WPP reports 18% rise in 2003 profits

The world's third-largest advertising group WPP has reported an 18% rise in 2003 profits before tax to £473m (€707m).

For the year ended December the company said turnover was up over 5% to £4.106bn (€6.14bn).

The group, which owns the Young & Rubicam and J Walter Thompson ad agencies, said that as the world economy started to pick up, driven by the US and Asia Pacific, demand increased from advertisers.

Looking forward, the company was positive on the 2004 outcome, saying that the Olympic games in Athens in August will boost advertising as well as the European championship football tournament in Portugal in June.

"This year's prospects, therefore, look good, with worldwide advertising and marketing services spending set to rise by at least 3-4% pct," said WPP.