No Recovery Before H2 2002, Predicts WPP’s Sorrell

14 September 2001

Sir Martin Sorrell, chief executive of WPP Group, is in gloom mode about the chances of an imminent upturn in the media industry.

Addressing a conference in Spain on Tuesay, Sir Martin opined that the current slowdown in advertising and media will continue until the second half of 2002.

Said Sorrell: “Conditions in the advertising industry are tough and the outlook is pretty gloomy. There appears to be a disconnect between what politicians say and what we are seeing in the real world.”

However, some observers suggest that the sagacious Sorrell is effectively placing an each way bet: if he’s right any decline in WPP’s performance will be seen as par for the course; if he is wrong, WPP will be better able to hit its growth targets.

News source: Media Week (UK)