NEW YORK: Interpublic Group has reported a calendar first quarter loss of $63 million (€40.5m; £31.6m), a substantial improvement on the year-ago figure of more than $125m.
Revenue at the advertising conglomerate during the quarter was $1.49 billion, compared with $1.36bn in the year earlier period. The company said organic revenue improved more than 5%.
IPG, parent company of DraftFCB and McCann-Erickson among others, also gave notice that a prolonged investigation into its accounting practices by the US Securities Exchange Commission is about to be wrapped up and that it has set aside $12m for a potential fine.
Commented ceo Michael Roth (pictured): "It will be significant for us to finally put this issue behind us."
The stronger-than-expected results were welcomed by Roth, who attributed them to new business, cost-cutting and continued spend by clients across different advertising and marketing disciplines.
He added: "Clients remain cautious due to the broader economic concerns. To date, we do not see signs of a pullback. But we continue to monitor the situation closely so as to be able to respond quickly should the need arise."
Data sourced from Adweek (USA) and reuters.com; additional content by WARC staff