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| John Wren |
Omnicom CEO John Wren reports Q3 revenues dropped 11.5 percent to $3.2B due to the negative impact of the COVID-19 pandemic. Organic revenues fell 11.7 percent.
The FleishmanHillard, Ketchum, Marina Maher Communications, Porter Novelli, Mercury and Cone spearheaded PR group posted a 4.3 percent dip in Q3 revenues to $322.8M and a 3.4 percent drop on an organic basis.
Wren said travel, lodging, entertainment, energy, oil & gas, non-essential retail and automotive sectors took the hardest hit from the virus.
He added that though healthcare, pharmaceuticals, technology, telecommunications, financial and consumer products areas “fared relatively well to date, conditions are volatile and economic uncertainty cuts across all clients, industries and geographies.”
Looking ahead, Wren said the revenue shortfalls suffered during the Q2 and Q3 are expected to continue through the rest of the year.
That reduced revenue “could adversely impact our ongoing results of operations and financial position and the effects could be material,” he said.
Public Policy Holding Company grew 27.5 percent to $50.1M during Q1, powered by the accelerating contribution from recent acquisitions and a 5.1 percent hike in organic revenues across its three operating segments.
Institutional Shareholder Services advises investors to vote "no" on a compensation package for WPP chief Cindy Rose at the May 8 annual meeting.
FTI Consulting chalked up a 9.5 percent rise in Q1 revenues to $983.3M, powered by gains in its PR, corporate finance and technology segments.
Stagwell reports 4 percent growth in Q1 net revenues to $585M and a record $141M in net new business wins.
WPP reported a 6.7 percent drop to $3.1B in Q1 like-like revenues less pass-through costs. CEO Cindy Rose says 'it will take time to outpace historical losses."
