Publicis, the world's sixth-largest advertising group, started 2001 -- a year chairman Maurice Levy today described as "Chinese water torture" -- with organic revenue growth targets of 7%, before readjusting forecasts to 5%. After the events of September 11, the target fell further to 3%-3.5%.
Levy is also confident the group, which owns agencies Saatchi & Saatchi and Publicis, will reach its expected 17% earnings before interest, taxes, depreciation and amortisation margin.
Levy was talking at an extraordinary meeting of shareholders in Paris, called to renew a number of financial authorisations granted to the executive management board.
In November last year, Publicis said it had been hit by slower growth in advertising and communication spending worldwide, a marked decline compared with last year in the US and Asia.
Earlier in July, Publicis and Cordiant Communications pooled their media operations and created a new company, in which Publicis has a 75% interest, bringing together the Optimedia and Zenith Media networks.
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