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| Jay Leveton |
Stagwell Marketing Group reported a 1.8 percent dip in Q1 revenues to $181.2M and a 63.2 percent decline in net income to $4.6M due to a tough comparison to a political year and the continued impact of COVID-19 on operations.
Organic revenue declined 6.9 percent.
Stagwell attributes the bulk of its revenue decline to a drop in business from its digital content group, including its global travel marketing brand.
CEO Jay Leveton expects the recovery of the travel and entertainment business to “begin in earnest in Q2 with the successful rollout of the vaccines in the US.”
The communications, public affairs and advocacy group, which includes SKDKnickerbocker, Targeted Victory and Wye Communications, posted an $8.9M drop in Q1 revenues.
CFO Ryan Greene noted that Stagwell chalked up 10.2 percent Q1 EBITDA growth compared to a year ago. "However, when comparing the communications, public affairs and advocacy segment's Q1 results against Q1 2019, the most recent off-cycle period, and include pre-acquisition results, Stagwell reported 41 percent adjusted EBITDA growth," he said.
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."
Omnicom CEO John Wren reports Q1 revenues from “core operations” rose 6.7 percent to $5.6B, driven in part by a 3.9 percent boost in organic growth.
