WPP has announced its interim results for FY13 second quarter and first half. The Group has registered a 1.2 per cent increase in its billings at £21.7 billion. Estimated net new business billings of £2.475 billion were won in the first half of the year, more than double that in the first half of last year, placing the Group in all leading net new business tables. The Group continues to benefit from consolidation trends in the industry, winning assignments from existing and new clients, including several very large industry-leading advertising, digital and media assignments.
Reportable revenues were up 5.5 per cent to almost £5 billion. Profit before tax was up 7 per cent at 358 million, reflecting higher re-measurement gains in previous year and up over 13 per cent in constant currency.
Creative excellence was recognised again in 2012 with the award of the Cannes Lion to WPP for the most creative holding company for the second consecutive year since its initiation and another to Ogilvy & Mather for the most creative agency network.
Asia Pacific, Latin America, Africa and the Middle East, and Central and Eastern Europe remained the strongest region, with constant currency revenues up 11.1 per cent in the second quarter. This double digit growth was driven principally by Latin America and the BRICS and Next 11 parts of Asia Pacific and the CIVETS and the MIST.
As in the first quarter, advertising and media investment management remains the strongest sector.