The numbers were absolutely fine in the wider scheme of things although (hilariously) they felt the need to show the impact of various weak currencies like the euro and yen on the key performance metrics:
More importantly was this chart on profit and margin evolution. The US was the clear standout with Western Europe solid. Asia and the emerging market were both the profit and margin laggard:
...because after all GDP and advertising are very closely linked:
The overall advertising market however is dominated by two countries: China and the US (or a 'G2 World' as WPP put it).
No matter what country you are in however the rise of digital advertising compared to traditional forms of advertising is very apparent and continues apace....
...so much so that in terms of time spend all forms of advertising except mobile are actually contracting (even the internet). Good job for WPP they are the clear global #1 on digital advertising.
A couple of final points. WPP are not just the global digital #1, in most geographies they are number one too...
...although this does not mean they have a premium rating:
At around x13 prospective EV/ebit and a 5%+ free cash flow yield (3% paid out as a dividend) WPP is building value characteristics. Historically I have preferred to buy it nearer x12 forward EV/ebit which suggests below 1250p currently (although clearly any Sterling weakness would have an impact here too). With the accompanying statement highlighting that the range of 2016 sporting and political events being more to the liking of the WPP model this is one to embrace any further weakness in although for the time being especially with so many other potential bargains/value opportunities out there.