The French holding company, which is parent of advertising networks Euro RSCG and Arnold Worldwide, reported revenues of $2.15 billion for 2002, down 7.7% from 2001, or a drop of 5.8% on an organic basis, after adjusting for acquisitions and the effects of currency. For the fourth quarter, revenue of $556.7 million was 6.7% below the same period in 2001 on an organic basis.
The company will not report full 2002 earnings figures until March 6.
Key markets struggle
Recovery in the Asia/Pacific and Latin America markets, where 2002 revenues rose 5.2% and 0.5%, respectively, was not enough to offset drops of 5.7% in Europe and 7.2% in North America. But revenue drops in North America -- Havas' second-largest market after Europe -- moderated in the fourth quarter, when revenues were down only 1.5% from the year-ago period, while European revenue dropped 11.4%.
Traditional advertising appeared to recover slightly, down only 0.2%, in the fourth quarter, when it was flat in the year-ago period, while marketing services and media revenue dropped 10.4%. For the year, traditional advertising revenue dropped 8.9% and marketing and media revenue dropped 6.9%.