WPP Announces Acquisition Of Financial PR Firm

Advertising group WPP has announced a 100% acquisition of European PR firm Finsbury. The company, founded in 1994, will continue to operate independently within WPP, benefiting from access to its advertising and marketing services networks.

Finsbury specialises in financial communications, investor relations and public affairs. Among its client list of UK companies worth over £100bn, it counts 12 from the FTSE 100 index, a fact which helped it pull in revenue of £8.2m for the year to October 2000.

Last month WPP’s first quarter results fell short of analyst expectations (see WPP Q1 Results Disappoint Market And Brokers) in terms of growth. Yesterday shares ended down 41½p at £8.24½ and today, with news of the acquisition confirmed, shares had fallen a further 4p to £8.20 by 11.30am.

WPP: 020 7408 2204 www.wpp.com

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