Credit: Denys Nevozhai via Unsplash
Interpublic (IPG) Australia has reported a 10.3% drop in local “revenue from contracts with customers” to $205.911 million in 2024.
According to documents filed with corporate regulator ASIC, integrated networks providing advertising and media services recorded $195.595 million revenue.
IPG DXTRA - events, public relations services, sports and entertainment marketing, corporate and brand identity, and strategic marketing consulting -- was $10.316 million.
Cash flows from operating activities, including receipts from customers (inclusive of GST), came in at $1.472 billion
Employee benefits at $119.381 million, down 7.4% on 2023, was listed as the biggest expense over the 12 months to December.
Key management personnel compensation was $5,083,705, down almost 19% on 2023.
The company, incorporating 16 local subsidiaries including Initiative and Mediabrands, reported paying income tax of $11.701 million before posting a profit of $26.813 million, down 8%.
Interpublic Australia also reported repaying a $120 million loan to Interpublic Group (Luxembourg). Interest paid in 2024 was $2,466,393.
The local entity reported dividends of $67 million, up from $21.9 million in 2023.
Globally, IPG reported negative organic growth of -3.6% in the March quarter, better than expected by Wall Street analysts.
Total revenue was $US2.3 billion and net revenue $2 billion. The net loss of $85.4 million included a pre-tax expense of $203.3 million for strategic restructuring pre the merger with competitor Omnicom.
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