WPP Group rides the storm
Advertising giant WPP Group (LON:WPP) enjoyed a nine-per cent increase in its revenues to £2.5 billion during the third quarter. The firm said that although there has been "some slowdown" in the growth rate in the US, this has been largely counterbalanced by faster growth in the UK, Asia Pacific, Latin America, Africa and the Middle East and Central and Eastern Europe regions.
Announcing its Q3 results today, WPP said that to date it has seen little, if any, impact on client spending of six global risks. These include the feared euro contagion, lack of attention to the US deficit, rising commodity prices, the impact of the tsunami and associated nuclear incident in Japan, uncertainties caused by the Arab Spring and the possibility of the withdrawal of the post-Lehman fiscal and monetary stimulus.
The firm's gross margin improved by 5.5 per cent during the quarter, and by 6.4 per cent during the first nine months of the year.
Net new business billings during Q3 were £1.4 billion, which was "well up on the same quarter last year". Meanwhile, average net debt during the first nine months of 2011 was £2.7 billion, compared with £3.1 billion during the comparable period last year.
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