1 May 2010

Ad group more hopeful

6:23 am on 1 May 2010

The WPP advertising group is raising its expectations for 2010 after reporting a slight decline in revenues in the first quarter.

Revenues declined just under 2% from the same period last year, to 2.078 billion pounds.

The UK-based advertising agency cited a strong turnaround at the start of the year in the huge US market.

However, the company was cautious in its outlook for the global economy, saying it expectS rising inflation and interest rates.

Profits at WWP fell by 11% to $US1 billion in 2009 as the economic downturn bit its business.

Chief executive Sir Martin Sorrell told the BBC that last year, the company had been "staring into the abyss".