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With the long downturn finally coming to an end, Bob Willott examines what financial shape the major communications holding companies find themselves in heading into 2005.
In the three years since Campaign published its last review of the global marketing groups, most clients have clambered out of Sir Martin Sorrell's much-publicised spending bath, dried themselves off and are writing bigger cheques again. Globalisation of the industry has become more concentrated within three - some might say four - substantial players.
The value of the dollar has fallen markedly against both sterling and the euro, distorting the relative performance of the main groups. ...