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| 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.
WPP chief Cindy Rose is cutting up to 1,000 jobs by the end of the year, adding to the 11K jobs lost since the start of 2025, according to a report in the Financial Times.
WPP CEO Cindy Rose declares her stabilization plan is "firmly on track" as the company reports a 4.7 percent dip in 1H revenues.
FTI Consulting reported a 2.6 percent drop in Q2 strategic communications revenues to $100M, a shortfall largely due to a $7.4M decline in pass-through revenues.
Omnicom CEO John Wren reported a 7.2 percent rise in Q2 “core operations” to $6B and a 6.1 percent spurt on an organic basis.
Publicis Groupe’s H1 net revenues inched ahead by 1.1 percent to $8.3B. Organic growth hit the 4.7 percent mark.
