news
Publicis Calls End to Ad Slump
PARIS — The chief executive of French advertising company Publicis Groupe SA on Tuesday predicted that the company would start growing organic revenue by the middle of next year because advertising markets have started a gradual recovery.
The owner of Saatchi and Saatchi posted a 7.4% drop in third-quarter organic revenue, which excludes the impact of any acquisitions and disposals and currency moves. The figure was an improvement on the 8.6% decline in the second quarter.
Advertising world-wide has been in decline since the summer of 2008 as major companies cut ad spending in response to the credit crunch and the economic downturn. However, Publicis CEO MauriceLevy said Tuesday that the market hit a bottom in June and that the recovery seen in the third quarter should continue into the fourth quarter and beyond.
“The advertising market has stopped deteriorating during the summer and a slow and gradual recovery is under way,” he told reporters. The company is looking for acquisition targets to continue growth in China, as well as opportunities to strengthen its position in India, he added.
Read the full story here:
