WPP profits break the £1bn mark

WPP has reported profits of £1.008 billion for 2011, breaking the £1 billion mark for the first time.

The group, which operates consultancies including Landor, The Partners, The Brand Union and Fitch, reported revenues of £10.022 billion, up from £9.331 billion in 2010.

Constant currency revenues in WPP’s branding and identity, healthcare and specialist communications sector are up by 10.1 per cent.

The group singled out Lambie-Nairn, The Partners and Landor’s UK office as having performed particularly well.

WPP says it has seen strong growth in the UK, with constant currency revenues up by nearly 9 per cent. It has also recruited an extra 907 staff in the UK over the last year.

A WPP statement says, ‘2011, the group’s 26th year, was a record year on virtually whatever measure you care to name. The record performance was achieved in difficult circumstances, particularly in the second half of the year.

‘Western-based multinational companies, which today are reputed to be sitting on as much as $2 trillion net cash with relatively unleveraged balance sheets, were still fearful of making mistakes but prepared to invest in capacity and behind brands in fast-growing markets.

‘At the same time, they were also prepared to invest in brands to maintain or increase market share event in slow-growth Western markets.’

WPP has identified three ‘maxi-quadrennial’ events as providing a boost for 2012 – the European Football Championships, the London Olympics and the US presidential elections.

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