WPP has posted its annual results and things are looking pretty sweet for the company. As expected, Sorrell announced that profit rose 6.9 percent in 2007. Net income hit $925.8 million and revenue gained 4.7 percent to 6.19 billion pounds. Sorrel is predicting that the ad slow down won’t hit 2008, but nail us all in 2009.
Results were boosted by acquisitions of interactive shops (Quasar in India, Schematic, in the US) and that huge Dell win which will yield $4.5 billion over three years. Martin said last month’s fourth quarter was the best ever for new orders at WPP, so… you know. The kids are alright.[source]
Martin is also all thumbs up for that possible Microsoft-Yahoo merger, as he hopes that it will bring balance to the online search market. He told Reuters he’s pretty sure the deal with go through:
“I think it is probably going to happen but it is a question of execution. The idea that you’d have a more balanced market in search or display is something that we would welcome.”