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| Advertising giant WPP annual profits hit record | Advertising giant WPP annual profits hit record |
| (1 day later) | |
| Advertising giant WPP has reported record annual profits despite what it called "strong currency headwinds". | Advertising giant WPP has reported record annual profits despite what it called "strong currency headwinds". |
| It reported a 12% rise in 2014 pre-tax profit to £1.45bn, on revenues that rose 4.6% to £11.5bn. | It reported a 12% rise in 2014 pre-tax profit to £1.45bn, on revenues that rose 4.6% to £11.5bn. |
| The giant group owns a host of agencies around the world, including JWT and Ogilvy & Mather, and employs some 175,000 people in 3,000 countries. | The giant group owns a host of agencies around the world, including JWT and Ogilvy & Mather, and employs some 175,000 people in 3,000 countries. |
| WPP chief executive Sir Martin Sorrell told the BBC there was some evidence things were picking up in the eurozone. | WPP chief executive Sir Martin Sorrell told the BBC there was some evidence things were picking up in the eurozone. |
| However, he said most global economic growth would continue to come from the US and China. | |
| "We are seeing a little bit of an improvement [in the eurozone] we saw a stronger Q4 and as we go into the first few months of this year January was stronger for the eurozone as well. So there are grounds for a little bit more optimism," Sir Martin said. | |
| Election | Election |
| But he warned the upcoming election contained risks to economic growth, whichever party wins the poll. He described the choice facing voters as a "Morton's Fork" - a specious piece of reasoning in which contradictory arguments lead to the same (unpleasant) conclusion. | But he warned the upcoming election contained risks to economic growth, whichever party wins the poll. He described the choice facing voters as a "Morton's Fork" - a specious piece of reasoning in which contradictory arguments lead to the same (unpleasant) conclusion. |
| "It's a difficult choice either way. If you vote Conservative, you are faced with a referendum over the EU, either in 2017 or 2016. If you vote Labour, Labour seem to have a platform of criticising or bashing business so you worry on that count too," Sir Martin said. | "It's a difficult choice either way. If you vote Conservative, you are faced with a referendum over the EU, either in 2017 or 2016. If you vote Labour, Labour seem to have a platform of criticising or bashing business so you worry on that count too," Sir Martin said. |
| On the subject of the UK's membership of the European Union, he said: "The issue is whether you can get any change [in Europe] before 2016 or 2017. I think the prime minister has drawn the potential date for a referendum forward to 2016, which would be better news. Less uncertainty as a result. | On the subject of the UK's membership of the European Union, he said: "The issue is whether you can get any change [in Europe] before 2016 or 2017. I think the prime minister has drawn the potential date for a referendum forward to 2016, which would be better news. Less uncertainty as a result. |
| "But the key issue is our position in Europe ,that's where the patterns of trade [are] whether we like it or not. They are not with the Brazils and Russia and Indias and Chinas. They are more with Germany and France and Italy and Spain. | |
| "But reform it from within, best to be inside the tent rather than outside the tent," he added. |