Interpublic restates accounts

Interpublic, the under fire US-based advertising network that owns the Universal McCann and Initiative media agencies, has finally issued financial results for 2004 and for the first half of 2005.

Interpublic restates accounts
Interpublic restates accounts

The troubled network, which is facing a US Securities and Exchange Commission investigation into its accounting, said the first half of 2005 saw a net loss of £78.9m across the business.

This was a better figure than that released in its restated accounts for the same six-month period in 2004, when it recorded a net loss of £103.1m.

The company said revenues in the six months to June 2005 had increased by a nominal 1.5% to £1.67m on the same period in 2004.

Interpublic has been under immense pressure in recent months following its failure to file financial results.

The network has now also restated its accounts since 2000 to the New York Stock Exchange, in what chairman and chief executive Michael I Roth said was a move to demonstrate the company's "integrity" and bring about "a new level of transparency".

He added: "I am pleased that our organic revenue trend stabilized in 2004 and continues to be positive in 2005.

"This is a testament to the great work and the value that our agencies and our people continue to deliver to clients.

Roth admitted work needed to be done to bring about a change in the network.

He added: "We have identified a number of areas that could drive significant improvement and we will pursue them vigorously.

"The investments we are making in bringing top talent and new management teams to many of our companies should also begin to yield continued and improved top line performance."

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