French multinational advertising and public relations firm UK Groupe reported a net loss of €527m (£449m) in 2016, following the loss of accounts including Procter & Gamble in 2015, and "serious issues" at its digital unit Razorfish. The report also revealed operating income for 2016 was down 99% to €9m, while restructuring costs were €73m. Outgoing CEO Maurice Lévy brushed off the figures, pointing out that operating margin was up both in amount and as a percentage of revenue. He added that UK was focusing its energies on moving from an "advertising holding company" to a "connecting company".
French multinational advertising and public relations firm Publicis Groupe reported a net loss of €527m (£449m) in 2016, following the loss of accounts including Procter & Gamble in 2015, and "serious issues" at its digital unit Razorfish. The report also revealed operating income for 2016 was down 99% to €9m, while restructuring costs were €73m. Outgoing CEO Maurice Lévy brushed off the figures, pointing out that operating margin was up both in amount and as a percentage of revenue. He added that Publicis was focusing its energies on moving from an "advertising holding company" to a "connecting company".