Havas Advertising has this morning announced full-year results for 2001 which revealed losses of £35.3 million including a £42 million goodwill write-down and £63 million in exceptional charges for the year.
The group said that the advertising market would remain ‘weak’ in 2002 but anticipates that reorganisation, cost-cuttings and new business wins would allow Havas to quickly reap the benefits of any rebound which may occur.
Havas CEO Alain de Pouzilhac stated: “After a difficult year in 2001 during which we undertook both a significant restructuring program and a strategic reorganisation in order to further reinforce our three strong brands, Euro RSCG Worldwide, Arnold Worldwide Partners and MPG, we are confident of a rebound for Havas Advertising in 2002.
“The beginning of this year has been very encouraging in terms of new business. The acquisitions made and the companies integrated into our 3 divisions will have their full effect this year. Havas Advertising is aiming for organic growth and an improvement in its results superior to that of its competitors. We are maintaining our mid-term objective of a 15% EBIT margin ratio”
