Gross billings at New York-headquartered Grey Global Group fell by 6.3% in Q1 2002, it announced Wednesday. Grey attributes the fall to last year’s closures of certain units and market conditions in general.

Net income for the period was $4.3 million (€4.75m; £2.95m), up from $245,000 for the same period in 2001. However, consolidated income across the group soared by 111% to $10.4m – attributable in part to changes in accounting rules. Earnings per share also increased year-on-year from 27 cents to $3.21.

But according to an accompanying statement, the present climate “continues to be difficult for marketing communications companies”.

Grey Global group comprises the Grey Worldwide agency network, the GCI public relations group and media planning/buying shop MediaCom.

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