WPP reports six per cent rise in revenue for first quarter of 2013
Global marketing services company WPP has revealed a six per cent rise in its reported revenue to £2,532bn for its first quarter of 2013.
The group's advertising agencies Y&R and Grey were singled out within the company's quarterly update for having 'strong' starts to the year, especially in the US where they picked up new business. However new business revenue for the start of this year was down to £940m this year, compared with last year when it pulled in £1.159bn during the same period.
PR and Public Affairs revenue were also down 2.7 per cent and 4.1 per cent respectively although the company's branding and identity, healthcare and specialist communications businesses saw 10 per cent growth.
During the first quarter the group also made 13 acquisitions in countries such as China, the US, Maynmar, Columbia and Hong Kong.
The company also said that while it was being 'more conservative' with its budgets this year it was also looking at improving co-operation and co-ordination among its agencies.
Speaking earlier in the week, Sir Martin Sorrell, CEO of WPP explained that he felt since the crash of Lehmann Brother's bank, marketing had been 'belittled'within the corporate sector due to a lack of risk taking.