(MENAFN- PRovoke)
NEW YORK — Omnicom PR agency revenue was up 10.5% in the third quarter of 2021, marking the second consecutive quarterly lift since the height of the Covid pandemic.
In its Q3 earnings report, the holding company reported Omnicom as a whole saw worldwide revenue in the third quarter of the year rise 7.1% (11.5% of organic growth) to $3,435 million from $3,206.5 in Q3 2020, the second full quarter impacted by Covid.
During Q3, Omnicom PR Group — which includes FleishmanHillard, Ketchum and Porter Novelli —fared better than Omnicom's advertising group, which saw an 8.6% lift in revenue; healthcare group, whose revenue rose 6.6%; and CRM execution & support group, which was up 8.3%. CRM experiential, however, was up 49.9%. CRM precision marketing's revenue rose 24.3% and CRM commerce and brand consulting saw an 18% lift.
Regionally, the biggest growth during Q3 was seen in the Middle East & Africa, which saw a 24.3% increase in revenue. Business was up 7.7% in the US; 20.2% in other parts of North America; 11.4% in the UK; 14.9% in other European markets; 19.6% in Asia Pacific; and 15.9% Latin America.
In its report, Omnicom credited its third quarter growth to business's recovery from Covid. The holding company's agencies, however, are still not in the clear.
“Global economic conditions may continue to be volatile as long as the Covid-19 pandemic remains a public health threat, which could negatively impact our clients' spending plans. We expect global economic performance and the performance of our businesses to vary by geography and discipline until the impact of the Covid-19 pandemic on the global economy subsides,” the report said.
With Q3 2021 up, Omnicom has had two consecutive quarters of growth, having seen a 15.1% growth in revenue during the second quarter of the year — a turnaround from the 3.5% decline the PR group experienced in the first quarter of this year. That had followed the notably positive turn Omnicom's PR agencies saw in Q4 2020 , when the group's revenue rose 0.2%, the first reported uptick in business since the onset of the Covid-19 pandemic in March 2020. The group saw revenue drop 3.4% in Q3 of 2020 and 13.5% during Q2 , the height of the pandemic shutdown.
All of which occurred against the backdrop of Omnicom and its agencies, including its PR firms, implementing layoffs and furloughs around the world in response to business drying up.
The report also comes roughly five months since Omnicom hired Chris Foster as CEO of its $1.3 billion PR agency unit, and close to two years after Karen van Bergen relinquished the role.
MENAFN19102021000219011063ID1103000277
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.