Interpublic posts multi-million pound loss

NEW YORK - Interpublic Group posted a net loss of $132.8 million (£66.78 million) in the first quarter of 2007, despite organic revenue growth in the US and UK.

The company saw an improvement on its performance a year ago, when it recorded a loss of $182.1 million (£91.58 million).

Revenues for the holding group, which owns agencies including Universal McCann, Draft FCB and Initiative, rose 2.4% year-on-year to $1.36 billion (£68 million).

Interpublic saw organic revenue growth in the US, reflecting increased spending from existing clients and net client wins, and in the UK. Organic revenue growth declined in Continental Europe and in the Asia Pacific region..

Total organic revenue growth across all regions was 1.6%.

During the first quarter, Interpublic spent $988.8 million (£497.26 million) on salaries and related expenses, up 4% on the same period in 2006.

Interpublic has total debt of $2.3 billion (£1.16 billion), virtually unchanged from the end of 2006.

 

 

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