Advertising agency WPP's organic revenue growth for May was ahead of April's performance, as macro economic gloom failed to dampen client spending.
A month ago chief executive Sir Martin Sorrell said organic revenue in April was strong compared with both a year ago and against the first quarter to the end of March.
TV advertising has been particularly strong, says WPP media buying unit GroupM, after revising its forecast from an overall decline for 2010 to a year-on-year increase of almost 12 per cent. But importantly, this is not at the expense of other media.
Shares in WPP have fallen about 10 per cent on our recommendation last month (), thanks to the blanket of macro economic gloom that has descended over global markets, but trend is turning after rebounding 8 per cent in the last two weeks to 652p.
When: 06/05/10
Price: 727p
