Havas reports 28% year-on-year profit growth for first half of 2015

CEO Yannick Bolloré predicts another banner year for the network

Yannick Bolloré: 'not frightened' of the effects of China's stock market crash.
Yannick Bolloré: 'not frightened' of the effects of China's stock market crash.

Havas' net income was €77 million ($87 million) for the first half of 2015, up nearly 28% over the same period in 2014.

Revenue at the French holding company for the first half of 2015 was €1.03 billion ($1.16 billion), up 19.2% on the same period in 2014 when it was €867 million ($975 million).

Operating income was also up 22.4% over the same period in 2014 at €128 million ($144 million), resulting in an operating margin increase of 0.3 percentage points, to 12.3%.

"I think for the first time we’re posting the best growth results of any group," said Havas CEO Yannick Bolloré, "We are doing much better than what we predicted at the start of the year."

Bolloré, whose family owns around 83% of Havas' share capital, also said that Havas was on track for another record year, in terms of growth. He added that he was not "frightened" about the effects of China’s stock market crash, because Havas primarily did business in the US and Europe, but he admitted that it had consequences for other countries, especially "those exporting raw materials."

"But, as a colleague in Asia was telling me, the Chinese have one word for crisis and opportunity – weiji – and for an agency like Havas, a challenger, [the crash] will bring a lot of opportunities for us.

"We’ve already had a lot of people calling us asking how we work and we are in the middle of a pitch for an automotive company that if we win would offset any losses caused by the market flux."

Europe is Havas’ largest market, accounting for €504 million ($567 million) of its first half revenues in 2015. North America is second at €375 million ($422 million), while Asia Pacific and Africa account for €80 million ($90 million), and Latin America, €75 million ($84 million).

On Wednesday WPP released its results for the first half of 2015 and reported a revenue increase of 6.4%, to £5.84 billion.

This article first appeared on campaignlive.co.uk.

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