Global advertising firm, Interpublic, has reported revenue reaching $6.3 million in 2005, down by 1.8% compared to 2004.
Interpublic suffered an operating loss of $104.2 million during the year, compared to a loss of $94.4 million in 2004. Net loss for the group was $289.2 million, or $68 per share diluted.
The year on year decline for 2005 as a whole follows on from a drop in revenue from the fourth quarter, down by 3.6% year on year, to $1.9 billion. Fourth quarter operating income also suffered, at $57.6 million compared to $312.1 million in the same period last year.
Commenting on the results, Michael Roth, chairman and chief executive officer of Interpublic, said: “There is no doubt that 2005 was a challenging year for our company. The organic revenue was marginal and we will continue cycling through a number of client losses during the next two to three quarters.”
Roth concluded that Interpublic strengthened its balance sheet last year, while remaining committed to conservative fiscal management.
He added: “Despite disappointing financial results, during the course of 2005 we clearly made significant progress in positioning the company to move forward from a solid foundation.”
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