 John Wren |
Omnicom posted a 1.9 percent drop in Q3 revenues to $3.7B largely due to a lack of M&A activity and sale of underperforming assets, according to chief John Wren. Net income rose 3.7 percent to $263.6M.
Wren told investors OMC is counseling clients about navigating the technological disruption that is recasting the communications business.
He views that upheaval as an opportunity for OMC to help clients transform the way they approach customers, offering them “the most creative minds with access to the latest tools in the marketplace.”
OMC’s PR group, which includes FleishmanHillard, Porter Novelli and Ketchum, slipped 0.5 percent to $345.9M. Organic growth weighed in at 0.4 percent.
The firm’s North American unit fell 6.5 percent during Q3 with revenues of $2.1B, and Asia-Pacific slipped 1.8 percent to $411.2M.
On the plus side, Europe (excluding the UK) posted an 11.7 percent gain to $660M, while Britain advanced 2.8 percent to $357.6M.
Omnicom CEO John Wren reports Q1 revenues jumped 5.4 percent to $3.6M, powered by a solid 7.0 percent rise in its advertising & media segment.
Public Policy Holding Company registered 24.1 percent growth to a record $135M during the past year, which included the results of the March 1 acquisition of Multistate Assocs.
Stagwell CEO Mark Penn reported Q4 net revenues dipped 5.6 percent to $551.1M during a “challenging year for marketing services and digital transformation.”
Why M&A activity in the PR and marketing sector could pick up in 2024.
WPP reported Q4 revenues inched ahead 0.3 percent to $4.1B as CEO Mark Read wrapped up a year that he said was more challenging than expected due to cutbacks, mainly by technology clients.
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