The statement is expected to be more positive than the one issued by the rival Interpublic Group of Companies, which warned that earnings would fall short of expectations, but there is concern that WPP's strategy of investing in wider marketing services to protect itself from the harshest effects of an advertising downturn has not paid off.
Shares in WPP rose by 5.49% or 24p, on reports in Advertising Age that one of its biggest clients, Ford Motors, was planning to double spend on advertising. However, Ford issued a denial of the story and today shares in WPP had fallen by 2.6% or 12p, back to 449p.
Sir Martin Sorrell, chairman and chief executive of WPP, has remained circumspect about the chances of an advertising recovery anytime this year. It is thought that he will still face difficulties because of the poor performance of non-advertising interests owned by the group, chief among which are its PR agencies Burson-Marsteller, Hill Knowlton and Cohn & Wolfe.
Analysts expect Sir Martin to reiterate his view that the industry will have to wait until 2004 - the year of the next US presidential elections and the Athens Olympics - for an advertising recovery.
WPP also owns the advertising agencies J Walter Thomson and Ogilvy & Mather, and is the largest advertising holding company in the world based on 2001 billings.
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