The Week: City News - WPP reveals revenue drop

WPP has reported a 5.8 per cent drop in like-for-like revenue, year on year, for the first three months of 2009.

The group, which is headed by Sir Martin Sorrell, said in a trading report that the decline was attributable to a fall in client spending induced by the economic crisis and went on to predict that the group would not see recovery until 2010. WPP said that economic pressure was felt most strongly in the US, with the UK "less affected".