Sir Martin Sorrell the CEO of the world's largest advertising agency has said to the City that he believed that the "worst of the advertising recession is over" and expects "emerging marketing and digital sales" to keep the profits flowing in 2010.
With large blue chip clients like Unilever, Vodafone, HSBC and Ford, growth last year was down 8.1 percent Friday, but after a round of job cuts, WPP expect profits to rise.
The WPP CEO said to Reuters that he had seen a "significant" change in trading in November and said WPP had now "hit a stabilisation phase".
"Like-for-like revenues were almost the same in January 2010, against January 2009, an encouraging return to stability, a trend first indicated in November 2009," the company said on Friday.
"Although this return to stability seems widespread both geographically and functionally, there is no marked growth as yet, even against weak comparatives."
Sir Martin Sorrell's views, are always closely monitored, and branded the "Sage of Soho" given his prophetic predictions. Last year Sorrell predicted that the world economy would have an "LUV shaped recovery" saying that, the recovery would be L-shaped for Western Europe, U-shaped for North America and V-shaped for Brazil, Russia, India and China and the so-called Next 11 nations, which include Turkey, Indonesia and Vietnam.
