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WPP bucks trend with leap in profits.(Brief Article)
Sir Martin Sorrell's WPP has confounded the gloomy forecasts for the future of the global advertising industry by reporting a 32 per cent hike in pre-tax profit for the first half of the year.
The figure of pounds 254.8 million has been fuelled by the fast-growing Latin American and Chinese markets and by an increase in new forms of interactive communication, the group said.
Sorrell, WPP's chief executive, said that while the figures reflected 'another significant improvement in activity', those for the full year should 'match or surpass' those of 2004, even after the fillips provided by the US presidential election and the Olympic Games were accounted for.
'Corporate profitability is strong and spending is holding up as a result,' he said.
The group's revenues rose 22 per cent to pounds 2.5 billion, an amount boosted by the acquisition of ...
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