WPP reports record profit growth despite ‘strong currency headwinds’
WPP, the world’s largest advertising group, and owner of MediaCom parent GroupM, has reported a record pre-tax profit of £1.45 billion (A$2.85b) in the 12 months to December 31, a rise of 12 per cent on the previous year.
Revenue climbed 4.6 per cent to £11.5b (A$22.7b) with “like for like revenue growth in all regions”.
The strong performance came despite what it described as “strong currency headwinds”.
Growth in advertising and media investment management, branding and healthcare and specialist communications all showed “particularly strong growth”, the company said.
The 2015 year has started well, WPP added, with like-for-like revenue growth in January of 6.7 per cent.
News of the profit growth comes amid a tumultuous time for Mediacom in Australia, after some of its staff were found to have forged campaign reports and sold back to clients free or heavily discounted advertising time given to it by TV stations.
Good ‘ole WPP, as we’ve seen – they sure know how to make a dollar out of a dime!
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