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Like-for-like revenue declines at WPP

Like-for-like revenue declines at WPP
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Advertising group WPP has seen its like-for-like revenue decline during the third quarter of 2009.

The firm posted an 8.7 per cent drop in a trading update, despite noting that there were signs of improvement in the market over the three-month period.

It said that conditions are now "less worse" than they were previously, but noted that this has not yet resulted in an increase in client spending.

Net new business worth £730 million was secured between July and September, meaning the company has now taken on £1.938 billion worth since the start of the year.

It said the results indicate there is "no Armageddon" in the advertising and marketing sector.

"July, August and September all showed 'less worse' revenue growth against April, May and June," WPP said in a statement.

Shares in the firm climbed on the stock market following the announcement, rising 0.05 per cent to 573p at 09:32 GMT.ADNFCR-1681-ID-19435112-ADNFCR