SURESNES: Despite the adverse exchange rate impact of an over-valued euro, Havas – the world's fifth largest marketing services conglomerate by annual revenues – posted first half profits its peers will envy.

On an operating income of €91.75 million ($134.73m; £73.77m), versus €75m in the year-ago period, the Paris-headquartered giant delivered a 40%+ profits hike.

Consolidated net income rose to €52m in the first half of 2008, an increase of +33 % over H1 2007.

The margin on operating income rose to 10.9% versus 10.3% in the year-ago period.

Said a spokesman for Vincent Bolloré's empire: "All the group's main businesses have enjoyed strong growth."

Strong business growth in key markets, reflecting new account wins and increased market share, drove up group revenue by 3.6% to €755m.

Said the spokesman: "Putting digital at the core of all our agencies and businesses means we can provide our clients with global communication advertising solutions and a choice of media."

And, claims Havas, the results would have been even more robust had it not been for the strength of the euro, which against the ailing US dollar, produced a negative exchange rate impact of €46m.

Data sourced from multiple origins; additional content by WARC staff