WPP reports revenue hike

WPP has reported a 9 per cent increase in revenues for its branding and identity businesses, along with healthcare and specialist communications, for the first five months of 2007, compared with same time last year.

This is the same rise as the group’s like-for-like revenues in its quarterly trading update in April for the branding and identity sector, when it increased from £376.7m to £384m.

On a like-for-like basis, revenues were up 1 per cent at the group, led by chief executive Sir Martin Sorrell, which is an improvement on the first-quarter update, when revenues were down 0.7 per cent. The low revenue rises reflect the 9.5 per cent depreciation in the US dollar against sterling, according to the report.

In the first five months of this year, WPP has made several acquisitions worldwide, and has today confirmed its takeover of Internet marketing group 24/7 Real Media.

Despite strong revenue growth in Europe at WPP, with Continental Europe up almost 6 per cent and Eastern Europe up more than 12 per cent, the UK is only up about 3 per cent. In the US, revenues have increased by almost 8 per cent.

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