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| Mark Penn |
Stagwell CEO Mark Penn reported Q4 net revenues dipped 5.6 percent to $551.1M during a “challenging year for marketing services and digital transformation.”
The US market, which accounts for 78.9 percent of net revenues, registered a 7.8 decline in Q4 organic growth, while Stagwell’s No. 2 UK market (8.3 percent of revenues) posted a 13.9 percent gain.
Penn noted that Stagwell grew share with some of its biggest clients, took steps to manage costs and invested in digital innovation. Stagwell saw new business wins/expansions from Target, Samsung, Cotton Inc., IHG Hotels and Resorts and Coty during 2003.
Penn expects 2024 to be a year of growth as the political season swings into gear, and Stagwell expands its AI and AR offerings.“We will be helping our clients transform with the three E’s of AI—enabling stronger operations, adding efficiency to marketing and helping revolutionize their engagement with consumers,” he said.
Penn projects full-year 2024 organic growth from five-to-seven percent compared to a six-percent decline last year.
Stagwell owns SKDK, Sloane & Co., Allison Worldwide, KWT Global and Hunter.
WPP reported a 5.5 percent decline in Q1 PR revenues to $292M as its BCW and Hill & Knowlton units suffered the loss of Pfizer assignments, and cutbacks in client spending due to the economic uncertainty.
Interpublic CEO Philippe Krakowsky said the firm is off to a “solid start to the year” as its flat $2.2B net revenues are in line with 2024 financial targets.
Why financial planning always plays a crucial role in every PR firm’s success.
Omnicom CEO John Wren reports Q1 revenues jumped 5.4 percent to $3.6M, powered by a solid 7.0 percent rise in its advertising & media segment.
Public Policy Holding Company registered 24.1 percent growth to a record $135M during the past year, which included the results of the March 1 acquisition of Multistate Assocs.
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