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| John Wren |
Omnicom's Q1 revenues inched ahead one percent to $3.4B, while operating profit dipped 1.8 percent to $346M as clients grappled with macroeconomic, technological and social challenges, according to CEO John Wren.
He called OMC’s 5.2 percent organic growth “a solid start to the year.”
The PR group (Ketchum, FleishmanHillard, Porter Novelli, Mercury, Marina Maher Communications) posted 3.6 percent growth to $375.5M. It was up 5.8 percent organically.
During the quarter, OMC recognized the transition to a flexible working environment that allows for partial remote work. It took a $119M pretax charge ($91M after-tax) to reduce and reposition its office lease portfolio.
Looking ahead, Wren expects “organic growth, portfolio enhancement, financial discipline, and thoughtful capital allocation will continue to benefit our clients and our shareholders.”
He projects full-year organic growth from three to five percent.
Stagwell registered an eight percent rise in Q1 revenues to $670M and a $1.3M net loss compared to a $1.4M profit last year.
WPP reported a 5.5 percent decline in Q1 PR revenues to $292M as its BCW and Hill & Knowlton units suffered the loss of Pfizer assignments, and cutbacks in client spending due to the economic uncertainty.
Interpublic CEO Philippe Krakowsky said the firm is off to a “solid start to the year” as its flat $2.2B net revenues are in line with 2024 financial targets.
Why financial planning always plays a crucial role in every PR firm’s success.
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.
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