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.