WPP profits plunge in "brutal" year

ADVERTISING giant WPP saw pre-tax plunge by 11 per cent to £663m last year.

Like-for-like revenues fell by 8 per cent as Sir Martin Sorell’s company suffered what it branded a “brutal year”.

But the company said the economic environment was improving and like-for-like revenue in January was stable.

“We seem to have moved from staring into the abyss post the Lehman Brothers crisis, to a less worse phase in the second half of 2009 and a stabilisation phase towards the end of 2009 and the beginning of 2010,” it said in a statement.