The advertising market could be just as tough next year as it has been in 2002, Alain de Pouzilhac, chairman of French advertising network Havas, told a news conference this morning.
Unveiling the group’s first half results, which saw revenues pretty much flat year on year, de Pouzilhac said that the market actually deteriorated between the first and second quarters of the year.
“The stock market crises, the failure of a number of listed companies to achieve the expected results, the loss of consumer confidence, contradictory economic indicators and accounting irregularities at a number of major groups have all produced a significant lack of visibility,” he said.
Havas saw revenues drop by just 3.4% to E1.0 billion (£1.1 billion last time). Significantly though, the group did move into the black, after a loss of E28 million in H1 2002. Net income for H1 2002 was positive, at E15 million.
Havas posted –5.4% organic growth in the first half 2002, putting it ahead of the average of its principal competitors, according to the statement.
De Pouzilhac does not expect the second half to show any real improvement on the first, with the possible exception of the USA, although even this is said with caution.
