Havas reports 5% drop in revenue

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[paris] Havas reported a 5% drop in third-quarter revenue from the same period last year, to $447 million, or 5.5% on an organic basis, after factoring out acquisitions and currency fluctuations. Marketing services continued to perform better than traditional advertising, with revenue down 5.3% on an organic basis to $271.4 million, while traditional ad revenue dropped 7% on an organic basis to $175.6 million. Chairman-CEO Alain de Pouzilhac expects the ad market to remain flat in 2003, so the company should post positive organic growth thanks to cost controls implemented this year. Havas will keep "adapting" its cost structure, he said. But no further restructuring or widespread job cuts are expected this year. Havas said the "virtual halt" in spending by Worldcom, a major U.S. client of Euro RSCG Worldwide, cost Havas 1% in revenue in the third quarter.
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