- Omnicom Group has reported a 28 per cent leap in net income for the first quarter of 1999 rising to $65.6 million (£40.4 million) from $51.3 million in the first quarter of 1998.
Worldwide revenues from commission and fee income increased by a similar rate, up 27 per cent to $1,146.9 million in the first quarter of 1999 up from $905.8 million last time.
The increase in revenue and profits represents the 31st consecutive quarter of year-on-year growth for the advertising services group that owns the BBDO Worldwide, DDB Needham Worldwide and the TBWA Worldwide networks.
US revenues for the first quarter increased 24 per cent to $587.2 million compared to $475.2 million in 1998, while international revenues increased 30 per cent to $559.7 million compared to $430.6 million in 1998.
Quarter one earnings include Abbott Mead Vickers BBDO's results, following Omnicom's completion of its acquisition of the London agency in February. The transaction was accounted for as a pooling of interests and accordingly, the reported amounts have been restated to include the results of AMV.