Omnicom soars high in its March quarter revenue
By Felicia Nwosu
Amidst the pressure of prevailing global economic downturn and its effects on businesses, Omnicom financial status has been able to record a “solid” organic growth of 5.2% in the March quarter, thereby hitting its full year targets.
It reported revenue in the three months increased $US33 million, or 1%, to $3.443 billion, slightly better than what was initially projected by some financial analysts.
CEO John Wren described the results as a “solid start” to the year, while pointing out that Omnicom is the first of the big global advertising agencies to report first quarter results.
“Despite many macroeconomic, technological and social factors facing our clients, Omnicom is guiding the world’s top companies and their brands to continued growth with highly-specialised marketing and communications services driven by leading analytics, creativity, data, and digital media solutions. We took operational steps this quarter and have further plans in place to mitigate the impact of potential macro headwinds on our profitability, while continuing to deliver attractive returns.
He said they look ahead of the year with so much optimism, adding that the company has been reducing square footage in its office real estate portfolio.
.“We expect organic growth, portfolio enhancement, financial discipline, and thoughtful capital allocation to continue to benefit our clients and our shareholders. We are on track to achieve an expected 3%-5% organic revenue growth with broad-based growth across disciplines and geographies.” And has an AI partnership with Microsoft for integration of the latest OpenAI GPT models within Omni, Omnicom’s data and insights platform.”
Its report indicated that Organic growth by discipline: 5.1% for Advertising & Media; 7.0% for Precision Marketing; 5.8% for Public Relations; 4.8% for Healthcare; 8.4% for Experiential; 3.6% for Execution & Support; and 3.3% for Commerce & Brand Consulting.
And by region: 5.1% for the US; 5.4% for the Euro Markets & Other Europe; 5.9% for the UK: 2.8% for Asia Pacific; 12.2% for Latin America; 9.5% for the Middle East & Africa; and 6.6% for Other North America.
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