WPP Starts Year Strongly as Revenues Hit £4.4bn

Advertising group WPP has reported that revenues were up by 1.2% in the first five months of 2014 to reach £4.4bn, which the company puts down to strong growth in advertising spends from the UK and US markets.

WPP's UK operation reported the strongest performance as like for like sales were up by 7%; the US division saw a 4.6% lift.

The group said 2014 has started stronger and is similar to the final quarter of 2013, with all geographies and sectors growing revenues and gross margin or net sales. The group warned of a hit to trading from the current strength of sterling, however.

Chief executive Sir Martin Sorrell, said: "All in all, 2014 looks likely to be another demanding year, as a strong United Kingdom pound and weak faster growth market currencies continue to take their toll on our reported results, but if budgets and quarter one revised forecasts are met, 2014 will be another strong year."

WPP said it completed a total of 31 acquisitions in the first five months of the year, mostly quantitative and digital, but also in new markets.

WPP's shareholders will vote on the pay packages proposed for Sorrell and other executives at the groups's AGM today. This has been a point of contention in the past, with shareholders opposing the group's 2012 remuneration plan.

Sorrell will receive a total package of £29.8m for 2013, up from £17.6 million for 2012.

WPP shares were down 0.7% at 1,239.00p.