By Greg Hazley
MDC Partners reported Thursday a nearly 42% increase in second quarter revenue over Q2 2010 to $240.5M on net income of $3.9M.
The advertising and PR holding company, which owns PR units like Allison & Partners and Sloane & Co., said organic revenue jumped 21% for the quarter, including 25% at its strategic marketing services division, which includes ad and PR agencies.
MDC shares rose nine percent to $19.91 on Friday following the news, pushing to a 52-week high of $20.11.
"The second quarter was exceptionally good for us," chairman and CEO Miles Nadal said in a conference call. "our growth is across the board, across our entire portfolio."
MDC recorded $28.6M in net new business for Q2, up 42% from 2010, including Target of Canada, Fiat and LG. Tech and digital were 51% of its Q2 revenue.
Nadal said July 28 he has created the post of innovator-at-large for MDC and tapped Jonah Disend, a founder of MDC strategy and design unit, Redscout, to fill it. His expanded role is to help "rouse an innovative view of the world amond MDC companies."
MDC in June brought in former Fallon Worldwide COO David Dabill to plot the company's international expansion.
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