Richard Eary's questions to PUBLICIS GROUPE (PUBGY) leadership • Q2 2023
Question
Richard Eary from UBS requested a breakdown of the 3% H2 growth guidance by business line (Media, Creative, Epsilon, Sapient) and sought commentary on the margin outlook for 2024, particularly regarding ongoing benefits from lower depreciation.
Answer
Chairman & CEO Arthur Sadoun outlined that for H2, Data & Tech (Epsilon, Sapient) and Media are expected to remain accretive to group growth, while Creative will experience some softness, though this will be offset by strong momentum in production. CFO Michel-Alain Proch stated it was too early to comment on 2024 margins but confirmed the underlying positive dynamics. For full-year 2023, he expects the operating margin to be close to 18%, with stable personnel costs and lower depreciation being offset by higher G&A expenses.