Further signs of an improving advertising economy emerged yesterday as Omnicom Group, the world’s largest agency network, announced that its net income jumped by 10% to $221.3 million in the fourth quarter of 2003.
The group, which owns BBDO Worldwide and TBWA, said that worldwide revenues were up by 18.3% to $2.5 billion. Revenue growth in Q4 was stronger internationally, at 22%, than it was in the company’s domestic US market, at 15%.
Across the full year revenues rose by 14.4% to $8.6 billion and again growth was stronger internationally, at 20%, than in the US, at 10%.
Omnicom says that the US market is recovering well, with increased client spending and merger activity expected to have a positive impact. The UK, Asia and South America are showing signs of modest recovery, whilst Continental Europe is stabilising, but has not yet reached the point of recovery.
