WPP sees revenue increase to ú1.48 billion
WPP report revenues rose to ú1.48 billion for the third quarter of 2007, a 4.9% increase over the previous quarter, continuing a growth pattern over the last year.
Revenues in constant currency were up 8.1% with the strength of the pound against the dollar the chief factor in reducing the firm's revenue by more than 3%. On a like-for-like basis, excluding the revenue for acquisitions and currency fluctuations, revenue growth was up 5% for the quarter.
Branding and identity and healthcare and specialist communications showed the strongest growth, with revenues up more than 16%, driven by a growth in direct, Internet and interactive in the US and Europe.
WPP acquired ad network firm 24/7 Real Media, which closed in July, for $649 million.
Net new business billings reached $1.371 billion during the third quarter, with the impact of consolidation helping the firm take on some large clients.
Asia Pacific, Latin America, Africa and the Middle East are the fastest growing areas for the firm's business, with revenue up 12% in these areas in Q3. The North American market grew as well, with revenue up 8% on a constant currency basis. Revenue in Europe and the UK grew slightly in the third quarter, but maintained growth from earlier this year.