Omnicom chief John Wren reported a 9.3 percent tumble in Q4 revenues to $3.8B as the COVID-19 pandemic took a toll on its business. Organic growth dipped 4.9%, to $614.7M.
The PR group (Marina Maher Communications, Portland, FleishmanHillard, Cone, Porter Novelli, Mercury and Ketchum) posted a 1.9 percent drop in reported revenue to $351M and a 5.6 percent decline for the full year to $1.3B.
It was the only unit to post positive Q4 organic growth, +0.2 percent.
Advertising dropped 9.7 percent, CRM consumer experience plunged 15.8 percent, CRM executive & support fell 13.7 percent and healthcare slipped 2.0 percent.
Omnicom reported organic declines across all regions. The US was down 9.4 percent; UK, 12.4 percent; Europe, 9.2 percent; Asia Pacific, 3.9 percent; and Middle East & Africa, 36.8 percent.
Wren expects Omnicom revenues will decline through the first half of 2021.
He warns, "such reductions in revenue could adversely impact our ongoing results of operations and financial position, and the effects could be material."