WORLDWIDE advertising group WPP suffered Euro-sickness last year, despite healthy growth in the US. The London group achieved business billings of £410m, but still saw revenues fall by four per cent in the first quarter of this year.
WPP, whose advertising agencies include Ogilvy & Mather and J Walter Thompson, said like-for-like revenue was flat in the quarter, after stripping out acquisitions and currency fluctuations.
That comes after revenues slipped three per cent to £3.91bn in the 12 months to December 31.
Sir Martin Sorrell, who heads the group, has said 2003 will be better than last year but maintains that the advertising market will not recover significantly until next year.
Along with its media sector peers, WPP has suffered from the advertising downturn as companies tighten their belts amid global economic uncertainty.
Net debt at March 31 was £1.33bn, compared with £1.50bn at the same date last year. The group cut staff numbers in the first quarter by 1.4 per cent to 49,171 with average headcount down by more than five per cent on a like-for-like basis compared with the same period last year.
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