IPG Chief Believes Turnaround is On Track

09 November 2006

NEW YORK: Marketing services conglomerate Interpublic Group has reported flat revenues for the third quarter, rising to $1.45 billion (€1.13bn; £760m) from $1.44bn in the year earlier period. Revenue for the first nine months fell nearly 2% to $4.31 billion.

The parent company of DraftFCB, Lowe and McCann Erickson revealed a net loss of just over $6m in Q3, a significant improvement on the $108m net loss last year.

Commented ceo Michael Roth: "All of our companies are demonstrating that they are increasingly competitive in the marketplace. We continue to believe that we are well-positioned for improved performance next year and to achieve our 2008 turnaround goals."

IPG is still the subject of a US Securities and Exchange Commission investigation into a $181.3m accounting imbalance revealed in 2002.

The probe, which began in early 2003, expanded last year after IPG restated its results for 2000-04 having uncovered additional accounting problems, some of which stemmed from "employee misconduct" [WARC News: 05-Oct-05].

Data sourced from Adweek (USA); additional content by WARC staff