Interpublic Group (IPG) today reported the worst Q3 numbers of all the holding companies. Profit fell 47% and revenue fell 18% to $1.43 billion. Revenue during the same period in 2008 was $1.74 billion. “Client sentiment has stabilized, but remains cautious, which makes it difficult to predict what growth will look like in 2010,” said Michael I. Roth, Interpublic’s Chairman and CEO in a statement.
Interpublic PR holdings include Golin Harris, MWW Group and Weber Shandwick. Harris Diamond, CEO of Weber Shandwick told PRNewser this morning that for IPG’s Constituency Management Group (CMG), which houses the company’s PR holdings, revenue was down “approximately 6% year to date.”
“You never want to be down,” he said, “but there was a reality with auto and financial. For most of our clients it’s been relatively mild, in the context of a down year. New business started picking up this quarter.”
UPDATE: PRWeek dug into the numbers and reports, “Constituency Management Group (CMG) saw a 19% year-over-year decline in its third quarter revenues. It reported $234.8 million in revenues, compared to $289.9 million in Q3 2008.”