Shares in the company hit a low of $7.20, before gaining to trade down 5.24%, or 45 cents, to $8.14 -- levels not seen since October 1991. Yesterday, the Interpublic Group of Companies revealed that profits for the last quarter of 2002 fell by 79% to $20.3m (拢12.6m), compared with $96.4m for the same period last year. It is also restating accounts going back to 1997 after uncovering $165.7m in charges, mainly relating to losses at Octagon Motor Sports.
The company said it had appointed advisers to look at the future of Octagon, which owns Brands Hatch and other race tracks, and that it will considering shutting the operation.
London-listed WPP Group also suffered from the gloomy market atmosphere, dropping by as much as 9% before recovering some ground to trade down 5%, or 18.25p, at 349.75p.
Omnicom Group was also pushed down, despite publishing a solid set of results last week, falling by 1.75%, or 86 cents, this morning to $48.16.
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