NEW YORK: Omnicom, the largest holding company in the marketing communications world, announced today that its first quarter revenue reached $2.4 billion this year, up 8% from the first quarter of 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.
Omnicom does not break out earnings for PR specifically, so there's no evidence that business was impacted by the public controversies surrounding Ketchum and Fleishman-Hillard, two of its key agencies. PR accounted for just under 11% of the group's total revenue in 2004.
WPP, now enhanced by the revenue of recently acquired Grey Global, is narrowing the gap between itself and Omnicom. Yesterday, WPP announced first quarter earnings of $2.13 billion, representing a growth rate twice that of Omnicom's.
Omnicom's other PR agencies include Porter Novelli, Gavin Anderson, and Brodeur.