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Dentsu reports strong H1 2024 earnings in Japan due to digital ad growth, while APAC faces market challenges

Dentsu Group, a global advertising and marketing services company, recently reported a modest return to growth in its latest earnings results for the first half of 2024. The company saw a 0.2% year-on-year increase in organic revenue, marking a period of sequential quarterly progress. This growth was driven by an increase in client pitch wins across all four regions where Dentsu operates. The company attributed this positive performance to its „One Dentsu“ strategy, which focuses on operating as a unified global network.

In terms of geographical performance, Japan emerged as one of the top performers for Dentsu Group. The country achieved a 1.8% organic revenue increase in Q2, with net revenue reaching approximately $1.95 billion USD. This growth was driven by double-digit increases in internet media and Business Transformation (BX), as well as high single-digit growth in Digital Transformation (DX). The strong performance in Japan was fueled by increased client spending from both existing and new clients.

On the other hand, the APAC region (excluding Japan) faced challenges, experiencing a 6.2% decline in organic revenue during Q2. This led to an overall regional drop in organic growth in the first half of 2024 to 6.6%. The decline was primarily attributed to ongoing client losses and underperformance in the Customer Transformation and Technology (CT&T) segment, particularly in Australia. Despite some positive signs in markets like Thailand and Indonesia, the overall outlook for APAC remains challenging. Dentsu’s strategy for the second half of the year will focus on strengthening cross-selling efforts across the region as part of the broader One Dentsu strategy.

The Americas and EMEA regions showed a more mixed performance. The Americas reported a 3.7% decline in organic revenue in Q2, reflecting ongoing challenges but also indicating a continued recovery from the previous quarter. EMEA, on the other hand, reported 7.8% organic growth in Q2, largely due to a rebound from one-off negative impacts in the prior year and stronger-than-expected media performance in several local markets. However, despite this positive Q2 performance, EMEA’s organic revenue for the first half of 2024 still saw a slight decline of 0.9%, showing that the region is working to overcome earlier challenges.

Looking ahead, Dentsu Group is committed to enhancing organic growth and leveraging its integrated growth solutions to drive client impact on a global scale. Hiroshi Igarashi, president and global CEO of Dentsu Group Inc, expressed optimism about the company’s performance, stating that the group has seen continued sequential quarterly improvement and reiterating the full-year guidance of approximately 1% organic growth and a 15% operating margin. He emphasized the importance of the One Dentsu strategy in unlocking the collective power and potential of the company, which is beginning to show a positive impact on performance.

In conclusion, Dentsu Group’s latest earnings results for H1 2024 reflect a period of modest growth driven by client pitch wins and the implementation of the One Dentsu strategy. While challenges persist in certain regions, the company remains cautiously optimistic about its full-year outlook and is focused on delivering integrated growth solutions to drive client business growth.

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