ADVERTISING and marketing group WPP reported a 3.8% rise in annual profits to £747m in 2008 – but warned that like-for-like revenues were likely to fall 2% this year.
WPP increased revenues by 2.7% in 2008 after the fall-out from the banking crisis caused growth to slow to 1% in the second half.
The company, which has about 112,000 staff in more than 100 countries, also revised its margin targets to 14.3% and 14.8% for 2009 and 2010 respectively, compared with the rate of 15% achieved during 2008.
WPP said: “2009 was always likely to be a weaker year but the unprecedented current financial crisis has triggered a vicious recession across the globe.”
The group forecast a “recovery of sorts” in 2010.
