Omnicom's profits surge 19 per cent to buck market trend
By JEREMY WHITE, campaignlive.co.uk, Friday, 27 July 2001 12:00PM
Omnicom Group has announced a rise in profit for the second quarter
this year of 19 per cent to $151.4 million, bucking the trend of
other holding companies.
Omnicom's worldwide revenue was up 15 per cent to $1,746.8
million in the second quarter. Conversely, Interpublic Group recently
issued a profits warning, while WPP stated that a weaker US economy
would damp revenue growth in the medium term and projected revenue would
grow 7 per cent for the year.
John Wren, the chairman of Omnicom,praised the performance of Omnicom's
media network, OMD, but said there was still restructuring to be done.
Speaking about OMD in light of several global media consolidations this
week, Wren said: "We are changing the organisation. We are not quite
done yet and we're not quite in agreement as to how to do it but I think
we'll reach agreement in the third or fourth quarter."
Simon Wallis, an analyst at West LB Panmure, said: "Omnicom has been
gaining market share and it has some of the best agency brands. It
bought at the right time and in a downturn will have a clean balance
sheet and financial clout to buy again."
This article was first published on campaignlive.co.uk
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