Publicis Groupe Posts Strong Growth for 2023 – ‘Confident for 2024’

The company is forecasting organic growth of 4% to 5% in 2024.

Publicis Groupe has reported a strong financial performance for 2023 and looked ahead to another strong year despite potential macroeconomic challenges.

The company posted full-year 2023 net revenue organic growth at +6.3% along with a stronger-than-expected Q4 at +5.7%.

Looking ahead the company’s Organic growth is expected at +4% to +5%, with an operating margin rate of 18%, and free cash flow between €1.8 and €1.9bn.


“In a very challenging macroeconomic context, and after 6 years of transformation, Publicis definitely extracted itself from the pack in 2023,” said Arthur Sadoun, Chairman and CEO of Publicis Groupe.

“Our +6.3% net revenue organic growth for the full year, coming after a stronger than expected end to the year at +5.7% in Q4, means that not only are we substantially outperforming our holding company peers, we are also growing twice as fast as the main IT consulting firms.”

Looking ahead Sadoun said: “Entering 2024, we feel confident in sustaining this momentum, just as we’ve done for the last four years with a +4.7% CAGR, twice the industry average.

We anticipate delivering +4 to +5% organic growth while maintaining our historically high operating margin at 18%. When it comes to Q1, we expect to significantly outperform the industry with an organic growth within our full year guidance.”


Breakdown of FY 2023 net revenue by sector

Breakdown of FY 2023 net revenue by region

  • Asia Pacific saw its net revenue grow by +2.9% organically and decline by 1.7% on a reported basis. China posted +2.2% organic growth despite difficult macroeconomic conditions throughout the year.
  • In North America, net revenue was up +4.9% organically. The region grew +2.3% on a reported basis in 2023, which includes a negative impact of the U.S. dollar to euro exchange rate. The U.S. posted a very solid +5.0% organically, on top of a double-digit growth last year, fueled by Media activities at double-digit. Epsilon saw its net revenue increase by +9.6% organically on the year, with a particularly strong performance in Digital Media.  Creative activities were broadly stable on the year. Finally, Publicis Sapient was up +2.5% organically on a strong comparable base, impacted by the delays in DBT projects experienced by all comparable IT consulting firms.
  • Net revenue in Europe grew +10.3% on an organic basis (+10.2% reported), including a very strong +10.4% in the United Kingdom, +5.2%1 in France, +7.2% in Germany and +16% in Central and Eastern Europe. Excluding the impact of our Outdoor Media activities and the Drugstore, organic growth was +9.0% in Europe.
  • The Middle East and Africa region was up +12.4% organically and +5.8% on a reported basis.
  • In Latin America, organic growth was at +8.9%, while reported growth was at +18.0%.
EUR (million)FY 2023FY 2022Reported growthOrganic growth
North America8,0507,869+2.3%+4.9%
Asia Pacific1,1561,176-1.7%+2.9%
Middle East & Africa380359+5.8%+12.4%
Latin America341289+18.0%+8.9%


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