For the first half of the year, net income was $57.4 million, down about 18% from $70.3 million. Revenues were $1 billion, a 7.4% drop compared to $1.08 billion the first half of 2008. In addition, organic growth was down 9% for the half, which the company attributed to "a strong baseline set in H1 2008 when the group reported 8% growth."
Havas also reported about $1.2 million in new business for the first half, which it said was an improvement upon last year's numbers at the halfway point.
One bright spot for the holding company is digital, which saw 5% organic growth in the first half; it now accounts for 16.4% of the group's total revenue. Digital was strong in the North American region in particular. For the first half, North American revenues were $331.4 million, down 1.3% from $335.8 million in the year ago period. But, organic growth in North America was down 11.8% for the quarter and 10.5% year-to-date.
"Exposure to certain sectors, finance in particular, has penalized the Group's performance," the company commented on North America in the earnings report released today, August 31.
The Asia Pacific region saw the greatest drop within the group on a geography basis. Its organic growth was down 19% for the quarter, due in part to the continued effects of losing the Dell account in 2008.