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Sorrell raises WPP growth forecasts

MUMBAI: WPP Group, the world‘s largest advertising conglomerate, has raised the 2011 growth forecasts and predicted a boost in its dividend.


The group had previously expected its individual businesses to grow between 3 and 4 per cent in the coming year.
 
Speaking at a media conference, chief executive Sir Martin Sorrell said: "Actually, it‘s stronger than that. It is coming through stronger. WPP at this stage is seeing pretty good strength across the board".


The resurgence in the US and China and the uplift in traditional advertising markets have contributed to the company‘s growing optimism. 
 
Sorrell also noted that WPP, which has 2,400 offices in 107 countries, has grown by 4.5 per cent in the year to the end of October and that its "highly likely" that the group would notch up 15 per cent dividend growth rate in the latter half of 2010.
 
According to him the group, which owns agencies such as Ogilvy & Mather and JWT, is now intending to increase the dividend for 2011. He also cautioned that the European debt crisis hasn‘t had any impact yet, though it was causing "massive uncertainty" and it is still "too early to predict".
 

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