There will not be a revival in worldwide advertising until the fourth quarter of 2004 at the earliest, according to the head of advertising group Havas.
In an interview with the French newspaper
Les Echos, Alain de Pouzilhac said that the market will continue to lack visibility in the coming months. He forecasts 3% to 3.5% global ad growth next year.
The Havas chief executive also asserted that the group’s poor performance in the first half of 2003 would not be repeated. Losses at the world’s sixth largest advertising group came to €58 million and a restructuring plan has been set in motion (see International).
Pouzilhac said Havas wanted to grow, but only selectively, in particular by developing its media business and strengthening its presence in Italy.
“That’s what we have to change, but we won’t do it by buying a network in this area today because we first want to reduce costs and invest our cash in a selective way,” he said.
He also ruled out talk of a merger with Grey Global Group in the United States, claiming that both parties wanted to remain independent.
