Paris-headquartered global advertising group Havas revealed Tuesday that revenues for the first six months of 2002 had slipped 3.4% to €1.029 billion ($1.008bn; £643.12m). This compares year-on-year with €1.065bn.

Traditional advertising activities felt most pain from the global ad slowdown, with organic growth slipping to minus 9.6%. Marketing services and media revenues fared less poorly, registering a collective decline of 2.7%.

Havas does not yet see any light at the end of the tunnel, chairman-ceo Alain de Pouzilhac describing market conditions as more negative than expected. “No upturn in overall advertising-related spending has occurred [in the] year to date,” he said, “and it is unlikely that there will be any between now and the end of the year.”

Nonetheless, de Pouzilhac stuck to the group’s full year profit forecast, refuting analysts’ gloomier predictions.

“Thanks to all the initiatives implemented, the progression of our profitability in the first half of 2002, compared with the second half of 2001, was significantly improved. This is very encouraging. We can now face the second half of 2002 confidently, with the same goal of improving our profitability,” he said.

Following the statement, which was timed to coincide with yesterday's start of trading on the Paris Euronext exchange, Havas stock opened at €5.39, up 2.28%. At last night's close the price was virtually unchanged at €5.4.

Data sourced from: Multiple sources; additional content by WARC staff