The Week: City News - Havas revenue down in Q1

The global recession is taking its toll on Vincent Bollore's Havas, which has reported a 6 per cent revenue drop for the first quarter of the year.

The Paris-based operation saw revenue fall to EUR325 million, compared with EUR345 million during the first quarter of 2008. Organic growth was down 8.4 per cent. The group cited reduced spending by clients in the financial and healthcare sectors, particularly in the US, as a major reason for the decline.