WPP reports 7.4% revenue growth of £2.68bn for Q3
WPP has reported a 7.4 per cent increase in revenue for its third quarter, reaching £2,680bn, having revealed net new business worth £4,935bn for the first nine months of the year.
The global marketing services company has seen like-for-like revenue growth acceleration of 5 per cent during the third quarter of this year, while reported revenue growth in the UK has risen by 13.2 per cent to £352m and in the US by 7.2 per cent to make £948m. Western Europe grew by 9.6 per cent and Asia Pacific, Latin America and Africa and the Middle East by 3.6 per cent.
During the first three quarters of 2013 WPP has made 45 acquisitions, 14 of which were in data investment management.
Writing about the company's outlook, Sir Martin Sorrell, CEO of WPP stated that clients remained focused on "a strategy of adding capacity and brand building in both fast growth geographic markets and functional markets like media and digital, whilst containing or reducing capacity in the slow growth markets, like Western Continental Europe and traditionally-produced newspapers and magazines."
He also said that free-to-air television was under pressure from a fall in consumption, particularly among younger age groups as a result of alternative screen consumption through the use of tablets, smartphones and online channels and said that the overall pattern for this year was similar to that of 2012 in being "equally demanding".