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.
WPP said in August that it agreed to acquire digital agency Rockfish Interactive.