(AOF) – The American communications group Omnicom revealed quarterly profits higher than expected. In the first quarter, it achieved a net profit of $318.6 million, or $1.59, compared with $227.5 million or $1.11 per share a year earlier. Excluding exceptional items, earnings per share came to $1.67, 12 cents better than consensus. Omnicom’s revenue increased by 5.4% to $3.6 billion while the market was targeting $3.61 billion.
Organic growth amounted to 4%.
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A global market that is doing well
According to Magna (Interpublic Group), growth in the global advertising market was limited to 1% year-on-year during the first quarter compared to a dynamic start to the year in 2022. However, for the full year, the company expects growth much superior, driven by digital. This performance is the result of China’s economic rebound since the end of the “zero Covid” policy. In the first quarter, advertising spending jumped 6% year-on-year in this country. Elsewhere, expected performances are lower for 2023: 4.2% growth in Europe (including 2.8% in France) and 2.5% in North America (4.2% if we exclude political advertisements falling without an election). The good results of the three world leaders (the French Publicis, the British WPP and the American Omnicom group) in the first quarter reflect this market development.