Havas Revenue Pushes Up by Sales in US and Latin America
French ad group Havas posted a 5.3 percent rise in third-quarter revenue, helped by stronger sales in the United States and Latin America amid an industry-wide recovery in advertising demand.
The sixth-biggest ad group, which competes with larger rivals WPP, Publicis and Omnicom, had quarterly revenue of 368 million euros ($512 million) as growth accelerated considerably over previous quarters.
The company, whose president and main shareholder is billionaire financier and Bollore group head Vincent Bollore, did not give any targets for the full year.
Many analysts are becoming more optimistic that a recovery is firmly underway in the advertising sector.
Media buyer ZenithOptimedia on Monday increased its forecast for advertising growth this year to 4.8 percent from 3.5 percent after the recovery in global advertising gathered pace in the middle of the year. [ID:nLDE69H09Z]
It is the fourth upgrade in a row from Zenith -- part of France-based Publicis -- after six consecutive downgrades as the advertising industry suffered its steepest decline in modern times last year.
Havas shares closed at 3.69 euros per share on Monday, giving it a market capitalisation of roughly 1.58 billion euros. ($1=.7193 Euro)
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