Vincent Bolloré's French marketing services company Havas has posted strong profit growth for 2008 with 4.7% year-on-year increase in revenue from ongoing businesses.

However, Havas, whose chairman and main shareholder is Bolloré, saw just 2% year-on-year organic growth in the fourth quarter of 2008 as the global economy weakened, although this performance was stronger than some of its main rivals.

Last week, Interpublic reported organic growth decline of 2.2% year on year for the same period, while French rival Publicis reported a 1.1% revenue decline.

Overall, Havas reported annual revenues of €1.6bn (£1.4bn), a 4.7% organic growth improvement over 2007. Operating profit was up 12.5% year on year to €189m (£170m) and operating margin was up from 11% to 12.1% for 2008.

Net profit was up 25% year on year to €104m (£93m), while the company, which owns ad agency networks including Euro RSCG, reduced its net debt to €79m (£71m).

"For the first time in its history Havas posts a net income [operating profit] of over €100m," said Fernando Rodes Vila, chief executive of Havas Group. "We ended 2008 with 4.7% growth and a fourth quarter with 2% growth while the industry as a whole is, for the moment, reporting weaker or negative growth."

Vila added that for the second year running all of Havas's operating regions contributed to growth in 2008, while the company achieved the targets of a four-year plan, put in place in 2006, a year early.

Europe posted an overall organic revenue growth rate of 5.4%, with the UK posting a figure of 4.8%. North America saw revenue grow by 2.1% over 2008, however in the fourth quarter there was a decline of 2%.

Similarly Asia Pacific saw a significant fourth-quarter revenue decline of 7.8%. Growth for the year was 1.8% for the region.

Latin America continued to grow strongly for Havas, with 13.8% growth for the year and 17.1% in the fourth quarter.

A JP Morgan preview note on Havas said the company's performance will be hit this year by expected budget cuts from clients such as Peugeot.

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