WPP revenue up 13%
WPP Group's third-quarter revenue hit $3.95 billion, a 13% increase compared with the prior year, the Dublin-based holding company reported on Oct. 28.
WPP's branding and identity, healthcare and specialty communications business grew by 10% year-over-year in the quarter to $1.02 billion. The segment includes WPP's direct, digital and interactive agencies, such as Wunderman, OgilvyOne Worldwide and VML. Direct- and digital-related work was responsible for 29% of WPP's revenue through the first three quarters of 2011.
WPP's North America business contributed $1.35 billion in revenue, up 2% compared with the prior year, and accounted for 34% of the company's total revenue for the quarter.
Revenue from advertising and media investment management grew by 13% year-over-year to $1.63 billion, with net new business billings for the segment pegged at $1.97 billion. The company estimated total net new business billings at $2.29 billion.
WPP spent $468.6 million on acquisitions this year and expects that number to hit $644.2 billion by year's end.
“There is still a significant pipeline of reasonably priced small and medium-sized potential acquisitions, with the possible exception of digital acquisitions in the USA which remain over-priced and Brazil, where the market appears to be over bought,” the company said in an earnings statement.