Havas sees 12% drop in net profit, with revenue fall slowing in Q4
Havas, owner of agency networks including Euro RSCG and MPG, is the latest marketing services group to reveal the effects of the tightening ad market on its business, reporting a 12 per cent fall in net profit to $135m in the year ending 2009.
It saw revenue fall 8.1 per cent to over $2.1bn, while in the Asia-Pacific region revenue fell by 14.2 per cent to $92.6m. Latin America was the only region which saw a slight revenue increase, up 1.1 per cent.
However, the French headquartered group said most markets showed improvement during the last quarter of the year, down 4.4 per cent – its best performing quarter for 2009.
It follows similar results among rival groups, with Aegis reporting a 22 per cent fall in pre-tax profit to $247.4m.
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