NEW YORK: Omnicom Group's PR agencies saw only slight revenue gains in the second quarter, even as the industry's largest holding company posted a 10% increase in net income overall.
PR revenue grew 0.7% for the quarter, bringing year-to-date growth to 3.7%. Net income across all sectors of Omnicom increased to $225.8 million from $206.1 million.
During an earnings call, CFO Randall Weisenberger called the modest PR revenue growth "an anomaly for the quarter."
"I'm looking at the numbers in a little bit more depth," he said. "I'm not sure if we're cycling off a big quarter last year, or if it was just a shift in spending from quarter to quarter."
In Q1, PR revenues grew 7.1%. The agencies finished 2004 with a 12% growth in revenue.
Pat Sloan, spokeswoman for Omnicom, noted that the holding company was pleased with how the agencies performed, "and we do not read into any one quarter's numbers."
Omnicom's PR agencies include Ketchum, Fleishman-Hillard, Porter Novelli, Brodeur, Cone, and Gavin Anderson.