The Week: City news - WPP posts £719m profits

WPP has posted pre-tax profits up 5.5 per cent to £719 million for 2007, which it attributed to steady growth of the world economy and a strong new-business performance.

Sir Martin Sorrell, the company's chief executive, said he expected momentum to continue during 2008, but that 2009 was likely to be a difficult year for marketing services businesses. WPP's ad agencies, which include Ogilvy, JWT, Y&R and Grey, scooped net new billings of £723 million across the year, while Group M (including MindShare, Mediaedge:cia and MediaCom) generated estimated net new billings of £3.69 billion.