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Advertising giant WPP has said the impact of the recession in the first half of 2009 was "severe".
Pre-tax profits for the six months to June fell 47% to £179m ($292m) as the firm cut staff and costs.
On a like-for-like basis revenue fell 8%, which WPP said was a "surprise" as it had been expecting a fall of 4% over the six months.
However, WPP said the second-half of 2009 was "forecast to show a marked improvement in profitability".
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