WPP profits fall despite job cuts

By Rupert Neate, City Reporter (Media) Published: 7:18PM GMT 05 March 2010

WPP Group

Sir Martin Sorrell, arch executive, pronounced income over a "brutal" 2009 forsaken 16.1pc to �8.7bn.

Pre-tax increase at the promotion group, that functions on accounts for Unilever, Diaego and Bacardi, forsaken to �663m.

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Like-for-like sales in the UK forsaken by 6pc, Western Europe fell 10.2pc and North America declined by 8pc.

The association described 2009 as "very formidable year" and a "game of dual halves". "Like-for-like revenues, nonetheless comparatively fast in the last entertain of 2008 post the Lehman crisis, fell by roughly 6pc in the initial entertain of 2009 and the rate of decrease took off to roughly 11pc in the second quarter," WPP said.

The association certified that it was "relatively delayed to react" to the promotion fall and indicated that it should have cut some-more jobs some-more quickly.

However, Mr Sorrell, who is dubbed the Sage of Soho, pronounced promotion is eventually commencement to spin the corner, with an "unprecedented" volume of billings so far this year.

"It"s been an implausible run. There"s been a satisfactory volume of activity," he added.

Sir Martin pronounced a fibre of vital events this year, together with the Fifa 2010 World Cup and the US Congressional elections, might supplement about 1pc to WPP"s revenues this year.

WPP"s shares sealed up twenty-one to 645p. The association will compensate a prosaic last division of 10.28p on Apr 1.

Meanwhile UBM, the eventuality organiser and The Publican and Farmers Guardian publisher, saw the shares burst 30.6 to 494p after it staid a 12-year taxation brawl by profitable a less-than-expected �46.5m.