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Publicis Q1 Revenue; Not A Spread Mover

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  • Publicis headline Q1 figures broadly in line with consensus; Net Revenue +4.9% YoY (+0.4% vs. consensus), Org Growth +5.3% vs. 4.4% consensus (note both consensus figures based only on four estimates). All markets seeing organic growth above 4%, America (2/3 of revenue) at 4.8%. Group org growth guidance for year is 4-5%.
  • Net debt of EUR 445mn from EUR 909mn at FY23 (reflects seasonality, Q123 was EUR 442mn).
  • FY24 guidance affirmed.
  • EUR spreads yet to stream.
  • Call at 09:30 CET: https://edge.media-server.com/mmc/p/i96ommg4

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