IPG reveals 23.9% drop in UK revenue in Q1 of 2009

LONDON - Interpublic Group, parent company of media agency Initiative and ad shop Lowe, suffered a 23.9% slump in UK revenue in Q1 2009, as worldwide revenue fell by 10.8%.

Michael I Roth: chairman and chief executive of Interpublic
Michael I Roth: chairman and chief executive of Interpublic

The company said the falls reflected "the difficult economic climate, as well as currency changes" over the period.

UK revenue totalled $111.5m in Q1 2009, down $35m from the same period in 2008.

IPG's UK operation is its second-biggest revenue earner globally, behind the US, which posted revenue of $781.4m in Q1 2009, down $67.7m from a year earlier.

The company did not detail UK revenue at IPG's individual units such as Universal McCann, PR agency Weber Shandwick or Lowe.

Globally, IPG revenue totalled $1.33bn in Q1 2009, down by $159.9m from Q1 2008.

Its advertising and media operations, which include Initiative and its various PR and ad agencies, accounted for 57% of the global figure.

Michael I. Roth, Interpublic chairman and chief executive, said: "To date this year, we've continued to see the significant effect that the global recession is having on demand for marketing services."

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