March 27, 2020 / 6:40 AM / 7 days ago

Advertising group Publicis drops its financial guidance

FILE PHOTO: The logo of Publicis group is seen at the high profile startups and high tech leaders gathering, Viva Tech,in Paris, France May 16, 2019. REUTERS/Charles Platiau/File Photo

PARIS (Reuters) - Publicis (PUBP.PA), the world’s third-biggest advertising company, said on Friday that it was no longer giving any financial guidance over its results, due to the uncertainty caused by the coronavirus crisis.

“As industry peers and other media companies have already communicated, it is difficult to accurately predict the evolution of advertising and marketing spend. Publicis Groupe has therefore decided not to give any guidance until further notice,” the company said in a statement.

Publicis, which competes against bigger rivals WPP (WPP.L) and Omnicom (OMC.N), reports first-quarter revenue on April 23. It said on Friday that revenue at the end of February was in line with its 2020 roadmap.

Last month, Publicis had re-iterated its outlook for 2020 saying underlying sales would be somewhere in the range of down 2% to up 1%.

Publicis also said on Friday it will continue to “protect all its stakeholders’ interests and to rigorously manage all costs, particularly during this period.”

Reporting by Sudip Kar-Gupta, Dominique Vidalon; Editing by Shri Navaratnam and Stephen Coates

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