Interpublic feels the impact of economic downturn

LONDON - Interpublic has reported a drop in revenues for the final quarter of 2008 due to the "negative effect of the broader economic situation".

The group, which owns agencies including McCann Erickson, Draft FCB and Initiative, said that fourth quarter revenues fell by 2.2 per cent to $1.9 billion.

However, full-year revenues at IPG grew by 6.2 per cent to $6.96 billion, with full-year income increasing by 71.3 per cent to $344.3 million.

Michael Roth, the chairman and chief executive of IPG, claimed that the group is well placed to face the downturn.

Roth said: “Our long-standing conservative approach to financial and balance sheet management has us well positioned for these volatile times.”