4 April 2012 – acquisition

Possible Worldwide,  the company’s wholly-owned operating network has agreed to acquire Carnation Internet Tanácsadó Zrt in Hungary.  Carnation is a full-service digital marketing services agency which also has offices in Serbia, Austria and Romania, servicing a variety of clients throughout the Central and Eastern Europe region.   The agency employs over 75 people and clients include the likes of Coca-Cola, MTV, Procter & Gamble, and Telenor.

The acquisition extends WPP’s strategy of developing its services in fast-growing and important markets and sectors and strengthening its digital capabilities in digital media.  WPP’s digital revenues currently amount to approximately US$4.8bn, representing over 30% of total revenues.  WPP has set a target of 35-40% of revenue derived from digital in the next five years.  We keep the shares as a BUY.