WPP has reported operating profits of £361 million, up from £299.6 million last year, on revenue of £2.86 billion.
Profit before tax was up almost 30% to £287.1 million from £221.5 million and up almost 25% in constant currencies.
WPP said that on a constant currency basis, the group grew at almost 13% and all regions showed double digit revenue growth, with the exception of the UK.
Revenue growth in the UK was up by only 1.2% on a like-for-like basis, compared with 4.5% for the US and continental Europe
The United States continued to grow, despite the twin deficits and threat of inflation. Latin America remained one of the fastest growing regions, as it was in 2004 and 2005. Asia Pacific showed strong growth across the region, with Mainland China and India leading the way, with like-for-like growth rates of 22% and 23%.
WPP also said that estimated net new business billings of £2.2 billion ($4 billion) were won in the first half of the year (up 15% on the comparable period last year) and that the group was rated No.1 in almost all new business surveys.
Sir Martin Sorrell, WPP chief executive, said: “We are finding that our industry is becoming more and more two-paced. Slow growth in traditional media, such as network television, newspapers and magazines, more rapid growth in new media, such as direct, internet and interactive, driven by new technology. Slower growth in the mature markets of the United States and Western Europe, more rapid growth in Central and Eastern Europe, Asia, Latin America, Africa and the Middle East. Growth patterns even vary within regions – for example, slow growth in Western Europe alongside rapid growth in Central and Eastern Europe.”
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