Ogilvy PR Owners Report Massive Loss
STW the owner of Ogilvy Public Relations, Howorth and Pulse the PR Company for brands such as Microsoft, Toshiba, E Bay, Netflix, Canon and Activision has reported a massive $52.6 million loss.
This compares to a profit in 2014 of $44.6M. STW who is one of Australia largest marketing and communication Companies is currently undergoing a major restructure. It is not known whether Ogilvy PR, Howorth or Pulse were contributors to the Companies losses.
While net revenue was up by 1.6 per cent to $416m, underlying earnings before interest, tax, depreciation and amortisation (EBITDA) were down by 7.8 per cent to $76.8m.
“After a disappointing finish to 2014, the company undertook a strategic and structural review during the course of 2015 and made tough decisions to restructure the business,” STW chief executive Mike Connaghan said.
“We have implemented a number of initiatives designed to drive deeper engagement with each of our business, coupled with stronger financial and management oversight.”
It is the first result since STW announced it would merge with the Australian and New Zealand business of global advertising giant WPP.