Net income rises 8% at Omnicom

Staff,, brandrepublic.com, Tuesday, 23 October 2001, 2:01pm,

NEW YORK - Omnicom has showed a third-quarter rise in net income of 8%, up from $85.7m (£60.3m) to $92.4m (£65m).

The media services giant, owner of advertising agencies BBDO Worldwide and TBWA\ and the Porter Novelli PR brand, recorded an increase in worldwide revenue of 8%. It grew from $1.5bn (£1.06bn) for the quarter ending September 30 last year to $1.6bn (£1.13bn) for the same period this year.

In the US, revenue increased by more than that -- it was up 16% to $339m (£239m).

Omnicom, headed by president and CEO John Wren, benefited from the timely sale of its stake in new-media consultancy Razorfish. It sold the company and made an after-tax gain of $63.8m (£44.9m). Razorfish has since closed offices in Europe and is struggling with losses.

The group said earnings per share increased by 4% to $0.50 (35p), up from $0.48 (34p) last year.

This article was first published on brandrepublic.com