The Groupe published its first quarter revenue on April 20,2023.
Publicis Groupe’s net revenue in Q1 2023 was euro 3,079 million, up +10.0% from euro 2,800 million in 2022.
Exchange rates had a positive impact of euro 61 million. Acquisitions, net of disposals, accounted for an increase in net revenue of euro 14 million. Organic growth reached +7.1%.
/ Breakdown of Q1 2023 Net revenue by region
| Net revenue | ||||
|---|---|---|---|---|
| (in million of euros) | QI 2023 | QI 2022 | Reported Growth | Organic Growth |
| North America | 1,938 | 1,748 | +10.9% | +5.7% |
| Europe | 743 | 662 | +12.2% | +12.3% |
| Asia Pacific | 250 | 261 | -4.2% | +0.8% |
| Middle East & Africa | 88 | 75 | +17.3% | +16.6% |
| Latin America | 60 | 54 | +11.1% | +7.8% |
| Total | 3,079 | 2,800 | +10.0% | +7.1% |
North America net revenue in Q1 2023 was up +10.9% on a reported basis, including a positive impact of the US dollar to euro exchange rate. Organic growth in the region was +5.7%. In the United States, organic growth was +5.8%. Epsilon and Publicis Sapient again made a significant contribution to the country’s growth this quarter. Epsilon thus grew by +10% on an organic basis, and Publicis Sapient by +8% on a particularly high basis of +16% in Q1 2022. The performance of Media and Creative activities was very solid, both recording mid-single digit organic growth. In Canada, organic growth was +3.2%
Net revenue in Europe was up by +12.2% on a reported basis. It was up by +12.8% on an organic basis, or +12.3% including the contribution of our Outdoor Media activities in France & the Drugstore. Organic growth in the United Kingdom was +23.9%, once again driven by the very strong performance of Publicis Sapient and benefiting from new global media contracts gained in 2022. Organic growth in France was +2.9% (excluding Outdoor Media activities & the Drugstore) mainly driven by Media. Germany recorded strong organic growth of +10.4%, mainly driven by Media and Publicis Sapient. Central & Eastern Europe, organic growth was up +11.0%, with double-digit growth in Turkey, the Czech Republic and Hungary.
Net revenue in Asia Pacific was down -4.2% on a reported basis, and up +0.8% on an organic basis. China recorded solid growth of +3.7% on an organic basis despite the health situation in the country. Net revenue in Thailand decreased following the phasing of a large project. Organic growth in Australia amounted to +5.4% while net revenues from Malaysia and Vietnam were up double-digit on an organic basis.
In Middle East & Africa, net revenue was up +17.3% on a reported basis, and +16.6% on an organic basis. Organic growth was largely driven by Creative activities, Publicis Sapient in the Middle-East and Media in Africa.
Net revenue in Latin America was up +11.1% on a reported basis, and +7.8% on an organic basis, with most countries reporting growth this quarter, largely driven by Media activities.
Net debt totaled euro 442 million at March 31, 2023, compared with a net cash position of euro 634 million at year-end 2022, reflecting business seasonality. As a reminder, net debt was euro 718 million at the end of March 2022. The Groupe’s average net debt over the last 12 months amounted to euro 563 million at the end of March 2023, down compared to euro 1,277 million at the end of March 2022.
The Groupe’s liquidity position remains very solid, at euro 5.4 billion.
