WPP: US, UK communications services markets hit hardest by financial crisis
Communications holding group WPP Group reported revenues rose by 16.2% in the third quarter ended September 30. On a constant currency basis, revenues were up 6%.
North America was the weakest region, with flat revenues compared to a growth rate of 6% in the first half. The financial crisis has had the biggest impact on the communications services markets of the US and UK, according to WPP.
WPP won new business billings worth $1.726 billion during the third quarter.
By sector, revenues were up over 7% for advertising and media investment management and public relations and public affairs; up 4.4% for branding & identity, healthcare and specialist communications (which includes its DM agencies OgilvyOne, 141 Worldwide, Wunderman, RMG Connect and G2), and up 4% for information, insight and consultancy.In the first nine months of 2008, reported revenues increased 14.9%. In constant currencies, revenues were up 7.4% during the same period