British advertiser WPP profits soar
Marketing giant WPP said Friday that net profits leapt by more than a third in 2010 as the global advertising market recovered in step with the world economy.
Profits after tax jumped 33.9 percent to £586 million (£952 million, 682 million euros) last year from £437.7 million in 2009, WPP said in a results statement.
"Following a brutal 2009, when the post-Lehman (Brothers) financial world did not come to an end, as some had feared, 2010 was a year of significant recovery," WPP said.
"Clients re-focused on top-line sales growth and expansion, particularly in faster-growth geographic markets, as well as continued cost containment in the slower-growth markets of the United States and Western Europe.
"The recovery from the dark days of 13/14 September 2008 has been remarkable," it said, referring to when US investment bank Lehman Brothers collapsed, sparking the global financial crisis.
Revenues rose 5.6 percent to 9.33 billion pounds, the Dublin-based firm added.
WPP owns a number of advertising agencies including Ogilvy & Mather, Young & Rubicam, JWT and also Taylor Nelson Sofres, which it bought in 2008.
"The strong finish to 2010 has continued into 2011, with like-for-like revenues in January 2011 up over eight percent," WPP said.
"Geographically, we are seeing stronger growth in both Asia and Latin America and with the United States remaining strong."
© 2011 AFP