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IPG feels impact of US as revenue falls marginally in 2012

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MUMBAI: US-based media communications conglomerate Inter Public Group reported revenue of $6.96 billion for the year ended 31 December 2012, down from $7.01 billion a year ago.

Organic revenue increased 3.8 per cent internationally due to growth from existing clients and new business won in high-growth geographic markets. In the US, however, organic revenue decreased 1.8 per cent reflecting the significant impact of account losses for the last two years.

For the year 2012, IPG‘s net income was $435.1 million compared to full year 2011 net income of $520.7 million.

Fourth quarter 2012 revenue was $2.06 billion, compared to $2.07 billion in the fourth quarter of 2011. Fourth quarter 2012 net income was $313.3 million, an increase of nearly 21 per cent from the net income of $259 million a year ago.

IPG chairman and CEO Michael I Roth said, "2012 challenged us in terms of growth, due in large part to account losses suffered in 2011, but we demonstrated our ability to control expenses and drive significant value creation through our strong balance sheet and the return of capital to our owners. Our offerings are highly competitive and we are coming into this year in a much stronger position with respect to client retention and new business activity. In key growth areas, such as emerging economies and digital capabilities, we will continue to build on recent success through further investments in talent and capabilities. Given the macro environment, we will remain vigilant in managing costs. In 2013, we expect to return to organic revenue growth performance commensurate with our peers. With growth in the 2-3% range, an improvement of 50 basis points on this year‘s operating margin is an achievable target. Our Board‘s actions today in raising the quarterly dividend by 25% and authorizing an additional $300 million in share repurchase demonstrate our confidence in the operating trajectory of the business. Improved top line performance, sustained focus on margin delivery and our ongoing commitment to capital return programs will position us well to drive significant earnings growth and enhanced shareholder value in 2013 and the years to come."

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