STW revenues rise but Mike Connaghan admits there has not been enough new business

Miranda Ward

August 14, 2014 10:43

Connaghan

The STW Communications Group has delivered improved revenues for the half year ended June 30, with CEO Michael Connaghan telling a public briefing the group needs to focus on winning more business in the second half of the financial year.

The part WPP-owned holding group – whose dozens of agencies include Ikon Communications, Ogilvy, Howorth, TCO, Tongue and JWT – reported revenues rose by 5.3 per cent in the first half of the year to $188.3m while EBITDA – earnings before interest, depreciation, taxation and amortisation- rose by 2.2 per cent to $36.5m.

CEO Mike Connaghan told a public briefing: “We are facing a very challenging market, that’s clear. That said, many parts of our businesses are performing very well. If we can improve our new business win record in the second half, which we must do, I believe we can still have a really strong second half.

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Miranda Ward

Miranda Ward worked for Mumbrella from 2013 to 2017, eventually becoming deputy editor. Miranda joined Mumbrella in September 2013 from Sky News.