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Omnicom profits as $1bn in new-business wins pay off

NEW YORK - Omnicom Group, the world's third-largest advertising group, has reported strong results, despite the ad downturn, with an increase in pre-tax profits of 12.2% for the year, up to $900m (£630m) and boosted by new-business performance.

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The group has met analyst expectations with the latest set of results, with earnings per share for the quarter of 87 cents. The yearly earnings per share figure is $2.70, in line with company and analyst forecasts.



Omnicom, which owns the BBDO Worldwide, the DDB Worldwide and TBWA Worldwide advertising agency networks, as well as the world's largest PR network, Fleishman-Hillard, said revenues had lifted, on a worldwide basis, from $6.2bn to $6.9bn for the year -- an increase of 11.3%.


The healthy result reflects Omnicom's strong year of new-business wins, which saw it take on $1.08bn in new business, including Pepsi and the Campbell's Soup ad account.



Its fourth-quarter results saw the group post earnings of $289m, up from $253m for the same period in 2000. Revenue for the period was up 9% on 2000 at $1.97bn.



In December, Omnicom CEO John Wren said the company was aiming for double-digit earnings in 2002 -- in contrast to a more pessimistic outlook from Sir Martin Sorrell, chairman and CEO of WPP Group.



WPP, the world's second-largest ad group, will release its 2001 results on Wednesday.



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