Pre-tax profits rose to $4.9m (£2.7m) when compared with the corresponding quarter in 2003, despite a loss of $6.1m on the sale of a subsidiary of the company's Scandinavian operations.
Revenues were up 15% to $343.9m, a rise of $46.2m on the same quarter in 2003. Grey said that revenue growth was mainly the result of improvement in the company's international operations reflecting, in part, the impact of a weaker dollar.
International operations saw revenue increase 19.9%, with the US up by less than half of that at 9.9%.
In a statement, Ed Meyer, Grey's chairman, said: "First-quarter profit showed significant improvement as a result of top-line growth in Europe. Further, these European gains were made despite the recognition of a significant loss in Scandinavia."
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