Media Shares Boosted By Havas Results
Media stocks reacted positively to the full-year results posted by French advertising group Havas this morning, with WPP, Aegis and United Business Media (UBM) all showing strong gains.
Havas posted a 24.9% rise in revenues for the year to December and despite a cautious outlook from chairman Alain de Pouzilhac, shares in WPP had rallied by 41p (6.0%) to 722p by lunch time.
UBM stock was up 25p (4.9%) at 537p and Aegis Group – which owns the Carat media buying network – had risen by slightly by 1žp to 92žp (after a high of 93½p).
Havas lost out to WPP over the battle to merge with Tempus Group last year (see Tempus Confirms WPP Offer). Following the changes in the marketplace after 11 September, WPP then tried to back itself out of the agreed £434 million deal; it failed, however, and the merge is set to go ahead (see WPP Will Buy Tempus).
