Interpublic Group, the globe’s second largest agency holding company, sees no cause for optimism about revenue growth – yet.

Chief financial officer Sean Orr, addressing the Mid-Year Media Review – an annual ritual in which media and agency bosses genuflect before the Gods of Wall Street – warned his audience that Interpublic will report another fall in revenues when it posts its Q2 results in July.

He predicted the percentage revenue drop for the quarter would be “a high single-digit number”, albeit an improvement on Q1 when the group posted a 15.2% fall in income.

Orr was cagey about attaching numbers to the group’s full-year performance. But he reiterated the previously peddled line that cost-cutting will enable Interpublic to deliver an annual growth in earnings-per-share of 15% despite (probably) flat revenues for the year.

“The revenue environment has been difficult, and how good is good on the second half of the year is still in question,” said Orr gnomically . The answer? This “depends on how brave our clients are”.

Data sourced from:; additional content by WARC staff