PANAMA CITY, April 3 WPP, the world's
largest advertising group, should be earning 15 percent of its
revenue from Latin America in five years, Chief Executive Martin
Sorrell said on Thursday.
"I would say you would anticipate that, in five years, Latin
America would at least be 15 percent, and if we acquire
aggressively, which we tend to do around in fast growth markets
in digital and in data, that should even bump it up further,"
Sorrell told Reuters at a conference in Panama City.
Latin American countries accounted for $1.7 billion, or 8.1
percent, of WPP's $21 billion of 2013 revenue, including
associate companies in which it owns 20 percent to 49 percent,
Sorrell said that, despite recent protests in Venezuela and
economic woes in Argentina, he was very bullish on the
He added the biggest short-term issue was currency
devaluations that have happened across many emerging markets,
such as Brazil and Argentina.
WPP's biggest clients in Latin America include British
American Tobacco Plc, Coca Cola Co and Claro, a unit of
Carlos Slim's phone company America Movil
($1 = 0.6029 British pounds)
(Reporting by Christine Murray. Editing by Andre Grenon)