French marketing services company Havas has reported a 39% year-on-year increase in operating profit to €168 million (£128 million) for 2007.
Havas, which owns media agencies Euro RSCG, Media Planning Group and BLM, also posted a rise in net income of 81% to €83 million (£63.3 million).
It recorded 9.8% organic growth in the Q4 2007, the highest quarterly growth rate recorded since 2000, giving it a 7.1% growth rate when averaged across the year.
Operating income rose 39% to €168 million (£128.1 million) compared to €121 million (£92.2 million) in 2006. Net debt was reduced by 41% to €226 million (£172.3) million.
Fernando Rodés Vilà, chief executive officer of Havas Group, said: “The results for 2007 are up sharply on 2006 and ahead of target.
“In 2008, we will continue our efforts to win new business, optimize resources and control costs. We are especially satisfied with our strong cash flow generation and debt reduction, enabling Havas to regain real financial autonomy.”
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