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| John Wren |
Omnicom CEO John Wren reported a 0.5 percent dip in Q1 revenues to $3.4B and a 24.2 percent decline in operating profit to $353M.
He cites the negative impact of foreign currency translations and drop in acquisition revenue, net of disposition revenues for the lackluster performance.
The FleishmanHillard, Ketchum, Marina Maher Communications, Mercury, Portland and Porter Novelli-led PR group posted a 13.7 percent increase in revenues to $360.9M. Organically, it grew 14 percent.
Omnicom’s results include a $113.4M charge connected to the war in Ukraine. That write-up is primarily due to the sale or planned divestiture of its businesses in Russia.
Wren warns the global challenges stemming from the war in Ukraine, COVID-19 pandemic, rising inflation and supply chain disruptions could cause economic uncertainty and volatility.
That impact will vary by geographic market and discipline.
Wren stands ready to align Ominicom’s cost structure to meet any reduction in client spending or creditworthiness to better manage the company’s working capital.
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."
