Media recovery warning by WPP

WPP group boss Sir Martin Sorrell has reiterated his warning that global media markets will not recover strongly until 2004, on the back of a 17 per cent fall in the group’s half-year pre-tax profits.

In the six months to June 2002, WPP’s pre-tax profits were £210.4m, less than the £220m predicted by analysts. Revenues were down 2 per cent on the previous year to £1.96bn.