Interpublic Group, the third-biggest marketing services holding company, has reported a net income of $131m (£66m) for 2007, moving into the black after posting a net loss of $79m (£40m) a year earlier.
Year-on-year, revenue grew nearly 6% to $6.6 billion, IPG said in a statement. It also achieved a profit in the fourth quarter of 2007, with net income more than tripling to $163m (£82m), up from $49m (£25m) for the same period in 2006. Revenue for the quarter grew 5.6 percent to almost $2bn (£1bn).
IPG attributed its organic growth to new business from existing clients, new clients in advertising and public relations and the completion of several projects within the events marketing realm.
Chief executive Michael Roth (pictured) says he sees “no evidence of a pullback in 2008”. “Overall, it’s gratifying to see dramatic improvement in so many aspects of our business,” he says.
IPG, which owns networks including McCann Erickson, Universal McCann, Initiative and DraftFCB, also says it has achieved compliance with Sarbarnes-Oxley accounting standards.