 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.
WPP chief Cindy Rose is cutting up to 1,000 jobs by the end of the year, adding to the 11K jobs lost since the start of 2025, according to a report in the Financial Times.
WPP CEO Cindy Rose declares her stabilization plan is "firmly on track" as the company reports a 4.7 percent dip in 1H revenues.
FTI Consulting reported a 2.6 percent drop in Q2 strategic communications revenues to $100M, a shortfall largely due to a $7.4M decline in pass-through revenues.
Omnicom CEO John Wren reported a 7.2 percent rise in Q2 “core operations” to $6B and a 6.1 percent spurt on an organic basis.
Publicis Groupe’s H1 net revenues inched ahead by 1.1 percent to $8.3B. Organic growth hit the 4.7 percent mark.
