Sorrell Upbeat Despite Dip in WPP Earnings

NEW YORK WPP Group chief executive Martin Sorrell, who has been the most cautious of holding company leaders in his industry outlook, on Friday said he sees indications of a turnaround, despite a dip in WPP’s first-half earnings.

Sorrell said WPP’s financial performance in the first half was helped by the “slight improvement in economic conditions” in the U.S., even as the continuing recession in parts of Europe and, particularly, the U.K. dragged down results.

WPP said its profits for the first half of 2003 before tax, goodwill amortization and impairment, fell 4.7