WPP announced their first half figures today, and they are a fucking disaster. Profits are down a whopping 47% and the company stated that growth was unlikely in 2010. WPP had planned for a 4 per cent drop in like-for-like revenues in the first half but on Wednesday reported revenues down 8.3 per cent to £4.29bn, a steeper decline than analysts had expected. As usual, the PR bullshit flowed. “The impact of the recession on the group’s profitability in the first half was severe,” WPP said in a statement, with cuts to staff and other costs “insufficient as revenues fell faster than budgeted”. The last bit is Dwarf code to the serfs that lots and lots of fucking layoffs are on the horizon. Check out this video on the Financial Times Web site, where Tim Bradshaw describes the Poisoned Dwarf as being in a “contrite mood.” I’ll bet he fucking is. Probably doesn’t know where his next $95 million bonus is coming from.
Lord, give me the strength to lay off more people!