Page last updated at 07:51 GMT, Friday, 6 March 2009

WPP revises down 2009 forecasts

WPP graphic showing all its businesses
WPP said the second half of 2008 had seen slowing growth

WPP, the world's second-biggest advertising group, has announced a 3.8% rise in profits but has revised down its forecasts for 2009.

WPP reported pre-tax profits of 747m for 2008, compared with 719m for 2007.

The group said that despite major events such as the Olympics and the US presidential election, client spending had only risen about 2-3% in the year.

With no similar events in 2009 and the current recession, it now expects like-for-like revenues to fall 2% this year.

It had previously forecast a flat year.

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