WPP reports revenue growth for first quarter of 2012
International marketing services group WPP has announced a rise in revenue of 7.6% to £2,392bln during the first quarter of 2012 as it saw ‘strong growth’ geographically in the Asia Pacific and Latin America regions. The company, which owns agencies such as Ogilvey & Mather and Grey, also reported that its like-for-like revenue for the first quarter had grown by 4%, while its gross margin had also risen by the same level. Alongside a growth in revenue, the average net debt included by £416m to £2,644bn, while net new business of $1.855bn was also achieved in the first quarter, in comparison to $1,346bn during the same period in 2011. The first quarter saw the business invest in 14 transactions, including 10 acquisition and investment, seven of which were in new media, two in consumer insight and two were ‘driven by client or agency needs’, it was explained. These took place across a range of companies, including the US, China, Pakistan, UK, Finland, Russia, Australia, Turkey and Hong Kong.