Depressed US dollar sees WPP close in on Omnicom

NEW YORK - The low value of the US dollar has pushed WPP Group closer to overtaking Omnicom as the world's biggest marketing services company, as Omnicom revealed third-quarter revenues of $2.32bn (£1.26bn).

This compares with WPP's figure of £1.07bn for the quarter, revealed this morning as the British-based company saw its revenues pass the billion-pound mark for the first time.

WPP could pass its US rival next quarter because its results issued this morning do not include Grey Global Group, which it agreed to buy in September for $1.5bn.

However, Omnicom, headed by chief executive John Wren, derives more than half its revenues from North American operations, and with the US dollar depressed in relation to other currencies, the figures compare unfavourably with WPP, which derives the majority of its income outside North America.

It was a strong performance for Omnicom, profit for the quarter rising 17% to $145.3m. Revenue outside of the US was up by 15% to $1.06bn, while North American revenue increased by 14% to $1.26m.

The company owns the ad groups TBWA\, BBDO Worldwide and DDB Worldwide, as well as media agencies PHD and OMD Worldwide.

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