Stagwell Profit Jumps in Q1

Marcoms group Stagwell has announced revenue of $670m for the first quarter of 2024, up 8% on a reported basis. Adjusted EBITDA was up 25% to $90m.

The group reported strong growth in international markets, including EMEA which saw 14% growth - this included 14% growth in the UK where the firm has just announced the opening of its new European HQ. Recent acquisitions Sidekick (UK), What's Next Partners (France), and PROS Agency (Brazil) are boosting international presence. Revenue from Data-as-a-service unit the Stagwell Marketing Cloud was up 7% to $60m, part of a 6% rise in the wider digital transformation side of the business, to $196m. Client growth was strong with $66m of net new business - with particular strength in Performance Media & Data, and Advocacy.

CFO Frank Lanuto (pictued) said the impressive EBITDA figure was helped by 'cost actions' taken during the year, and that the company is well positioned to meet its 2024 targets. Stagwell reiterated full year guidance of 5 to 7% organic net revenue growth, adjusted EBITDA of $400m to $450m, and adjusted EPS of $0.75 - $0.88.

Stagwell is the owner of the Harris Poll and Harris X brands as well as Maru Group and data-driven PR and marcoms agency Allison.

Web site: www.stagwellglobal.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.