Havas sees revenue drop 7.4% for first half

Havas, owner of marketing agency networks Euro RSCG, MPG, Arena BLM and Archibald Ingall Stretton, has posted a drop in revenue of 7.4% to €700 million (£614.7 million) for the first half of the year.

Havas

Operating income dropped 13.2%, or €71 million (£61.2 million), for the first half, year-on-year while net income dropped 18.7% to €40 million (£35.1 million).

The group saw organic growth in Europe fall 9.2% to €220 million (£193.2 million) with the UK dropping 15% to €41 million (£ 36 million).

However, analysts have welcomed the results as being better than predicted and the group has reported that net new business worth €$813 million over the period beat its 2008 half year average. Recent wins not included in the results period take in Heineken in the US and Axa in the UK.

Other marketing services groups turned in weak results last month with WPP posting a 47% drop in pre-tax profit. However, Chime Communications managed to buck the trend and recorded a 4% rise in pre-tax profit.

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