It's been a bullish first quarter for the world's second largest agency holding company, WPP Group.

Not only did WPP finalize its purchase of New York-headquartered Grey Global Group in March, it won new business to the tune of £875 million ($1.68bn; €1.28bn). It also saw a 16% rise in first quarter revenues to £1.11bn.

Additionally, WPP added to its portfolio of subsidiaries with new acquistions in Hong Kong, the Netherlands, Switzerland, the UK and the USA.

Profits and operating margins both soared ahead of budget in the three months to 31 March, while full year margin forecasts are in line with the Group's revised margin target for 2005 of 14.3% (including Grey).

Said WPP: The group continues to benefit from consolidation trends in the industry, winning several large assignments from existing and new clients."

Data sourced from multiple origins; additional content by WARC staff