Publicis Groupe posts tepid results

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[new york] Publicis reported flat third-quarter revenue of $592.9 million, citing continued weakness in the ad market as well as the relative strength of the euro against the dollar that wiped out revenue growth from acquisitions. Revenue dropped 3.9% on an organic basis, which factors out acquisitions and currency fluctuations. The biggest drop in revenue was 5.8% in North America. Third-quarter billings grew 28.5%, thanks to $694.5 million in new business wins. For the first nine months of 2002, Saatchi & Saatchi was the best-performing agency network, with 1.2% organic revenue growth, compared to a 6.5% drop for Publicis Worldwide. Bcom3 Group results were not included, as the deal closed Sept. 24. But Publicis said Bcom3 posted third-quarter revenues of $453.1 million, a 4.6% decline for the year-ago period on an organic basis.
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