World number three agency conglomerate Omnicom Group bucked the global advertising recession with sparkling numbers for the fourth quarter of 2001 – up fifteen percent year-on-year.
With record profits at $164.1 million (€187.4m; £114.7m) or 87 cents per share, the results comfortably exceeded those of the same quarter in 2000 when Omnicom also achieved a record $142.2 million (78 cents a share). Organic growth increased 4.7%, bettering the 4.5% achieved in the fourth quarter of 2000.
Said an ebullient president/ceo John Wren: “Our media and specialty agencies held up well, in no small part by their continued success in gaining new business.” He also opined that that the worst advertising economy in a quarter-century could be over by the end of the year. “Clients are increasing plans for spending, and people are starting to look at the glass as half-full.”
Omnicom expects to meet its target of 10% earnings and revenue growth for 2002.
Data sourced from: MediaGuardian.co.uk and AdAge.com; additional content by WARC staff