WPP Q1 Reported Revenues Rise - Quick Facts

(RTTNews) - Advertising giant WPP Plc's (WPP.L, WPPGY) first-quarter 2014 reported revenues grew by 1.5% at 2.57 billion pounds in sterling, up 8.7% at $4.26 billion in dollars and up 4.5% at 3.10 billion in euros.

During the first quarter, revenues in constant currency advanced by 9.6%, reflecting the continuing strength of sterling, particularly against many currencies in the faster growth markets, as seen in the final quarter of 2013. On a like-for-like basis, excluding the impact of acquisitions and currency fluctuations, revenues were up 7.0%.

Reported gross margin or net sales dropped by 1.8%, but improved 6.1% in constant currency and up 3.8% like-for-like.

In the first quarter, on a constant currency basis, revenues, gross margin or net sales, profits and operating margins were above budget and last year, in line with an annual gross margin or net sales margin targeted improvement of 0.3 margin points. This was despite incentive and severance costs being up slightly in the first quarter of 2014.