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| Mark Penn |
Stagwell’s Mark Penn reports Q3 revenue fell 7 percent to $617.6M and net income declined to $653K from $10.6M a year ago.
He anticipates a return to growth over the next two quarters as tech spending perks up, and the entertainment and auto sectors rebound from strikes.
Penn is ready for a “strong 2024 as the political cycle kicks in again and as we introduce our cutting-edge AI products within the Stagwell marketing cloud.”
The company on Oct. 31 bolstered its balance sheet via the divestiture of ConcentricLife for $245M cash.
Penn called that integrated health marketing agency “a non-core asset.”
Stagwell followed up that divestiture with the $15M acquisition of Movers and Shakers LLC, provider of social media marketing solutions.
Penn expects Stagwell will report a 4 percent decline in organic net revenue for full-year 2023, an improvement from the Q3 7 percent dip.
Stagwell owns Allison+Partners, SKDK, Sloane & Co., KWT Global and Hunter.
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."
