WPP reports record USD1.6bn annual profit

WPP is reporting record annual profits of GBP1.01bn (USD1.06bn) for 2011, up by nearly 20% year on year despite an unsettled economic climate in key markets such as Europe and the US, in what the group is describing as "outstanding" results. Revenues at the firm, which owns creative marketing companies including Ogilvy, JWT and Y&R, as well as agencies MindShare and MEC, grew 7.4% to hit GBP10.02 (USD16bn). The firm has rapidly expanded over the last year, making a number of acquisitions, particularly of new media and digital firms as it seeks to manage the transition of advertising online.

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