Havas brought in 2004 revenues of €1.49bn (£1.03bn) compared with 2003 revenues of €1.65bn. These revenues were reduced by Havas selling off parts of its business as it restructured in the wake of the advertising recession.
Havas chairman and CEO Alain de Pouzilhac said: "Our results, to be presented in early March, will show that all the targets management had set itself over the year have been achieved and even exceeded. This is the clearest possible demonstration that our strategy is the right one and is bearing fruit."
During the quarter, the company was hit by the loss of the high-profile £186m Volkswagen media account and the £162m Intel US advertising and media account, but it performed well on the new-business front. Net new business for 2004 amounted to billings of €1.5bn.
The UK registered positive organic growth in the fourth quarter, which almost brought it back to breakeven for the year.
France, Asia Pacific and Latin America were the brightest spots, while in North America a record amount of new business was won by Arnold, MPG and Euro RSCG's healthcare and marketing divisions.
The continuing turnaround should shore up De Pouzilhac's position as he contends with the attentions of French corporate raider Vincent Bollore, who has been building up his stake in Havas. Bollore has remained silent about his intentions, despite being asked for clarification by De Pouzilhac.
Havas' results exceeded the market's expectations and the company's share price rose 3.1% to €4.33 on the Paris Bourse this morning.
If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the .
.jpg)
.jpg)