Omnicom Bucks Recession with 11% Rise in Q1 Profits

01 May 2002

Omnicom Group, the world’s third largest agency conglomerate, demonstrated its contempt for the global recession with a sparkling first quarter performance.

Net profits increased by 11% to $128.6 million (€142.73m; £88.28m) with earnings per share rising year-on-year from 62 cents to 68 cents.

Global revenues were up 8% to $1.7 billion ($1.6bn in the same period last year), US income soared 14% to $1bn ($896.6m vs Q1,2001) and international billings and fees edged up 1% to $710.3m.

The group appears on course to fulfil ceo John Wren’s forecast last December when he trained his sights on double-digit earnings growth in 2002. In contrast, WPP Group’s Sir Martin Sorrell was recently in bearish mode [WAMN: 20-Feb-02]. But Sorrell-watchers know full well that Sir Martin is a past-master of under-promising and over-delivering – as his past performance bonuses attest.

Data sourced from: BrandRepublic (UK); additional content by WARC staff