Thinking global costs STW

Communications group STW has announced a reduction in revenue and profits in the first half of 2009 mainly caused by its international clients reducing their spend.  

The company – part owned by WPP – today said it had received revenues of $131m, down from $145m in the same period last year. And underlying profits before interest, tax, depreciation and amortisation (EBITDA) was down from $31.4m to $27.8m.

STW has interests in more than 70 agencies and communications companies including Badjar Ogilvy, Howorth PR, Ikon Communications, JWT, Maxus, Mindshare, Moon, New Dialogue, SOM, The White Agency and The Brand Shop.

STW’s CEO Michael Connaghan said: “We have seen a tougher trading environment in the first half of 2009 compared to the prior corresponding period and this has impacted on the overall result.”