By Kevin McCauley
Interpublic today reported a $45.7M Q1 loss, down from the $53.2M year ago deficit, on a 2.2% revenue uptick to $1.5B.
CEO Michael Roth said the performance “represents a good start” and the ad/conglom is on “track to deliver our financial targets for the year.”
He believes the 2.8 percent growth in organic growth “demonstrates that our agencies are highly competitive in the marketplace.”
IPG’s constituency management group, which includes Weber Shandwick, GolinHarris, DeVries PR and various marketing services units, scored a robust 10 percent growth to $262.9M. Organic business popped 8.6 percent.
Roth noted that IPG shaved $150M from its debt load during the period. Total debt clocked in at $1.6B.
Cash and cash equivalents dropped from $2.3B at yearend to $1.6B.
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