WPP’s reportable revenue for the first six months of 2006 was up 16.1% at £2.864 billion, with headline profit before tax up over 24% to £361 million.
On a constant currency basis, revenue was up 12.7% compared with last year, whilst on a like for like basis, excluding the impact of acquisitions and currency, revenues were up 5% in the first half, a slight increase on the organic growth of 4.8% in Q1 2006.
Headline earnings before interest, depreciation, and amortisation (EBITDA) was up 22% to £427.9 million and up over 18% in constant currencies.
Headline profit before tax was up 24.1% to £316.1 million from £254.8 million or up 19.95 in constant currencies.
Reported profit before tax rose by 29.6% to £287.1 million from £221.5 million. In constant currencies pre-tax profits rose by 24.8%.
WPP said that the group’s performance in the first half of the year mirrored the continuing good economic conditions in the United States, Africa and the Middle East, reinforced by mild improvement in Western Europe, although the United Kingdom remains relatively weak, even when compared to Continental Europe.
WPP added that the industry is becoming more and more two paced, with slow growth in traditional media such as television, newspapers and magazines and more rapid growth in new media such as direct, internet and interactive driven by new technology.
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