Yesterday was a lacklustre day for media companies following an announcement by WPP that it would probably miss its profit margin target this year. The world’s largest advertising and marketing group saw shares slip 6.50% yesterday to close at £5.55˝ after reporting an 8% drop in organic global revenues in the first five months of 2002.
SMG, which recently announced that advertising revenues are expected to be up by 4% in the second quarter (see SMG Sees Beginnings Of Advertising Stability), also saw stock slip yesterday. Shares were down 3.20% to finish at £1.36, a loss of 4˝p on the day before.
Granada fared slightly better in yesterday’s media market, with shares improving 0.23% to close at £1.08˝ after Deutsche Bank upgraded it stock to “buy”.
The closing prices of media company shares yesterday were:
