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| Philippe Krakowsky |
Interpublic CEO Philippe Krakowsky reports 2Q net revenues fell 2.0 percent to $2.3B as the lagging tech sector and revenue shortfalls in the US and European markets hurt IPG’s financial results.
Organic net revenues fell 1.7 percent from last year’s period, which enjoyed a 7.9 percent increase.
Krakowsky called IPG’s organic revenue performance “inconsistent with our expectations and our long-term track record of strong growth.”
He reduced full-year organic revenue growth guidance to between 1.0 percent and 2.0 percent compared with the prior 2.0 percent to 4.0 percent projection.
IPG saw “solid growth” in the PR and experiential solutions offerings, according to Krakowsky.
That unit, which includes Weber Shandwick, Golin, Current Global, R&CPMK, DeVries Global, Jack Morton, Momentum, and DXTRA Health, posted 3.1 percent growth to $359M. It was up 3.7 percent on an organic basis.
Despite IPG's lackluster financial showing, Krakowsky said the company enjoyed an “exceptionally strong” new business performance, which “speaks to the strength of our offerings, underpinned by our foundational data and technology infrastructure.”
He expects those wins “will provide strong tailwinds as we move into the back half of this year and even more so in 2024.”
Public Policy Holding Company grew 27.5 percent to $50.1M during Q1, powered by the accelerating contribution from recent acquisitions and a 5.1 percent hike in organic revenues across its three operating segments.
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."
