Publicis Groupe suspends financial guidance

First-quarter revenue will be published on 23 April before market opens.

Sadoun: said it would not be making job cuts next week
Sadoun: said it would not be making job cuts next week

Publicis Groupe has decided not to give any financial guidance until further notice, citing an uncertain, volatile and unprecedented economic situation as a result of the global Covid-19 crisis. 

"As industry peers and other media companies have already communicated, it is difficult to accurately predict the evolution of advertising and marketing spend," Publicis said in a press statement.

The group did indicate, however, that its revenue at end of February was in line with its 2020 roadmap. Publicis' first-quarter revenue will be published on 23 April, before the market opens.

The move follows Interpublic's decision yesterday (Thursday) to withdraw its 2020 full-year financial target amid economic uncertainty.

Publicis' statement reiterated that management is currently focused on the safety and well-being of its people, noting that 95% of its talent around the world are able to work from home to support the company's clients.

It also underlined the group's message last week that it would continue to protect all stakeholders’ interests and "rigorously manage all costs, particularly during this period". 

Earlier this week, Publicis chairman and chief executive Arthur Sadoun dismissed rumours that the buisness was planning a series of job cuts in the coming days. 

Last month, Publicis reported net revenue in 2019 was up 9.3%, with a 2.3% decline in organic growth.

A version of this story first appeared on Campaign Asia-Pacific

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