WPP, world's leading advertising firm, has reported a drop of 47 per cent in pre-tax profits to £179 million for the first half of the year to June, depicting the adverse impact of global economic downturn on the advertisement industry.
WPP, the owner of the Ogilvy & Mather Worldwide public relations company, witnessed a drop of 8.3 per cent in underlying revenues for the first half of 2009.
Speaking on the topic, WPP said, "The impact of the recession on the group's profitability in the first half was severe."