Interpublic group, parent company of Lowe, McCann Erickson, Draft FCB and FutureBrand, has reported a drop in organic revenues of 5.6% for the first quarter compared to the same period in 2008 while reported revenues fell 10.8% to $1.33 billion year-on-year.
The results come shortly after both WPP Group and Omnicom posted dramatic drops in revenue against the backdrop of the global economic downturn.
Interpublic’s operating loss in the first quarter was $81.9 million (£55.8 million), including severance charges, compared to an operating loss of $57.8 million (£39.3 million) in the first quarter of last year.
Interpublic chairman Michael J Roth (pictured) says: “To date this year, we’ve continued to see the significant effect that the global recession is having on demand for marketing services.
“As was the case in the fourth quarter, we demonstarted the appropriate cost discipline and successfully managed margins. Excluding severance costs, operating performance in the first quarter was in line with the same period in 2008.”