Havas’ Organic Revenue Fell 3.9% in U.S. in First Quarter
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Havas Group has reported organic growth of -0.9% for the first quarter of 2013, with group revenues of $504.44 million compared with $505.75 million for the same period last year.
North America was the worst-performing region, with a drop of 3.9%, which the company attributed in part to account losses including Dell at Arnold, and Sprint and Exxon at Havas Worldwide. However, healthcare still showed growth despite a big decline in Pfizer business. Organic growth excludes acquisitions and currency movements.
On a conference call with analysts, David Jones, the global CEO of Havas, spoke of a continued lack of visibility in the market, but predicted that Havas will return to growth by the second half of 2013. By then, last year’s big account losses will have “played through the system” by then and will no longer have a significant impact on quarter-on-quarter comparisons.
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