John Wren
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.