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Omnicom nearly back to 2008 profit heyday

Omnicom is getting closer to regaining the $1bn (£638m) annual net income level it hit before the global financial crisis, as profits climbed 15%, helped by double-digit revenue growth in the UK.

John Wren: president and chief executive of Omnicom

John Wren: president and chief executive of Omnicom

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In 2008, Omnicom racked up net income* of almost exactly $1bn on revenues of $13.4bn (£8.5bn), but the ensuing downturn bit a fifth off its bottom line the following year.

Its revenues are now higher than in 2008, having risen 10.6% on 2010 to $13.9bn (£8.8bn), although the same cannot be said for net income, up 15.1% to $952.6m (£607m).

The owner of creative networks TBWA, DDB and BBDO, and media powerhouses OMD and PHD, put in a strong performance in the UK, despite the relative lack of growth in the country's ad market.

UK revenues for 2011 were up 12.5% year on year, and up 7.9% on an organic basis, to $1.2bn (£763m).

On both measures the UK outperformed the US and Euro currency markets, although it accounts for less than 9% of overall revenues.

The rest of the world, which Omnicom groups together, grew revenues by 30.7% and by 12.3% on an organic basis, to $3bn (£1.9bn).

The pace of growth in the fourth quarter was not as great. Worldwide revenues climbed 7.4%, while UK revenues climbed 5.9% and Euro currency revenues fell 2.9%.

Last week, Omnicom's French rival Publicis Groupe revealed it had made 2011 revenues of €5.8bn (£4.9bn), up 7.3% on 2010.

*Net income after subtracting net income attributed to non-controlling interests

Follow Daniel Farey-Jones on Twitter @danfareyjones

This article was first published on campaignlive.co.uk

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