Interpublic Group (IPG) has released its financial results for the second quarter (Q2) and first half (H1) of 2024, indicating a steady revenue performance amidst a volatile market environment.

Total revenue for the second quarter (including billable expenses) was reported at $2.71 billion, up from $2.67 billion the same period last year. Net revenue saw an organic increase of 1.7% to $2.33 billion, with an organic increase of 1.7%.

APAC was the only region to experience a decline in net revenue, which was down 2.4% to , compare to increases of 1.3% in the US, 6.3% in Europe, 3.4% in the UK, 4.1% in Latin America, and 1.5% in all other markets.

The reported net income for Q2 was $214.5 million, down 19.2% from the $265.5 million recorded in Q2 2023 - it follows a decline of 12% in net income for the first quarter of the year.

"Second quarter performance was solid, with moderate acceleration in organic growth, as well as margin expansion compared to the same period last year. Consistent with our longer-term performance, IPG Mediabrands and IPG Health led the way in the quarter. We also saw notable contributions to growth from Deutsch LA, Golin and Acxiom. Creatively, our agencies continued to garner exceptional levels of recognition for the quality of their ideas and innovation, across all marketing disciplines," said CEO of IPG, Philippe Krakowsky.

For H1, total revenue was $5.21 billion, with net revenue of $4.51 billion, an increase of 0.1% from H1 2023. The organic increase of net revenue for H1 was 1.5% from H1 2023. In APAC, net revenue declined 5.1% in the first half of 2024.

Operating income for Q2 was $318.2 million and for H1 was $502.4 million. The adjusted EBITA before restructuring charges for H1 was $544.4 million. The first half 2024 margin of adjusted EBITA before restructuring charges was 12.1% on revenue before billable expenses.

"The most successful businesses in our portfolio continue to demonstrate specialized, 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," Krakowsky said.

Looking ahead, IPG expects to achieve full-year organic growth of approximately 1% and, at that level of growth, continue to target an adjusted EBITA margin of 16.6%.

"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," said Krakowsky.