Omnicom posted 11.3% organic revenue growth in the June quarter as the global advertising group prepared for economic headwinds ahead.
Revenue was flat at $US3.567 billion. Operating profit was up 4.7% to $541.6 million.
Earnings per share of $1.68, up 5% from 2021, beat analyst expectations of $1.57. Operating profit margin of 15.2% on total revenues was up from 14.5%,
The company expects full year organic revenue growth of 6.5% to 7%, a stronger forecast from the 6% to 6.5% outlook made in April.
CEO John Wren: “We performed well on every metric this quarter, led again by double-digit organic revenue growth.
“The changes we have made in our portfolio are delivering better results for our clients as we are uniquely qualified to help them digitally transform their business, navigate complexity, and expand in high-growth areas like retail media and e-commerce.
“As we enter the second half of the year, we are in a strong financial position, and our company is well-prepared to manage through economic headwinds.”
Salary and related costs increased or 4.6%, or $79.1 million, following an increase in headcount and a rise in travel and related costs.
Organic growth: 8.2% for Advertising & Media, 15.8% for Public Relations, 21.0% for Precision Marketing, 9.2% for Healthcare, 9.3% for Execution & Support, 11.2% for Commerce & Brand Consulting, and 36.6% for Experiential.
And regional markets: 10.7% for the United States, 15.1% for the Euro Markets & Other Europe, 4.7% for Asia Pacific, 12.0% for the United Kingdom, 12.5% for Other North America, 14.0% for Latin America and 28.3% for the Middle East & Africa.
Growth in Asia Pacific was negatively impacted by COVID lockdowns in China.
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