Havas Q3 revenues drop 10%

PARIS: Havas reported a 10% drop in revenue for its third quarter, down to $489 million from $543 million in Q3 2008.

PARIS: Havas reported a 10% drop in revenue for its third quarter, down to $489 million from $543 million in Q3 2008. Organic growth was down 9.3% for Q3, which ended September 30.

For the first nine months of the year, revenue was $1.54 billion, down 8.3% from $1.68 billion for the same time period in 2008. Havas Worldwide, which includes the holding company's advertising and PR functions, includes Euro RSCG Worldwide PR and Abernathy MacGregor.

A source familiar with Abernathy told PRWeek, that the firm was doing very well. “At the beginning of the year, crisis work was good and now we're seeing transaction work coming back,” the source said.

In North America, Havas' Q3 organic growth was down 7.8%, compared to a 11.8% drop during the second quarter. This stronger organic growth was due to good results in the Euro RSCG network, particularly financial and healthcare sectors, the group reported.

Net income for the group "remained stable against the same period in 2008," Havas said, though it did not release specific figures. In August, the group had reported that net income for the first half of the year was $57.4 million. Total net income for 2008 was $131 million.

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