WPP’s global revenues on a like-for-like basis were down 6.7% in the first four months of the year.
In a trading update delivered by chairman Philip Lader at the company’s AGM yesterday, WPP said that although “economic pressure” is spreading to the UK, the group’s advertising and media investment management businesses had been “least affected by the recession”.
The company did not reveal revenue or profits at its advertising and media investment arm, which houses its media and creative agencies.
It added that it has cut its employee headcount by almost 4,300 people, or 3.7%, this year, with the aim of reducing it by more than 7,000 by the end of 2009.
For the remainder of 2009, the company said that it is aiming to balance staff costs and headcount against the fall in revenues, with a longer term target of increasing operating profit by 10% to 15% per annum.
