Interpublic Group has reported a 5.6% year on year drop in revenues for the first three months of the year.
Total revenue for the first quarter was $1.33 billion (£910 million), down from $1.49 billion in the same period in 2008.
Michael Roth, Interpublic chairman, said: “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 demonstrated 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.”
The group posted a first quarter operating loss of $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 2008.
