Omnicom continues to find the going tough with a Q3 revenue drop of 1.9 per cent to $3.79bn but it’s keeping its head above water with profits rising 3.9 per cent to $264m. Omnicom agency brands include BBDO, DDB, TBWA and media operation OMD.
Organic growth was 3.5 per cent, down from 3.9 per cent in the first half of 2017 but still likely to be ahead of most of its peers in a tough market.
Omnicom CEO John Wren (left) is ringing the changes to try to remedy problems in its branding and PR operations. Charles Travail recently took over as head of Interbrand. Revenue has also been affected by about $500m of disposals including its print business.
Wren says: “I’m looking for pretty immediate improvement” although the company is now “well positioned to meet the goals we set for the year.” He also says he expect budgets to increase as clients try to maintain market share.
Organic growth in the US, Omnicom’s biggest market, improved to 2.1 per cent.