Stagwell Continues Growth in Q2

Marcoms group Stagwell, owner of the Harris Poll, Harris X and Maru brands, has announced results for the three and six months ended June 30th. H1 revenue of $1.3bn was up 7% year-on-year while adjusted EBITDA rose 8% in the half-year to $176m, despite a second quarter dip.

Q2 Adjusted EBITDA was $86m, down 6% on the prior year period, but due to a strong rise in Q1, profitability for the half year remained good. The figures also represent a more positive trend after declines in 2023: revenue last year was down 6% to $2.53bn, while adjusted EBITDA fell 20% to $360m. At the time these results were announced, however, the firm did say it expected a quick return to growth, and that now seems fully justified. Stagwell has also had a busy first half in terms of its insight and analytics units - notably it launched a new global research community called Unlock Surveys, which Chairman and CEO Mark Penn ambitiously described as 'arguably the most significant research panel launched in nearly a decade'.

This week Penn (pictured) said the group had 'delivered solid results this quarter with record-smashing net new business wins of $113 million, bringing our last twelve-month net new business figure to $324 million'. He added: 'We are at a critical inflection point as we grow our capabilities, enabling us to land $20 to $40 million remits, while expanding our AI deployments, Stagwell Marketing Cloud capabilities, and our global reach. We are seeing these strategies come together now to set the stage for a strong H2 and 2025'.

The group is on the web at www.stagwellglobal.com .

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