Publicis beat expectations in Q4 20. The decrease in organic net revenue slowed (-3.9% vs -5.6% in Q3 20) thanks to the positive reversal in the US (+0.5%) driven by Epsilon, the healthcare business, and an improvement at Publicis Sapient. In 2020, the operating margin rate (16% of net revenue, -0.9pt) largely exceeded expectations. For 2021, organic net revenue should increase in Q2 21 and an improvement in the operating margin is targeted, up to 0.5pt yoy.
03 Feb 2021
Slight positive organic growth in the US in Q4 20
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Slight positive organic growth in the US in Q4 20
Publicis beat expectations in Q4 20. The decrease in organic net revenue slowed (-3.9% vs -5.6% in Q3 20) thanks to the positive reversal in the US (+0.5%) driven by Epsilon, the healthcare business, and an improvement at Publicis Sapient. In 2020, the operating margin rate (16% of net revenue, -0.9pt) largely exceeded expectations. For 2021, organic net revenue should increase in Q2 21 and an improvement in the operating margin is targeted, up to 0.5pt yoy.