming uncertainties or ‘grey swans’ in Europe, unrest in the middle east, the impact of the US deficit, China, and the impending UK referendum on the EU.
WPP, which operates consultancies include JWT, AKQA, Landor, The Partners Brand Union and Fitch has reported revenues of £10.4bn, up £3.5 per cent.
UK revenues are up 7.7 per cent to £1.27bn, a result which is believed to have been bolstered by the London 2012 Olympics.
Globally there was like-for-like growth in all regions except North America, which has fallen victim to the US budget deficit.
Asia Pacific, Lain America, Africa, and the Middle East reported the strongest growth.
Sorrell also says the maxi-quadrennial events including, The London 2012 Olympics, US election, European Football Championships, did not bring growth as expected as money was being switched from existing budgets.
However WPP says it will look to the world-cup in Brazil and the US mid-term elections as better prospects.
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