Martin Sorrell‘s WPP Plc has seen four straight months of “lower sales”, which will probably result in further job cuts this year.
“For the remainder of 2009 the short-term focus will continue to be on balancing staff costs and headcount, against the fall in revenues,” the company said. The number of employees dropped by 4,300, or 3.7 percent, in the first four months. Over half the people who left did so on a voluntary basis, London-based WPP said.
According to the report, Sorrell says the first signs of the end of the downturn for his company will be seen in Asia.
Interestingly the company reported revenue with acquisitions are up 34%, but that isn’t enough to prevent the layoffs we’ve all seen coming for awhile.