WPP feels sterling impact on revenues

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The Independent Online
WPP Group said world-wide revenues in the first five months of 1997 were up more than 7 per cent, while the impact of strong sterling meant that reportable revenues were down slightly for the period. Overall, the advertising group said it was ahead of budget and ahead of last year in a "sound" trading environment.

Sterling has strengthened considerably, in WPP's case on average by 8 per cent, not only against the US dollar but even more so against continental European currencies and the Japanese yen, and as a result, reportable revenues were slightly down, the company said.

It said it achieved stronger revenue performances than the average in Latin America, Asia Pacific and the United States. Europe grew by about 6 per cent with some signs of a strengthening in continental Europe.