Oct 08, 2011 (LBO) – UK-based WPP Plc said it had bought full control of Lanka Market Research Bureau, a market research agency in which it only had 49 percent stake earlier. WPP bought the stock through its wholly owned research arm Kantar, the firm said in a London Stock Exchange filing.
WPP is a large advertising and marketing service group connected with agencies such as Ogilvy and Mather, Grey and JWT. WPP said group firms employed 10,000 people in India and Sri Lanka and had revenues of 450 million US dollars.
“This investment continues WPP’s strategy of investing in fast-growing markets and sectors and further strengthening its capabilities in measurable marketing disciplines,’ the LSE filing said.
WPP said LMRB had 175 million rupees in revenues in 2010 and assets of 138 million rupees.
Its clients included Unilever Sri Lanka Ltd, Fonterra Brands Lanka (Pvt) Ltd, SmithKline Beecham (Pvt) Ltd (GSK) and Dialog Axiata PLC. Founded in 1981 it now employed 81 people in Colombo and had field offices in Kandy and Galle.
Sri Lanka emerged from a 30-year war in 2009 and its economy has been growing around 8.0 percent a year. This year growth is expecte