IPG sees Q1 losses cut to $1.8m as it also reports first quarterly operating profit growth in a decade
Interpublic Group (IPG) has bounced back from an abysmal first quarter in 2014 when it recorded a net loss of $20.9m by cutting that within a year to $1.8m.
The advertising group also reported an operating income of $7.8m as opposed to last year’s loss of $11.7m, this is the first time it has reported an operating profit in a decade.
Shares broke even this quarter, which is also an improvement from this time last year, when stocks dropped 5 cents per share, while renevue increased by 2.4 per cent from last year this time, to 1.68bn.
Total operating expenses were up for the year by 1.2 per cent to $1,668.2m.
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"We are pleased to report first quarter results that feature strong organic growth, as well as progress in terms of operating profit,” said Interpublic chief executive, Michael Roth.
“We continue to see the benefits of our long-term investments in talent and our commitment to embedding digital capabilities and expertise throughout our portfolio,” he continued, adding that the company’s successes to its integrative approach to handing the continuous changes in media and media usage.
“This strategy places our integrated marketing solutions, led by our outstanding strategic and creative capabilities, at the center of a connected world,” he said. “During the quarter, we saw solid contributions to our performance from across our agency portfolio, with particular strength in the US, as well as significant growth in Asia and the UK.”
Interpublic Group includes many major global brands including Deutsch, McCann, R/GA, and The Martin Agency.
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