£40m client rebates hit IPG's UK figures

Interpublic Group has filed its 2003 results at Companies House, revealing a retained loss of more than £200 million.

The results include a £40 million write-down pertaining to contractual obligations to clients relating to media buying discounts, according to Bob Willott, the editor of Marketing Services Financial Intelligence.

The report also discloses that IPG has written down the value of Lowe International by £92,192,000 and Draft Group Holdings by £31,737,000.

Ammirati Puris Lintas Group, merged with Lowe in 1999, was written down by £15,600,000.

One senior Lowe insider said the £202,945,000 loss was "staggering", and added that IPG's finances were "incredibly complicated".

IPG began offering its clients rebates last September: Tesco has received £3 million and Weetabix £1 million. The size of the £40 million write-down indicates that these repayments are much more wide-ranging, however.