Havas' third quarter revenues fall by 9.3%

PARIS - Havas', owner of Euro RSCG and MPG, third quarter revenues dropped 9.3%, with the UK hit particularly hard, according to figures released today.

Overall revenues for the Paris-based company were down from €362m in the third quarter of 2008 to €326m. In the UK, the fall was 13.7%, from €51m last year to €41m, partly due to the strength of the euro against the pound.

In a statement today, Havas said: "The rest of Europe reported a third quarter improvement over Q2 thanks to the media business in Southern Europe [Spain, Portugal and Italy] and all our businesses in Germany. In contrast, the UK market continued to be hard hit by the crisis."

New business for the third quarter was strong, with new accounts including Euro RSCG London's global Credit Suisse win, the AXA media business going to MPG, and Heineken handing its US brief to Euro RSCG New York.

Debt was also reduced, down from €263m in the third quarter of 2008 to €159m.

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