Big gains for IPG, True North

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Interpublic Group of Cos. and True North Communi-cations reported double-digit gains in profits for the second quarter: Interpublic, New York, said net income rose 15% over a year ago to $171.9 million. Revenue was up 15% to $1.4 billion. Revenue from domestic operations increased 20% and from international operations was up 10%. Interpublic--whose agency networks include McCann-Erickson Worldwide and Lowe Group--cited strong new-business gains, with its networks snaring net new business of about $900 million in billings, up 71%. First-half results: net income up 16% to $230 million; revenue up 16% to $2.6 billion.

True North, Chicago, said net income climbed 29% to $27.1 million on 10% higher revenue of $375.1 million. The parent of FCB Worldwide and Bozell attributed the results largely to higher organic growth and improved operating margins. Net new-business wins more than tripled to $537 million in equivalent annualized billings. First-half results: net income up 44% to $37.3 million; revenue up 12% to $706.1 million.

Copyright July 2000, Crain Communications Inc.

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