Mark Penn
Mark Penn

Stagwell reported Q1 net revenues grew 24 percent to $527M, which CEO Mark Penn said was more than double the pace of legacy holding companies.

His “challenger marketing network” posted $12.7M in net income compared to $4.4M a year ago.

“While the GDP may be contracting, Stagwell is growing strongly. The merger has spurred revenue synergies immediately apparent in the big wins, significant industry awards, and integration of talent and technology across our network,” said Penn.

Stagwell picked up “notable” business wins from Lenovo, Taco Bell, Perdue, Ritz-Carlton and Major League Baseball.

Hunter, KWT Global, SKDK, Allison+Partners and Sloane & Co. are Stagwell’s PR units.