Advertising and marketing company WPP expects 15 per cent earnings growth in 2004, but earnings could slow in 2005 and 2006 due to US economic conditions.
WPP chief executive Mr Sorrell said he expects WPP's earnings per share to grow between 10 to 15 per cent in 2005 and 2006 compared with 15 per cent growth this year, excluding currency fluctuations.
"A negative factor next year will be what's happening in America, whether the economy will be under control," Mr Sorrell said.
Factors such as a stronger intra-dependency between Asia Pacific countries could outweigh the impact of the US economy he said but added that "when America sneezes we all catch a cold".
Mr Sorrell said he expects WPP to generate organic revenue growth of 3 to 4 per cent in 2004. Organic revenue, a closely watched financial measure for WPP, excludes acquisitions and currency fluctuations.
Mr Sorrell also said he expects the advertising industry to grow next year at the higher end of the company's previously stated 2 per cent to 3 per cent range.