WPP lifts full-year revenue forecast as market rebounds

World’s leading advertising agency WPP has lifted its full-year revenue forecast to 2 per cent growth as compared with its previous forecast of flat growth.

The UK-based WPP has upgraded its revenue forecast after seeing a turnaround in the US market and reporting revenues of 2.078 billion pounds for the first quarter, almost flat against a year earlier on like-for-like basis.

In 2009, WWP experienced a decline of 11 per cent in profits to 663 million pounds as the agency was hit hard by economic downturn.

WPP chief executive officer Sir Martin Sorrell said the agency had been seeing a change in the client attitudes since the beginning of 2010.

Speaking on the topic, he said, “Valuations, as others have pointed out, are still quite high, particularly in the United States and particularly in digital.”

The US was the fastest-shrinking market for WPP last year, but it reported a growth of 4.1 per cent during the first three months of this year.

Shares in WPP were trading at 698 pence, up 6½ pence-a-share.