Omnicom Group’s first-quarter profit and revenue topped analysts’ estimates on Tuesday, as the advertising group benefited from strong demand in Europe and a weaker dollar.
Omnicom reported a 2.4 per cent rise in organic revenue – a keenly watched measure that excludes foreign exchange rate changes and mergers. Analysts on average had expected a 1.5 per cent rise, according to research firm FactSet.
The company’s organic revenue rose 9.7 per cent in European markets, 3.1 per cent in the UK and fell 0.1 per cent in North America.
The weaker dollar also helped Omnicom rake in higher overseas revenue, adding 4.2 per cent to overall revenue growth.
Omnicom, one of the world’s “Big Four” traditional ad companies, said total revenue rose 1.2 per cent to $3.63 billion in the first quarter.
The company, whose clients include Apple, McDonald’s Corp and Adidas, said net income attributable to the company rose to $264.1 million from $241.8 million a year earlier. – Reuters
