WPP like-for-like revenues up 5.2% in five months

LONDON - WPP Group has started the year well with like-for-like revenues up 5.2% over the first five months of 2007, but warned the UK is proving a tough market.

The pace of revenue growth quickened in the first two months of the second quarter to over 6%, the group said in a trading update at today's AGM.

WPP, headed by chief executive Sir Martin Sorrell, reported worldwide revenue growth of 1% over the first five months of the year.

The group said all regions were showing strong growth in 2007, with the exception of the UK, where revenues were up just 3%.

In the US, WPP reported revenue growth of 8%, Continental Europe was up almost 6%, Central and Eastern Europe was up over 12% and remaining markets including Asia Pacific and Latin America were up over 11%.

WPP said: "2007 has seen further continued growth in revenue, profit and margins, following the record performance of 2006."

The company announced its offer for 24/7 Real Media has been cleared by the regulatory authorities in the US and Germany.

News of the £329m acquisition first emerged last month. WPP bought the New York-based company to boost its digital media and marketing credentials.

WPP also revealed plans to target a 20% reduction of its global carbon footprint -- which it calculates to be 260,000 tonnes of CO2 a year -- by the end of 2010.