WPP has launched a its School of Marketing and Communications in Shanghai in collaboration with the Shanghai Art & Design Academy (SADA). The school is the first in China to offer a three-year diploma for a marcomms program.
Fifty students have enrolled and classes started in September. More than 1,300 students applied. WPP will work with SADA on the curriculum and faculty hiring.
Also, WPP announced its earnings late last week, reporting a nine percent rise in Q3 revenue for the company and 7.2 percent for the PR and public affairs sectors. WPP is home to a number of PR firms including Burson-Marsteller and Hill & Knowlton.
Revenue for the company was £2.46 billion, $3.95 billion in U.S. dollars. While markets such as Asia Pacific and Latin America strengthened, the U.S experienced an expected slow-down. Revenue was up 4.6 percent for the third quarter, but the U.S. has 6.1 percent growth in Q2. Organic growth was 4.7 percent, behind other holding companies. Consumer insight was particularly slow, with revenue only growing 1.9 percent to £593.2 million (about $952.8 million by today’s currency standards).
For the first nine months, revenue was up 7.1 percent to £7.170 billion and up 12.9 percent to $11.57 billion in U.S dollars.
Revenue for PR and public affairs was £222.6 million for the quarter ending September 30, and £651.9 million for the first nine months of the year. Year-over-year nine month revenue growth was 4.6 percent.
Like Publicis, WPP has taken a conservative stance on future financial fortunes. Without sounding too pessimistic, the company said, “the continuous macroeconomic gloom and despair in the media and elsewhere must have some impact on both corporate and consumer confidence.” Sir Martin Sorrell, WPP’s said the post-U.S. election deficit a concern.
For more information about WPP earnings, click here.
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