IPG posted "moderate" organic revenue growth of 1.7% for the June quarter but said net revenue was flat at $US2.33 billion.
The global advertising group expects full year organic revenue growth of 1%, damped by economic uncertainty.
The June quarter result compares to competitors Publicis up 5.6% and Omnicom with a better than expected 5.2%.
IPG chief executive Philippe Krakowsky described the performance for the three months to June as solid.
IPG Mediabrands and IPG Health led the way in the quarter.
“We also saw notable contributions to growth from Deutsch LA (creative studio), Golin (public relations) and Acxiom (data),” Krakowsky said.
US organic growth was up 1.3% and international 2.6%. All regions saw growth except Asia Pacific which was down 2.4%
“Creatively, our agencies continued to garner exceptional levels of recognition for the quality of their ideas and innovation, across all marketing disciplines.
“The most successful businesses in our portfolio continue to demonstrate specialised, high-value services that identify and reach audiences with greater precision and accountability, in turn leading to growth in our clients’ brands and businesses.
“Much of this work is powered by our industry-leading audience data and a technology stack that unifies the marketing funnel. This enables marketers to assess and understand the value of their investments, whether on technology platforms, in earned and paid media, or in other key sales and retail channels.
“We continue to focus on these growth areas of the business, as well as on integrating generative AI tools and technologies into our content and creative offerings.
“Given results in the year to date, trends within our client roster, and macro sentiment, we expect to achieve full-year organic growth of approximately 1% and, at that level of growth, continue to target adjusted EBITA margin of 16.6%.
“Additional areas for value creation include our strong balance sheet and liquidity, as well as our ongoing commitment to capital returns.”
June quarter 2024 numbers:
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