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Interpublic reported Q2 net revenues dropped 6.6 percent to $2.2B and operating income tumbled 23.4 percent to $243.7M.
Operating income included a $118M restructuring charge and $10.9M in costs related to the Omnicom takeover.
CEO Philippe Krakowsky said client activity during the first-half was “largely resilient in the face of macro uncertainty.”
The Omnicom deal is on target to be completed during the second half of the year. “The level of interest and support from clients continues to be strong, and there is enthusiasm on the part of practitioners across both organizations to unlock the value that the combination will create,” said Krakowsky.
Combining OMC’s and IPG’s talent, complementary capabilities, and geographic strengths, will create “an organization with unmatched ability to deliver business outcomes for marketers in every industry sector, around the world,” according to Krakowsky.
During Q2, IPG’s Weber Shandwick, Golin, IPG DXTRA Health and experiential agencies group posted 3.1 percent revenue growth to $364.5M. It was up 2.3 percent organically.
First-half revenue was flat at $691.4M.
Public Policy Holding Company registered 23.8 percent Q3 growth to $48.8M, with organic growth contributing 4.5 percent and the balance driven by merger & acquisition activity.
Publicis Groupe reported 3.1 percent in Q3 growth to $4B, sparked by a 3.6 percent jump North America, its biggest market.
WPP suffered a 10.2 percent drop in 1H revenues to $6.7B and a 47.8 percent plunge in operating profit to $297M.
WPP has adopted a gloomier profit and sales forecast due to a deteriorating Q2 financial performance triggered by weak client spending as companies cope with the challenging economic backdrop.
FTI Consulting handles the reorganization of Wolfspeed Inc. as the Durham, NC-based semiconductor company moves to slash its debt load.
