Major advertising group sees decline in profits

WPP Group, one of the world's biggest advertising groups, has reported a major decline in profits for the year 2002.

Pre-tax profits fell 50% to £205.4m (€301.5m). Its revenue fell 3% to £3.9bn (€5.7bn).

The company estimated that overall the worldwide advertising market fell 5% in 2002.

It said that revenue would be flat in 2003 which would probably be another difficult year "with hopes for a more significant recovery being pinned on 2004 and the positive impact of quadrennial factors such as the United States presidential election ...the Athens Olympics and the European Football Championships."

WPP's subsidiaries in Ireland include WHPR and Irish Marketing Surveys.