WPP Reports Revenue Up 65 Percent

NEW YORK–WPP Group reported today that revenue was up 65 percent to $2.9 billion for the first six months of the year, compared with the same period last year.

Profit before taxes was up nearly 80 percent to about $357 million. In the first half of 2000, that figure was approximately $216 million.

The London-based holding company also reported that diluted earnings per share were up about 22 percent to 21 cents, from 18 cents during the same time last year. Net new business billings were reported at almost $1.4 billion.

The earnings report comes as WPP announced a cash offer of 555p ($8) on Monday for the outstanding shares of London-based media agency Tempus, in an effort to outbid French holding company Havas.

WPP owns Young & Rubicam, Ogilvy & Mather and J. Walter Thompson, among other agencies.