Sir Martin Sorrell is back (like he ever left) and still smirking like the Grinch after a Christmas rummage sale.
According to a release published in the Wall Street Journal, WPP reported “strong demand for advertising in the U.S. and U.K. in the first five months of the year”, though “sales growth was held back by the strength of the U.K. pound.”
So the pound was just too strong for its own good. An interesting side note: Ad sales in the U.K. did outpace U.S. totals, with numbers rising 7% and 4.6% respectively. As Marty put it:
“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.”
While the release is ostensibly a financial report, we read it as another step in Sorrell’s quest to crown himself King of All Industry Thought Leaders.