MDC Partners lost $20 million in the second quarter while posting a 15% hike in revenues for the second quarter to $274 million, the company reported today. Organic revenue growth topped 8%.
For the first six months of the year the Toronto-based ad holding company said it lost more than $46 million on a 12.5% hike in revenues to nearly $510 million. First half organic growth was nearly 7%.
Company CEO Miles Nadal attributed the losses to “the continued impact of historical investment spending.”
Net new business wins for the first half totaled $80 million in billings, up more than 70% compared to the same period a year ago.
“We like where we stand heading into the second half of the year,” stated Nadal, adding that the company remains focused on cost efficiency and debt reduction.