 Scott Kaufman |
MDC Partners' chief Scott Kauffman reported a $31.4M first-quarter loss, up from $11.1M a year ago.
Revenues dipped five percent to $327M, due partly to adoption of an accounting rule that shaved revenues by $21.3M.
Kauffman, who had been bullish on 2018 coming into the year, said the mini-ad/PR conglomerate's performance in March and April was "disappointing."
Client spending cutbacks and "a slower conversion of our new business pipeline" caused Kauffman to update MDC's financial targets for the year.
Kauffman said MDC has a substantial pipeline of new business opportunities and its firms are "well positioned" to "support a return to better top line growth in coming quarters."
MDC's PR firms include Hunter PR, Kwittken, Sloane & Co and Allison+Partners.
Public Policy Holding Company grew 27.5 percent to $50.1M during Q1, powered by the accelerating contribution from recent acquisitions and a 5.1 percent hike in organic revenues across its three operating segments.
Institutional Shareholder Services advises investors to vote "no" on a compensation package for WPP chief Cindy Rose at the May 8 annual meeting.
FTI Consulting chalked up a 9.5 percent rise in Q1 revenues to $983.3M, powered by gains in its PR, corporate finance and technology segments.
Stagwell reports 4 percent growth in Q1 net revenues to $585M and a record $141M in net new business wins.
WPP reported a 6.7 percent drop to $3.1B in Q1 like-like revenues less pass-through costs. CEO Cindy Rose says 'it will take time to outpace historical losses."
