MDC Partners continue to slash costs amidst leadership succession
MDC Partners have posted revenues of $375.8m for the third quarter, representing flat growth year over year amidst a continued programme of cost cutting which is set to deliver annual savings of $50m.
In addition the business expects to benefit from a further $29m in savings next year as the impact of a reduction in headcount and a rationalisation of office space take effect.
The figures come at a time of turmoil for the advertising and marketing holding company which is set to lose its chief executive and chairman Scott Kauffman, who has already declared he will step down from both posts on 31 December or once a successor is found.
MDC Partners continue to slash costs amidst leadership succession
That decision, made back in September, coincided with an announcement that MDC was considering an array of future options up to and including a potential sale amidst a poor financial performance.
Updating investors on MDC’s position chief finnacial officer David Doft said: “I want you to know that we are working diligently to improve our company’s performance, particularly in cost reductions and renewed investment in new business acquisitions.
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Sign upPainting a picture of steady progress Doft announced that MDC had secured $49m worth of new business wins , more than offsetting $36m of losses.
Last year MDC Partners sold a 15% stake in the business to Goldman Sachs for $95m.