Speaking at the company's annual shareholder's meeting in Paris today, Chairman-CEO Maurice Levy said, "The signs of slowdown apparent in the U.S. at the beginning of this year have been confirmed. There can now be little doubt that 2001 will not be a particularly good year for the worldwide advertising industry."
But Mr. Levy forecast that new business gains for Publicis in late 2000 and early 2001 and recent acquisitions will help temper the downturn.
Publicis American Depository Receipt shares on the New York Stock Exchange were down $1.55 to $27.60 at closing, a drop of 5%.
Mr. Levy's statement follows similar comments made by Cordiant Communication Group's Chairman Charles Scott.
Speaking at the holding company's annual meeting Tuesday in London, Mr. Scott warned 2001 revenue growth will slow down and profits will be affected by economic conditions. -- Mercedes Cardona
Copyright June 2001, Crain Communications Inc.