Advertising group WPP painted a gloomy picture for investors as it warned a strong recovery in its sector was still some way off.
WPP said trading remained difficult, with like-for-like revenues down by eight per cent in the first five months.
Chairman Philip Lader said: "This year will be better than 2001 and 2003 better than 2002 but pronounced recovery will have to wait until the US presidential elections and the Athens Olympics Games in 2004."
WPP, which employs 65,000 people around the world, announced a 12 per cent rise in pre-tax profits in February.
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