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| Mark Penn |
Stagwell CEO Mark Penn reported a 16 percent spurt in Q2 organic net growth as revenues advanced 221 percent to $672.9M.
The firm’s digital capabilities accounted for 57 percent of revenues and grew 28 percent organically compared to last year.
Penn said Stagwell is now recognized as “a serious alternative to legacy incumbents” due to its unique mix of digital and creative expertise,
“We are now a regular contender in many of the largest global pitches,” he added.
Penn is bullish on the second half of 2022 as its Stagwell’s “advocacy businesses prepare for a record cycle of US political advertising spend and our year-over-year comparisons ease.”
Stagwell expects full-year organic growth will fall into the 18 percent to 22 percent range.
SKDK, Sloane & Co., Allison+Partners, KWT Global and Hunter are Stagwell’s PR properties.
Stagwell registered an eight percent rise in Q1 revenues to $670M and a $1.3M net loss compared to a $1.4M profit last year.
WPP reported a 5.5 percent decline in Q1 PR revenues to $292M as its BCW and Hill & Knowlton units suffered the loss of Pfizer assignments, and cutbacks in client spending due to the economic uncertainty.
Interpublic CEO Philippe Krakowsky said the firm is off to a “solid start to the year” as its flat $2.2B net revenues are in line with 2024 financial targets.
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Omnicom CEO John Wren reports Q1 revenues jumped 5.4 percent to $3.6M, powered by a solid 7.0 percent rise in its advertising & media segment.
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