Sharewatch: WPP Rises Ahead Of Full Year Results

WPP dipped 0.24% ahead of the release of its full year financial results later this week, which are expected to signal the end of the worst advertising downturn in living memory.

Early predictions suggest the company, which is the world’s third largest advertising and marketing network, will post pre-tax profits of £454 million on annual revenue of more than £4 billion (see Sorrell Set To Signal Start Of Advertising Recovery).

Meanwhile, Reed Elsevier rose 2.28% to close at 515˝p following increased pre-tax profits of £1.01 billion announced last week (see Reed Elsevier Sees 2003 Profits Rise But Predicts Dip).

Chrysalis made the biggest percentage drop yesterday, falling 1.55% to finish at 254žp despite news earlier this month that revenues had jumped by 19% year on year during the five months since September 2003 (see Rival Radio Groups Report Positive Outlook).

London blue chips closed at a nineteen month high yesterday due mainly to speculation and takeover talks. The FTSE 100 closed up 0.2% at 4,524.3 while the FTSE 250 slipped 0.1% to 6,299.3.

The closing prices of media company shares on Monday were: