The comments come only days after he said there were "encouraging signs" in the market. Now he has told shareholders: "Advertising markets are unlikely to firm in 2003 despite some initial encouraging signs in parts of the US and Asia. But our priorities are clear: we are dedicated to improving our clients' competitive potential by bringing them the most committed, comprehensive and competitive service anywhere."
At the meeting, which was held in Paris yesterday, Levy said that the merger between Bcom3 and Publicis was a success, as was the closure of D'Arcy and its integration into other agencies, Saatchi & Saatchi Worldwide, Leo Burnett Worldwide and Publicis Worldwide.
Levy has maintained his belief that the company can reach an operating margin of 15% in the second half of the year. He said: "We are also working hard to improve profitability and financial management. Our target is an operating margin of 15% in the second half of 2003."
Yesterday, Publicis reported strong first-quarter revenues up 57% to €905m (£636.8m).
Shares in the company were trading down by 0.85% this morning at €23.39, after closing yesterday at €23.59.
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