Strong Growth for Stagwell

Marcoms group Stagwell, owner of the Harris Poll, Harris X and Maru brands, has announced third quarter revenue up 15% to $711 million, and adjusted EBITDA up 9% to $111 million.

During the third quarter, Stagwell acquired predictive brand technology platform BERA, which will become part of the Harris Poll; and two weeks ago it enhanced its predictive AI SaaS PR platform PRophet with the addition of new features, AI-driven influencer discovery and campaign management, and machine learning-based news monitoring.

Consumer insights and strategy make up 8% of the group's revenue, Performance Media and Data 13% and the Stagwell Marketing Cloud a further 10%. Year-to-date revenue is $2.05bn, up 10%, with organic net revenue growth of 4%.

Chairman and CEO Mark Penn (pictured) says the group's performance was 'led by a return to double-digit growth from the Digital Transformation capability as AI has required companies to rethink the ways they engage with consumers'. He adds: 'On the heels of our single largest deal to date with Adobe and expanded relationships with leading brands like United and Microsoft, net new business of over $100 million in the third quarter brings our last twelve-month net new business figure to $345 million, another record for Stagwell. New business momentum, robust performance from Digital Transformation, and the culmination of a political season that broke fundraising records, gives us confidence that our vision is resonating with customers, and sets the stage for a strong close to H2'.

For the full year, the group is forecasting organic net revenue growth of 5% to 7% and adjusted EBITDA of $400 - 450 million.

Web site: www.stagwellglobal.com .

NB figures are in US dollars.

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