On the basis of constant exchange rates, Publicis' revenues would have grown 15% in the third quarter. Results for the first nine months would have approached 12% vs. 7.5% after the affect of currency exchanges.
Publicis is not the only global agency holding company to report the negative impact of the U.S. dollar's exchange rate on its results. London-based WPP Group previously reported a similar story, and Havas, the Paris-based parent of MPG, Media Contacts and other agencies, this morning reported a 7.3% gain in third quarter revenues, which were adversely affected by the U.S. dollar. On an organic growth basis, Havas rise 9.3% during the third quarter, marking its strongest quarterly organic growth since 2000.