Havas Group reports a 1.9 percent rise to in first-half revenues to $1.3B and a 34 percent drop in net income to $98M as growth slowed during the period. Organic group was off 0.4 percent.

Yannick BolloreYannick Bollore

Blaming an industry-wide funk, Havas CEO Yannick Bollore said Havas was hurt by cuts in client spending, pressure on margins during contract negotiations/renegotiations, and economic slumps in formerly high-growth markets such as Brazil, Mexico, China and India.

Though Bollore anticipates a slight improvement during the second-half, he cannot confirm earlier forecasts of full-year organic growth between two to three percent.