WPP Annual Profits Hit £1.5bn For First Time

The world's leading advertising agency, WPP, has announced a headline annual profit of more than £1.5bn for the first time.

The company - led by its founder Sir Martin Sorrell - credited growth in Britain and North America particularly for its performance and said it had enjoyed a strong start to 2015.

Its headline profit before tax for 2014 came in at £1.51bn - a rise of 3.7%.

Statutory pre-tax profits of £1.452bn were hit by the strength of sterling to the tune of £121m. 

Reported revenue rose 4.6% to £11.53bn.

The British group, owner of the JWT and Ogilvy & Mather agencies, said that while it had seen growth in every major world region with income from the travel and airline and entertainment sectors particularly high, the outlook for clients remained uncertain.

Its results statement warned of five 'grey swans' including a "litany of woes" in the Middle East and slowdowns for the economies of China and Russia.

In an interview with Sky News, Sir Martin also expressed support for HSBC - a group client - as the bank continues to handle historic allegations of tax avoidance and evasion at its Swiss private banking arm.

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