Interpublic reduces losses to $48m after double-digit growth

Interpublic has reported a net loss of $48m (£28.8m) in its first quarter results, which revealed revenues were up 10.3% to $1.47bn.

Michael Roth: Interpublic chairman and CEO
Michael Roth: Interpublic chairman and CEO

Interpublic is moving its bottom line towards the black, having reported a $71.5m net loss in the same quarter in 2010.

Also known as IPG, Interpublic is the often financially troubled US holding company behind McCann Erickson, Draftfcb and media agencies Universal McCann and Initiative.

Its chairman and chief executive Michael Roth credited all of its major agencies, led by operations in the US and emerging markets, for delivering the revenue growth.

IPG delivered 9.3% organic revenue growth, the most impressive figure out of the holding companies that have reported first quarter results so far.

Earlier today WPP revealed a 6.7% organic growth figure, just behind Havas' 6.8% but ahead of Publicis Groupe's 6.5% performance and Omnicom's 5.2%. Among the other major groups, Dentsu and Aegis are yet to report.

IPG's operating margin improved from -4.3% in the first quarter of 2010 to -3.1%, but Roth said he remained confident its full year figure would be in the range of 9.5% to 10%.

He said: "The strategic decisions and investments we've made in recent years position us well to deliver the highly digital, integrated and accountable marketing solutions our clients need today."