Stagwell reports double-digit growth in Q2

The holding company continues to ride strong results from its digital operations, which account for 57% of its net revenue.
markpenn

Stagwell chairman and CEO Mark Penn.

Stagwell’s digital operations have played a key role once again in the holding company’s revenue, which grew by double digits for another quarter.

Organic net revenue grew by 16% for the three months ended June 30, the holding company reported on Thursday. Much of that growth is attributed to the strength of its digital operations, which account for 57% of the company’s net revenue and grew 28% organically over the same period in 2021. The Stagwell Media Network’s strong performance – it saw 33% year-over-year growth – is also cited as a key factor.

New business wins totaled $31 million in the quarter.

“Stagwell is executing exactly as we said we would, and doing so profitably,” said Mark Penn, chairman and CEO of the holding company, in a statement. “Due to our unique mix of digital and creative capabilities, clients now recognize Stagwell as a serious alternative to legacy incumbents – and we are now a regular contender in many of the largest global pitches.”

These results follow a strong first quarter for the company, the results for which were similarly driven by the company’s digital acceleration.

The company again reiterated its full-year outlook, expecting between 18% and 22% organic net revenue growth.