Havas sees revenue fall, but reduces debt

Havas, owner of agency networks Euro RSCG and MPG, has seen revenue fall 8.2% in the nine months to the end of September, with the UK continuing to be hit by the economic crisis.

The group’s third quarter organic growth was down 9.3%, but was still an improvement on the 9.8% drop in the second quarter this year.

It also reported group revenue of €1.026m during the first nine months, which represented a fall of 8.2%. Average net debt stood at €159m, which was a 49% reduction on the same period last year.

In Europe, France saw a 4.4% fall in revenue due to the loss of the Carrefour account. The rest of Europe however managed to report a Q3 improvement over Q2.

The group says the UK continues to feel the impact of the global recession. However, significant account wins came from Euro RSCG London which landed the global Credit Suisse ad account, while MPG International was awarded the £6m Israel Tourist Office account.

Meanwhile, the world’s largest marketing services group, yesterday (21 October) reported a 22.5% drop in third quarter profit to $165.6m (£100m).

Latest from Marketing Week

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here