Havas reported flat first-quarter revenue of 389 million Euros (about $540 million at today’s exchange rate) but with a significant increase in organic growth, which was up 3% versus a decline of nearly 1% for the first quarter of 2013. (Organic revenue growth adjusts for currency fluctuations, acquisitions and divestitures).
Company CEO Yannick Bollore credited what he called the firm’s “very satisfactory” growth to several factors including a “solid recovery in North America,” which achieved 3.7% Q1 organic growth. The holding company also produced “strong performances from our agencies in high growth countries and stabilizing results in Europe,” Bollore said. Organic growth in Europe reached 2.3% with double-digit increases for both the U.K. and Germany.
The company’s growth spurt was aided by a number of new business wins including Paypal in North America, Pao de Acucar in Brazil and Iglo in Europe. Net new business billings totaled 669 Euros ($930 million) for the quarter, up 66% compared to the first quarter of 2013.
Additional recent North American wins included Green Mountain Keurig, Dish and Liberty Mutual, the company said.
The company attributed its flat overall revenue to the strengthening of the Euro against the U.S. dollar and several other currencies during the quarter. But first-quarter organic growth momentum, said Bollore, “makes us confident that we will continue to perform well in the quarters ahead.”