Havas, the French holding company that owns creative group Euro RSCG and media agency MPG, has reported organic revenue growth of 1.5% for the third quarter of 2008.
This was down from 9.5% growth for the same period last year, which Havas blamed on the loss of the Dell account in Asia Pacific and a tough European market.
Organic growth over the first nine months of the year was up by 5.8% to €1.12 billion (£956 million).
The third quarter saw revenues from North America fall from €128 million last year to €112 million this year, and Asia Pacific fell from €19 million to €15 million.
Havas said in a statement: “Despite the worsening economic climate in Europe as a whole, our main agencies continue to perform satisfactorily on the main national markets, France and Spain in particular.
“Third quarter growth in the United States was penalized by an exceptionally high basis for comparison in 2007 and by a significant reduction in advertising spend in certain sectors such as banking and tourism.
“These alone account for a four point fall in our organic growth in the zone.”
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