Omnicom’s global revenue slumped 0.9 per cent to $3.47bn in the first quarter of the year, stunted by tougher competition in international markets
International revenue plummet 7.3 per cent in three months to March, a stark contrast to the 4.6 per cent jump in revenue in its domestic market of Northern America. Omnicom had previously warned its results would be knocked by a strong dollar, which was made worse due to stiff competition.
Slower economic growth in markets like Europe and geopolitical tensions have embellished what is an already a tough market for the holding group and its rivals, which are increasingly having to stave off the advances of management firms and technology consultants.
Ominicom’s revenue dip came as the OMD Worldwide and BBDO saw organic revenues rise across each of its four main business pillars; advertising increased 7.7 per cent, CRM increased 2.6 per cent, public relations increased 3.1 per cent and specialty communications increased 2.6 per cent.