By Jonathan Davies

The world's largest advertising agency, WPP, reported a 1.5% rise in profits for the first half of 2014, despite being "ravaged" by a strong pound.

WPP said profits were £532m ($882m) for the first half of the year, compared with the same period last year. But the advertising firm said that when the fluctuations in currencies are taking out of consideration, profits were up 15.8%.

Revenue was up 2.7% to £5.47bn, WPP said.

"The strength of sterling has ravaged... our revenue figures and profits figures on a reported basis," said founder and boss Martin Sorrell.

"But when you look at our underlying [performance] it's very strong."

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