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| Mark Penn |
Stagwell’s 2Q revenues slipped 6 percent to $632.3M and fell 5.3 percent on an organic basis.
CEO Mark Penn said Stagwell is “facing headwinds caused by economic uncertainty and especially tech client reorganizations, the effects of which we believe are temporary.”
He is bullish on the second-half and all of 2024.
“We are beginning to see a return to a more normal business environment, and the emergence of Generative AI is providing a runway for future work that we believe will explode in the next 12 to 18 months.”
The company posted a $10.2M net loss during the quarter vs. a $24.5M year ago profit.
Stagwell owns Allison+Partners, SKDK, Sloane & Co., KWT Global and Hunter.
Publicis Groupe’s H1 net revenues inched ahead by 1.1 percent to $8.3B. Organic growth hit the 4.7 percent mark.
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.
