Despite a "strong improvement in media activities everywhere, and in particular in the USA," Havas Thursday reported a 5.5 percent decrease in organic revenue during the third quarter of 2003. While
the rate of erosion was an improvement on earlier trends - organic revenues dropped 6.8 percent during the first half and 7.8 percent in the second quarter - Havas continues to be plagued by
"unpredictable" market conditions, the company said. Havas, one of the smaller of the major ad agency holding companies, is the parent of MGP and Arnold, and it has been undergoing a rampant
restructuring as part of a goal to become one of the top five ad agency groups. The company said that if operating units that have been "identified as penalizing the group" - the ones that are being
sold, closed or reorganized - were factored out of the results, third quarter organic revenue declines would be less than 2 percent.