SURESNES, France: Havas, the holding company for global agency networks Media Planning Group, Euro RSCG Worldwide and Arnold Worldwide Partners, recorded a substantial 38% fall in profits in the half-year to June 30.

This less than happy result flies in the face of a 2.8% increase in revenues, even despite the group's sparkling new business performance - at €900 million ($1.15bn; £608.11m) eighty per cent up on the same period last year.

According to Havas, which is chaired by its largest shareholder Vincent Bolloré, the profits downturn is due primarily to new business talent hirings. These costs depleted operating margins from 10.8% to 7.7% during the period.

Data sourced from Media Week (UK); additional content by WARC staff