Havas seems likely to have suffered the biggest revenue decline of the global groups in the first half of 2009 if measured on a constant currency basis but is being very coy about it.
The reported actual fall in revenue was 7.4% compared with the first half of 2008, but this included an unquantified “positive exchange rate impact of a recovering US dollar offsetting weaker sterling and other currencies against the euro”.
By contrast with Havas' coyness, other global groups disclosed their revenue change on a constant currency basis as well as on an actual basis (see chart). On a constant currency basis Publicis Groupe suffered a 6.5% decline while Omnicom Group and The Interpublic Group of Companies suffered 8.5% declines. Acquisition activity boosted WPP's revenues by 8.6% on a constant currency basis.
Fintellect Ltd
Love your number crunching Bob - v.insightful of how the big boys are doing . . .
BOB WILLOTT
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