Hasta La Creative!

Results at WPP, the world’s largest agency holding company by revenue, were hit by the strength of the British sterling and CEO Martin Sorrell indicated the company was looking to cut costs through back-office consolidation.

WPP reported revenues climbed 2.7% to $9 billion in the first six months of 2014, with pre-tax profits up 1.5% to $813 million. Profits attributable to shareholders rose 30% from a year earlier to $605 million.

The strength of the pound had a big impact on the British communications giant’s results. Billings, for example, were down 3% to $55 billion, but would have increased 5.7% without the effect of exchange rates and revenues would have been up by 11.3%, the group claimed.

Continue reading at AdAge.com