Havas’ Q3 Organic Growth Slows to 1.5%

Beleaguered by a rough North American market and the loss of Dell business in Asia, Havas saw its third-quarter organic growth slow to 1.5 percent, compared to more than 9 percent in the same period a year ago.

The Paris-based holding company reported Q3 revenue of slightly less than $460 million for a 1.5 percent organic gain. By way of comparison, Havas’ rival Publicis Groupe posted a Q3 organic spike of 4 percent.

Ad spending cuts in the tourism and banking sectors in North America precipitated a $20 million Q3 revenue dip in that market to $142 million. In Asia, revenue fell to $19 million, off $5 million from Q3 in 2007.
So far this year, Havas’ global revenue has risen nearly 6 percent in organic terms to almost $1.5 billion.

Havas said its 11-12 percent ’08 operating margin goal remains intact.