Advertising and corporate communications company WPP revealed in its interim results today that there is little cheer in ad-land just yet. Although its billings are up, like-for-like revenue is down, suggesting those booking advertising are paying less.

WPP, a CIO 100 ranked company, said billings were up 11 per cent at £18.742 billion and revenue has increased by 28 per cent to £4.289bn, but its operating profit has decreased by 24 per cent to £342 million and profit before tax is down 35 per cent to £252m.

WPP said the recession was "most keenly felt" in the US, Europe and Australia, especially in the second quarter. It said the US, UK, Australia and New Zealand were in a harder recession than European markets such as Spain, Italy, Holland, Denmark and Portugal.

Its digital and consumer monitoring services now account for 48 per cent of group revenues, almost reaching its target of becoming half of the company revenues.