Havas Posts Organic Growth of 6% in Third Quarter

But growth slows in the U.K. and Latin America

The third quarter brought some good news for the Havas Group. Today, the French agency reported organic growth of 6 percent worldwide for a total revenue of 447 million euros and net new business of 415 million euros.

Havas also posted organic growth of 5.8 percent for the first nine months of the year, for a total revenue of 1,313 Euros and net new business of 1,696 million Euros. Havas CEO Yannick Bolloré said the results are "highly satisfactory" and underscore the effectiveness of Havas' "Together" strategy—"designed to enhance collaboration and integration across the Group"—introduced at the beginning of the year.

However, Havas did see a slight deceleration of growth in certain areas, including France, with a posted gain of 2.8 percent in Q3 compared to 4.7 percent in Q2. In the earnings conference call, Bolloré stressed this was not a concern, saying the results actually show a "structural outperformance" in a struggling French market.

Overall growth in Europe fell from 8 percent in the second quarter to 6.7 percent in the third. Most of this happened in the UK, where growth decelerating from 14.8 percent in Q2 to 8.6 percent in Q3. Growth in the rest of Europe actually rose, to 9.4 percent from 7.4 percent. 

Growth in Latin America also saw a deceleration, from 10.8 percent in Q2 to 4 percent in Q3, which Havas admitted was only a "satisfactory" performance. On the conference call, Bolloré attributed this to a "slow-down of investments" in the region but was confident Havas would rebound in that market.

Havas also saw a slight deceleration of growth in North America, from 5.3 to 4.7 percent, largely due to client losses at Arnold.