Havas posts 4.4% organic growth for 2023

Havas has reported 4.4% organic growth in revenue less pass-through costs to €2.695 billion ($2.95 billion) for 2023.

Havas' revenue growth was among the strongest in its category for the year, coming second only to Publicis Groupe, though its profit margin was lower than its peers'.

Earning before tax rose 8.4% to €310 million ($339 million). This represented 11.5% of net revenues, continuing the group’s trend of profit growth, ongoing steadily since 2019.

Yannick Bolloré, chairman of Havas parent company Vivendi, told Campaign he was cautious about 2024 but hopeful it would have a similar trend in revenue growth to 2023, without committing to a forecast.

Havas’ performance contributed to 9.5% revenue growth at Vivendi and profits before tax of €934 million ($1.02 million), up 7.5%.

Arnaud de Puyfontaine, chairman of Vivendi's management board, said: “Havas is one of the best-performing companies in its sector, with the dynamic growth of net revenues continuing in the fourth quarter of 2023 and a year-on-year improvement in the EBITA margin. 

“The company pursued its strategy of targeted acquisitions and forged important alliances in the technology field, notably in artificial intelligence […] The first few months of 2024 confirm the continued positive trends of the activities of our main businesses."

Havas acquired 10 agencies in 2023, including Uncommon Creative Studio and Canada’s Noise Digital.

The group is continuing this strategy in 2024, most recently adding B2B marketing agency Ledger Bennett to its portfolio. 

Bolloré confirmed that Vivendi is still considering splitting off its business units and listing them separately on the stock market, with a decision expected to be taken within the next 12-18 months.

He said: “The study of the feasibility of a project to split the company into four listed entities, announced last December, is continuing. 

“If it goes ahead, this project would create value for all the group's stakeholders and would enable the creation of independent pure players with the necessary human resources and financial agility, capable of driving their own growth trajectory in an international context marked by numerous investment opportunities.”

Vivendi’s next general shareholders’ meeting will be held on 29 April.