WPP's Revenues Rise, On Course for Full-Year Target

WPP Group, the world's second-largest advertising company, said on Tuesday like-for-like revenues rose by 4.5 percent in the first five months of the year.

In April, the company reported like-for-like revenue growth -- the key industry measure which strips out the impact of acquisitions and currency fluctuations -- of almost 5 percent.

"2008 has seen further continued growth in revenue and profit following the record performance in 2007," the group said in a statement prepared for the annual shareholder meeting.

The company said the performance in the first five months of 2008 meant it remained on course to achieve its full-year margin target of 15.5 percent.

When reporting on first quarter trading in April, WPP noted that while January and February were strong, March was slower -- mainly in western continental Europe.

"In the second quarter the pattern was similar, with April and May reflecting faster growth in the markets of Asia Pacific, the Middle East & Africa, Latin America and Central and Eastern Europe and slower growth in the Western Continental European markets, albeit with some recovery in Germany," WPP added.

Shares in the group, whose agencies include JWT and Ogilvy & Mather, were down 4.2 percent at 498.25 pence following the trading update, valuing WPP at around 6 billion pounds.