IPG: Growth Slowing, But No Ad Pullback

IPG, the No. 3 global ad conglomerate, reported higher fourth-quarter profit, but sluggish growth.

The parent of DraftFCB, McCann Erickson and Initiative posted a Q4 profit of $162.7 million, up from $49.1 million last year.  Revenue rose 5.6% to $1.98 billion, but organic revenue grew 1.7%, down from 3.8% y/y, and slipped from previous quarters. But CEO Michael Roth said his company’s mediocre performance wasn’t a reflection of the economy: “We see no evidence of pullback in 2008.”

The company is projecting organic revenue growth between 4% and 5% in 2008.

See Also: Jay-Z and Steve Stoute’s New Project: Advertising, Not Branding

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