This puts profits for the calendar year to September 30 up 70.3% to $35.8m (£21.4m), compared with the same nine months last year. Revenue for the third quarter was $324.5m, an increase of 11.7% on the same period in 2002. For the nine months to September 30, revenue was up 8.8% to $942.1m.
The company, headed by chairman and chief executive Ed Meyer, put only $22.4m of the increased revenue down to currency movements relating to the weakness of the dollar against European currencies.
In a statement, Grey said: "Stability and selected signs of growth appear to characterise the North American market. Improvement is less noticeable in Europe, particularly in Northern Europe, where economic weakness persists."
Its results are in stark contrast to those of the Interpublic Group, owner of McCann-Erickson Worldwide, which revealed this morning that its loss for the past quarter has trebled to $327.1m.
As well as its advertising and media agencies, the Grey group includes direct marketing company Grey Direct, and PR and public affairs consultancies GCI and APCO.
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