WPP revises down 2009 forecasts

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.