Grey Global’s Net Income Up 18.6% in First Quarter

14 May 2003

Net income rose 18.6% year-on-year to $5.1 million (€4.43m; £3.17m) in Q1 2003, riding on the crest of a 4.2% revenue hike to $297.6 million, reports Grey Global Group. Diluted earnings per shares rose 6.8% to $3.12 compared to $2.92 in the same period last year.

The trade wind of strengthening European currencies kept the group nicely on course for recovery, as did “modest” growth stateside. However, this was “offset somewhat” by the decline of Latin American currencies over the past twelve months.

New business during the quarter from existing clients Procter & Gamble, Mars, GlaxoSmithKline, 3M, British American Tobacco and Wyeth, also contributed to growth, as did new business from Nokia-N-Gage and Visa credit card in central and eastern Europe, the Middle East and Africa.

Data sourced from:; additional content by WARC staff