Omnicom posts 21% drop in income

Marketing services parent company Omnicom, owner of the DDB, TBWA and BBDO networks, has seen net income drop by 21.2% to $164.5m (£112.2m) for the first quarter of 2009 year-on-year.

The income fall is the second consecutive quarterly drop reported by the group and it has attributed the fall to the decline in advertising spend brought on by the global economic downturn.

Omnicom reported overall worldwide revenue for the first quarter of 2009 down 14% to $2,746.6m (£1,874m) from $3,195.4m (£2,180m)in the first quarter of 2008.

US revenue decreased 7.8% to $1,532.3m (£1,045m) compared to $1,661.2m (£1,132m)in the first quarter of 2008, while international revenue for the first quarter of 2009 decreased 20.9% to $1,214.3m (£827.8m).

The group’s media planning and buying networks recently won Hewlett Packard’s £150m global media business after a pitch against then incumbent ZenithOptimedia.

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