Havas has warned 2003 profits will come in below expectations after reporting a sharp fall in revenues.

The agency group -- the world's number six ad holding company by 2002 billings -- blamed its underperforming Euro RSCG network for its disappointing operating income.

Revenues fell 5.7% in 2003 to $2.1 billion (€1.6bn; £1.1bn), after a 3.8% decline in the fourth quarter. Once currency fluctuations and restructuring costs have been accounted for, full-year revenues tumbled 17.2% compared with 2002.

Havas -- described as "vulnerable" by WPP Group boss Sir Martin Sorrell just days before the profits warning [WAMN: 10-Feb-04] -- suffered its biggest revenue falls in Britain (-12.1%), Asia (-10.6%) and North America (-4.3%). There was some consolation, however, in mainland Europe, where it returned to growth.

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