Advertising and marketing services company WPP is confident of stronger growth in 2008 despite economic worries.

The group reported 5% growth in organic revenue for 2007, in line with expectations. Pre-tax profit rose more than 5% to £719 million.

WPP also said it had bought a majority stake in Team Y&R Holdings, a Middle-East based advertising and marketing company.

'We have only preliminary data for January in 2008 and this shows like-for-like revenues up 5%,' the company said in a statement. 'On the basis of these data, 2008 should be a better year than 2007, against the views of most economic forecasters, who predict a gloomy 2008.'

WPP said like-for-like revenue growth in the same period a year earlier was 4-4.5% growth, with marketing services revenues growing faster than advertising and media investment management. Shares were steady at 606.5 pence in early trade.