Omnicom reported 4.4% organic revenue growth for the December quarter and is upbeat on prospects for 2024.
Full year growth for the global advertising group came in at 4.1%.
Revenue for the quarter was $US4.06 billion, meeting expectations by market analysts. The full calendar 2023 came in at $US14.69 billion.
Omnicom is targeting 2024 organic revenue growth between 3.5% and 5%.
"Looking out to full year 2024, we are set up well with solid fundamentals, tremendous opportunities in digital commerce and retail media from our Flywheel acquisition, and momentum in new business wins," says CEO John Wren.
"Our accelerated investments in analytics and AI will enhance our ability to drive the best outcomes for our clients, while shareholders remain supported by our profitable operations and balanced deployment of capital through dividends, acquisitions, and share repurchases."
Most of Omnicom's peers have yet to report their 2023 results. However, Publicis, which will release its official results later this month, has already revealed a 2023 organic growth rate of 6.3%.
Omnicom's organic growth by discipline in the December quarter: 9.3% for Advertising & Media, 3.6% for Healthcare, and 1.0% for Commerce & Branding, partially offset by declines of 8.0% for Experiential, 2.9% for Public Relations, 1.1% for Precision Marketing, and 0.4% for Execution & Support.
By region: 14.1% for Euro Markets & Other Europe, 10.9% for Asia Pacific, 5.8% for the United Kingdom, 13.7% for Latin America, and 0.6% for the US, partially offset by declines of 17.3% for the Middle East & Africa, and 1.3% for Other North America.
The December quarter numbers:
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