Havas Group posted a 0.6% decline in reported revenue for the third quarter to €535 million (about $613 million). The results were reported by Havas parent company Vivendi.
Organic net revenue growth (which excludes the impact of currency fluctuations and M&A) for the period was 2.5%, although that excludes Havas Group agency Arnold, which Vivendi said was “in the process of reorganizing.”
Longtime CEO Pam Hamlin was replaced in July by Kiran Smith.
By comparison, Havas recorded a 1.4% organic revenue decline for the first half of the year.
Exchange rate fluctuations had a negative 1.2% impact on growth in the third quarter, while acquisitions contributed 1%.
The company noted that growth was achieved in North America, Europe and Asia-Pacific, although specific numbers were not provided. Latin America posted an organic decline but the region is expected to maintain growth for the full year.
For the first nine months of 2018, Havas’ reported revenues were down about 4% to €1,587 million ($1.8 billion). Organic growth (excluding Arnold) was up 0.1%.
Vivendi said Havas’ organic growth is expected to improve in the second half of the year (versus the first half). That's due to new wins in H1 that included Barnes & Noble and Rite Aid on the creative side and Blizzard Entertainment and Papa John’s on the media side.
In October, Havas won global media duties for Puma.
Vivendi acquired Bollore Group's majority stake in Havas Group last year. Yannick Bollore, CEO of Havas, is also chairman of Vivendi. He succeeded his father Vincent Bollore to the latter post in April.