NEW YORK: WPP and Omnicom's first quarter results, both released last week, indicate that WPP's addition of Grey Global Group has narrowed the gap between the top two holding companies.
Omnicom, the largest holding company in the marketing communications world, announced Q1 revenues of $2.4 billion, up 8% from Q1 2004.
Net income rose to $150 million in the quarter, up 11% from $136 million last year. Domestic revenue, at $1.3 billion, and international revenue, at $1.1 billion, both rose 8% from the same period last year.
WPP reported first quarter revenue of $2.13 billion, a 16% leap from the Q1 last year. The company attributed the increase to both organic growth and the addition of Grey, completed in March. WPP's PR and public affairs revenue held steady at 11% of total, with a growth rate of 11% from last year. Omnicom does not break out quarterly earnings for PR.
WPP's PR firms include Burson-Marsteller, Ogilvy, and Hill & Knowlton. Omnicom's agencies include Ketchum, Fleishman-Hillard, and Porter Novelli.