WPP Revenue Down

NEW YORK — WPP said worldwide revenue was down about 2 percent on a reportable basis in the first 5 months of 2002 and that it would be difficult to reach its operating margin target of 15 percent in 2002 at its annual general meeting on Monday.

“Pronounced recovery will have to wait until the U.S. presidential elections and the Athens Olympic Games of 2004,” the London-based holding company said in a statement.

Revenue during the first five months of 2002 for advertising and media investment management was flat, information and consultancy was up more than 6 percent, public relations and and public affairs fell more than 11 percent, and branding and identity, healthcare and specialist communications were down more than 3 percent.