Stagwell reported second quarter net revenue of $598 million, an increase of 8% versus the prior year period. Net revenue for the first half was $1.16 billion, up 7%. 

Unlike other holding companies, Stagwell said earlier it would no longer report an organic net revenue figure, which excludes M&A activity and currency fluctuations, saying the figure doesn’t present accurate picture of the firm’s growth.  

The company announced late last year it would stop reporting organic revenue growth numbers. However, per what a company spokesperson called "market requests" the company reversed that decision. On a call with analysts today CEO Mark Penn said that he'd prefer analysts assess the firm based on total net revenue. But in the interests of "full transparency," he noted that second quarter organic growth was 2%. 

The predominant view in the industry is that net organic growth more accurately reflects the overall health of the advertising and marketing sector. 

The firm’s net loss attributable to Stagwell common shareholders widened to $5 million versus $3 million in the prior year period. The first half net loss attributable to common shareholders widened to $8 million versus $4 million in the first half of last year.  Adjusted pre-tax earnings in the second quarter totaled $93 million, up 8%.

Company CEO Mark Penn noted that net new business revenue in Q2 was $117 million and that the firm had a “strong performance at our Digital Transformation businesses,” and 26% growth among top 25 customers. “Stagwell's differentiated approach is resonating,” he said.  

CFO Ryan Greene said the company was “ahead of schedule to deliver the $80 to $100 million in cost savings by the end of 2026 that we promised at our Investor Day in April."    

This story has been updated.