Havas, one of the smaller of the major advertising holding companies, today announced its fourth quarter 2003 financial results, indicating that while the advertising "climate is certainly more
auspicious than in 2003," it still is "not clear whether a real global recovery is on its way." That, and the fact that Havas has been completing its own costly restructuring, contributed to a 17.2
percent decline in its 2003 revenues and a sharp decline in its operating income. While the French-owned group emphasized its creative achievements in 2003, it reaffirmed its plans to expand is MPG
unit into a "global media consultancy network" through geographic expansion via "joint ventures or commercial agreements before the end of summer 2004."