Havas organic revenue growth slows to 1.1%

Havas, the smallest of the big six ad holding groups, has reported year-on-year organic growth of 1.1% for the first quarter of 2023.

The performance is a substantial slowdown from the 11.4% rate it reported for Q1 2022, but parent company Vivendi nevertheless described it as “confirmation” of Havas’ “dynamism”.

The latest growth rate also compares badly with the two groups that have reported Q1 numbers so far. Publicis Groupe achieved 7.1% organic growth and Omnicom 5.2%.

Havas’ Q1 revenues totalled €611m (£541m), with growth of 3.5%, if taking into account currency movements (+1.5%) and acquisitions (+1%).

It observed project delays that affected revenues in North America, which declined 0.3% in organic terms. In Europe, it described its growth of 1.4% as “satisfactory” and “driven by almost all countries and activities”.

Business was stronger in Asia-Pacific (up 4%) and Latin America (up 27.3%).

It has made two acquisitions since the beginning of 2023: HRZN, a German agency specialising in social media and content, and Noise Digital, a media performance and data analytics agency based in Vancouver.

Vivendi, the French media conglomerate of which Havas is part, reported a 3.3% rise in Q1 revenues to €2.29bn, with organic growth of 2%.

Vivendi chairman Yannick Bolloré and CEO Arnaud de Puyfontaine said: "All of our businesses progressed during the first quarter of 2023. Many positive signs have emerged in the last few months.”