WPP, parent of such agency networks as Ogilvy & Mather and J. Walter Thompson and public relations powerhouses as Hill & Knowlton and Burson Marsteller, said revenue declined 2% to $2.9 billion vs. the same period a year ago.
The company said its performance "reflects the continuing difficult economic conditions, particularly in the United States."
Given the ongoing recession, plus recent stock market declines, WPP management said that "even achieving last year's operating margins of 14% in 2002 will be difficult."
Results were announced before U.S. trading began today. Shares of the London-based company closed Aug. 19 at $38.15 and dropped to $34.53 after trading opened before recovering to about $36 in late morning.