Omnicom profit still down

Omnicom, the world’s largest marketing services group, has reported a 22.5% drop in third quarter profit to $165.6m (£100m) as it continues to feel the impact of the global recession.

Omnicom

The group, which owns agency networks including BBDO, TBWA, DDB, OMD and PHD, saw revenue in its worldwide operations fall 14.4% to $2.8bn (£1.69bn) in the three months to 30 September.

Within the US, the New York-based group saw revenue fall 13.2% to $1.5bn (£905m), while international revenue decreased 15.8% to $1.35bn (£815m).

Last year, Omnicom announced plans to cut almost 5% of its workforce around the world, equalling up to 3,500 jobs, in a bid to cope with the recession.

In April, the group reported that net income dropped 21.2% to $164.5m (£112.2m) during the first quarter.

In other results, WPP, owner of JWT, MindShare and Hill & Knowlton, recently reported a pre-tax profit fall of 47% to £179.3m in the six months to 30 June.

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