In a quarterly trading update released today, the global media group WPP reported a 10% rise in first quarter revenues (in constant currencies). In the UK, revenues were up by almost 12%. The company owns the Ogilvy & Mather and J. Walter Thompson advertising agencies, as well as media planning and buying agency MindShare.
Public relations and public affairs was the sector to report the biggest increase in revenue, which grew by 22.8% in the first three months of 1999, compared to the same period last year. Advertising, media planning, buying and research were collectively up almost 5%.
WPP reported a 20% rise in pre-tax profit for 1998 earlier this year (see Newsline), and predicted that advertisers might turn to lower cost mediums after the price of advertising on network television continues to rise (see Newsline).
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