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NEW YORK WPP Group today revised downward its 2009 margin targets and said more layoffs are on the way, adding further gloom to the ad industry’s prospects for the year. But the London-based holding company was more confident about 2010, predicting a tempered recovery.
“2009 was always likely to be a weaker year, but the unprecedented current financial crisis has triggered a vicious recession across the globe,” the company said in its 2008 earnings statement. “Although the economic gloom has heightened recently, with further earnings disappointments, surprise dividend cuts, continued financial restructurings and rights issues, we still believe there will be a recovery of sorts in 2010.”
WPP, which initiated staff reductions and a hiring freeze in the fourth quarter, has set an additional target of cutting 2,000 jobs this year, about 2 percent of its global headcount of 112,262.
WPP
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