First Half Profits Shoots Up at Ad Giant WPP
Martin Sorrell's group does bumper business amid growing global tensions.
Advertising giant WPP had a fantastic first half, announcing net profits on Wednesday of $888 million in the first six months of this year, a 50 percent year-on-year jump.
Revenues for the half were also up 6.8 percent to $9.14 billion.
Despite the strong figures, WPP warned that companies are becoming increasingly cautious and risk-averse in their ad spending. Across the entire ad industry, big advertisers are reviewing agencies in a bid to cut costs.
But WPP reconfirmed its full-year targets, saying like-for-like sales, a measure that does not include factors such as costs connected to acquiring digital media space and currency shifts to grow more than 3 percent.