Media giants WPP and Gannett have both been making reassuring noises this week designed, no doubt, to allay investors’ fears in these difficult economic times.
According to the Guardian, WPP chief executive Martin Sorrell met with analysts last week following the news that profit warnings from other US ad companies had started a run on WPP shares, however Mr Sorrell maintained that expectations of £530-£560 million pre-tax profits for the year were valid. Figures will be revealed at the company’s AGM next week.
Meanwhile in a speech to Gannett executives assembled for the company’s mid-year review, chairman Douglas McCorkindale claimed that profits for Q2 would fall in line with ‘most analysts’ expectations’. “Our toughest year-over-year comparisons for our newspapers are behind us” he said before drawing attention to revenues at UK subsidiary Newsquest which are currently running at 9% up year on year.
