• by Joe Mandese  @mp_joemandese, April 25, 2008

WPP Group, the world's largest buyer of media, this morning reported a 14.1% increase in first quarter revenues, reflecting, "the continued steady overall economic environment, despite the continuing uncertainty stimulated by the credit and liquidity crisis and the much heralded slowdown in the United States."

Unlike previous quarters in which WPP's advertising and media investment operations fueled its growth, WPP's agency units were the group's laggards, albeit still contributing a healthy 10.2% revenue growth during the quarter. WPP is the parent of GroupM, which includes MindShare, Mediaedge:cia, MediaCom and Maxus, and also owns ad agencies such as JWT and Y&R.

Since currency fluctuations have had a pronounced affect on the global marketing services organization, WPP also cites its revenue growth on a "constant currency" basis.

"By communications services sector, branding & identity, healthcare and specialist communications (including direct, Internet and interactive), showed the strongest growth," the company stated, "with constant currency revenues up 18%, with public relations & public affairs up almost 10%, information, insight and consultancy up over 6% and advertising & media investment management up over 4%."