Havas, one of the world’s largest advertising groups, has defied tough market conditions and reported a profit of €23.5 million for 2002.
The French company, which owns Euro RSCG Worldwide and the Media Planning Group, posted a €57.8 million loss in 2001 but staged a mini-recovery last year and the EBIT margin went up from 3.6% to 11.1%.
Nonetheless, turnover fell by 11.3% to €1.99 billion (see European Downturn Hits Havas Revenues) and the group was forced to cut its dividend from 17 to 9 cents a share.
Havas has succeeded in getting debts under control and the Alain de Pouzilhac, the company’s chairman and CEO, is committed to financial targets whatever the external circumstances.
“Whether the advertising market, because of the geopolitical and macroeconomic situation, remains stable or turns negative, we will pursue the same objectives in 2003 – the improvement of our EBIT margin and improvement of our margin and improvement of our cash flow,” he said.
