IPG has reported a small bump in its revenues in the final quarter of 2023, traditionally its busiest time, bringing its total revenue to just over $3 billion (AU$4.6 billion) — up 1.3 per cent from 2022.
Over the course of the entire year, however, the holding company saw its total revenues drop 0.4 per cent to $US10.9 billion ($AU16.7 billion).
“We are pleased to report growth in the fourth quarter ahead of expectations, during our seasonally largest quarter and across each of our segments. The strength of our capabilities in media, healthcare and specialty marketing services was once again evident, as was the impact of macro uncertainty and challenges due to clients in the technology sector. These cross-currents continue to be in effect as we move into 2024,” said Philippe Krakowsky, IPG’s CEO.
“Looking ahead, we remain confident in the foundational strengths of our company. We anticipate that the strongest and most consistent growth areas of our business will perform well in the year ahead. We will continue to make strategic investments, including the ongoing development of our leading addressable capabilities, such as our data-powered tools, retail and performance media, and the expansion of our media buying models. Our current and prospective investment in AI ensures that this increasingly important technology extends to the full range of our offerings. Along with other strategic actions, this will allow us to continue to evolve our portfolio and asset mix”.
IPG paid $US800,000 ($AU1.2 million) and $US100,000 ($AU150,000) for the fourth quarter and full year of 2023, respectively, on the back of its restructuring actions in 2022 and 2020.
“We expect organic net revenue growth for 2024 in a range of one to two per cent, and full-year adjusted EBITA margin of 16.6 per cent, which consolidates significant margin progress in recent years and will allow us to continue to invest in key growth areas of the business. Our strong balance sheet and commitment to financial flexibility remain key priorities and the actions announced by our Board today, to increase our dividend and authorize additional share repurchase, speak to confidence in the strategic trajectory of our company,” added Krakowsky.
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