WPP insight revenue down slightly in Q1
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UK— Revenues for WPP’s consumer insight businesses fell 1.8% in the first quarter of 2010, according to results released today.
The performance of the insight division was in line with the group as a whole, whose revenues fell by 1.8% compared to the same period last year, although on a constant currency basis it was marginally behind.
“Consumer insight revenues recovered strongly in sequential quarters and fell slightly by 0.4%, comparing quarters year to year, with the United Kingdom still pressured,” the company said in a statement.
Commenting on the group’s overall performance, it said: “Although the last quarter of 2009 was certainly ‘less worse’, the start to 2010 seems to indicate a change in client attitudes.”
In reportable US dollars revenue was up 6.6%, a difference that the firm said primarily reflected the strengh of the Euro and Japanese yen against the dollar.
The group’s overall headcount was up slightly in the quarter, having fallen sharply over the last year.
The firm also said it had reduced net debt levels arising from the debt-funded acquisition of TNS in 2008, bringing net debt to around 2.8 times EBITDA.
