WPP sees revenue increase by 1.5 per cent with UK and US growth
WPP saw its reported revenue increase by 1.5 per cent to £2,570bn for the first quarter of the year.
The international marketing communications network, which owns agencies such as JWT, Ogilvy & Mather, AKQA. Possible and Grey, has reported a "strong" start to 2014 after posting record figures last year.
Like for like reported revenue grew by 3.4 per cent in North America to £915m, in the UK by 12.2 per cent to £357m, but was flat across West Continental Europe at £592m and declined by 4.1 per cent across Asia Pacific, Latin America, Africa & the Middle East and Central and Eastern Europe to £706m.
Meanwhile, CEO Sir Martin Sorrell has continued to be wary of potential 'grey swans', that have increased in number from four to six, with uncertainty surrounding Scottish Devolution and Britain's membership within the European Union.
He also highlighted the emergence of two 'black swans' with the crisis that has developed over Ukraine and Sino/Japanese tensions over the Diaoyu/Senkaku Islands.
"All in all, 2014 looks likely to be another demanding year, as a strong United Kingdom pound and weak faster growth market currencies continue to take their toll on our reported results, but if budgets and quarter one preliminary revised forecasts are met, 2014 will be another strong year," said the company's report in forecasting the year ahead.
During the first quarter of the year, WPP has so far made 20 acquisitions and investments, including 13 in new and emerging markets.