Mark Penn
Mark Penn

Stagwell CEO Mark Penn reported Q4 net revenues dipped 5.6 percent to $551.1M during a “challenging year for marketing services and digital transformation.”

The US market, which accounts for 78.9 percent of net revenues, registered a 7.8 decline in Q4 organic growth, while Stagwell’s No. 2 UK market (8.3 percent of revenues) posted a 13.9 percent gain.

Penn noted that Stagwell grew share with some of its biggest clients, took steps to manage costs and invested in digital innovation. Stagwell saw new business wins/expansions from Target, Samsung, Cotton Inc., IHG Hotels and Resorts and Coty during 2003.

Penn expects 2024 to be a year of growth as the political season swings into gear, and Stagwell expands its AI and AR offerings.“We will be helping our clients transform with the three E’s of AI—enabling stronger operations, adding efficiency to marketing and helping revolutionize their engagement with consumers,” he said.

Penn projects full-year 2024 organic growth from five-to-seven percent compared to a six-percent decline last year.

Stagwell owns SKDK, Sloane & Co., Allison Worldwide, KWT Global and Hunter.