 |
| Mark Penn |
Stagwell reported Q3 net revenues grew 11.6 percent to $555.8M and 11.3 percent on an organic basis.
CEO Mark Penn said high-growth digital services drove Stagwell performance, increasing net revenue by 21 percent.
The firm chalked up $86M in net new business as Stagwell’s units expanded client relationships and “won new mandates based on digital, creative and strategic excellence,” said Penn.
That included wins or expanded business from Microsoft, Bud Light, 3M, General Mills and Salesforce.
Stagwell chalked up Q3 net income of $10.6M compared to a $2.1M year-ago loss.
Penn projects full-year net organic revenue growth in the 16 percent to 20 percent range.
SKDK, Sloane & Co., Allison+Partners, KWT Global and Hunter are part of Stagwell.
WPP shares have been dropped from the London Stock Exchange’s prestigious FTSE 100 index as its stock market price has plunged by two-thirds this year.
Public Policy Holding Company registered 23.8 percent Q3 growth to $48.8M, with organic growth contributing 4.5 percent and the balance driven by merger & acquisition activity.
Publicis Groupe reported 3.1 percent in Q3 growth to $4B, sparked by a 3.6 percent jump North America, its biggest market.
WPP suffered a 10.2 percent drop in 1H revenues to $6.7B and a 47.8 percent plunge in operating profit to $297M.
Interpublic reported Q2 net revenues dropped 6.6 percent to $2.2B and operating income tumbled 23.4 percent to $243.7M. 
