Global holdings group, Interpublic, has saw revenues jump 3% during the second quarter of 2004, with organic revenue moving out of the red for the first time since 2001.
As organic revenue, which has been adjusted for acquisitions and dispositions, scraped in to the positive with a 0.3% increase, operating profits rose 3.8%, a slight improvement from a year ago when it was up 3.5%.
Disappointing results in Europe and the costs of complying with corporate reforms in the US hampered any real improvements in the company’s debt which fell to $2.2 billion from $2.7 billion a year earlier.
The statement said that the company’s financial condition showed continued improvement relative to the same period a year ago.
Chief executive officer and president, David Bell, said: “The major initiatives required to effect a turnaround are underway. Management is focused on execution of the remainder of our plan.”
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