NEW YORK: MDC Partners reported organic revenue growth of 7.8% in the third quarter to $375.8 million.
The holding company, which has majority stakes in PR firms such as Allison+Partners, Kwittken, and Sloane & Company, reported net new business wins of $25.6 million in the period. MDC posted an operating profit of $37.2 million in the period, up from a loss of $10.8 million in Q3 2016, and net income of nearly $22 million, up from a net loss of $31.1 million last year.
The company does not individually break out the performance of its communications agencies in its earnings reports. Revenue from its specialized communications shops was up 0.9% to $40.7 million in the period. Its media services shops posted revenue of $33 million in Q3, down 4.2% from the year prior.
For the year to date, the holding company reported an organic revenue increase of 8.4% to $1.1 billion, as well as operating profit of $72 million and net income of $25.8 million. Its specialized communications division reported a revenue increase of 2% to $125.5 million in the first nine months of the year, while its media services group was up 7.5% to nearly $104 million over the first nine months of 2016.