Vivendi subsidiary Havas Group reported full-year 2023 organic growth of 4.4% with growth in the fourth quarter of 4.7%. By comparison, the company achieved 2022 organic growth of 6.8% and growth of 2.3% in Q4 2022. 

Reported net revenue for the full year 2023 totaled nearly 2.7 billion euros, up 4.1% versus the prior year. Q4 net revenue totaled 776 million euros, up 4.3%. 

The Havas numbers were broken out as part of Vivendi’s Q4 and full-year 2023 earnings report that was issued today after the close of trading on the Euronext Exchange in Paris.  

Vivendi did not issue a 2024 performance outlook for the company or its subsidiaries.  

By region, Europe and North America were Havas’ largest contributors to growth with 1.7% and 1.9% organic growth, respectively. Combined, the two regions accounted for 84% of Havas’ net revenues.  

Pre-tax earnings totaled 310 million euro, up 8.3%. 

Vivendi noted that the company’s Management Board continues to work on a “feasibility study” to split the firm into four separate companies to unlock greater value of individual unit. As one company, the firm believes it is trading at a so-called “conglomerate discount.”  

The feasibility study was first announced last December. If approved, it would take 12 to 18 months to complete the splitting up process and Havas Group would once again be a separate publicly traded company.  

In addition to Havas, major Vivendi units include Canal+ Group, publisher Lagardère, Prisma Media and Gameloft.  

Yannick Bolloré, chairman of Vivendi’s supervisory board and CEO of Havas Group, stated that breaking up the company “would enable the creation of independent pure players with the necessary human resources and financial agility, capable of driving their own growth trajectory in an international context marked by numerous investment opportunities.”