WPP boss Sir Martin Sorrell predicted an end to the advertising recession this week as his worldwide media and advertising network reported increased revenues for the third quarter.
"We are climbing further out of the bath," he said, as the company posted like-for-like revenues up two per cent, not allowing for the acquisition of Cordiant Communications.
With that taken into account, revenues rose 11% to its first £1bn quarter and were up 6.5% across the UK network, which includes media agencies MindShare and Mediaedge:cia.
"Prospects for 2004 remain better," he said, highlighting the US presidential elections, the Athens Olympics and the European Football Championships as triggers to stimulate spend among advertisers.
But he retained his caution about the marketplace. "2005 might see inflation as a result of government deficit spending on both sides of the Atlantic," he warned.
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