Omnicom prepares for COVID-19 to have a ‘material’ effect on operations and financial position as it reports first quarter results

COVID-19 impacted Omnicom Group’s revenue in the back part of the first quarter, but the holding group is battening down the hatches for a rocky year as clients continue to cut costs and the business turns to redundancies and stand downs.

Omnicom Group Inc’s net income for the first quarter of 2020 dropped by 1.9% to US$258.1m, while worldwide revenue dipped to US$3.4bn, back 1.8%. The business said that it expects the revenue impacts of COVID-19 to worsen across the rest of the year, which “could adversely impact our ongoing results of operations and financial position and the effects could be material”.