The ad market is back, baby! Or so says, Publicis CEO, Maurice Levy, at the Wall Street Journal.
“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.
The market bottomed in June, and will continue to recover during the fourth quarter. By next year, Publicis should be experiencing organic growth. Levy says Publicis will outperform the 10% decline in advertising predicted for the rest of the year, and by 2010, Publicis will be growing.
Despite the promises of growth, Levy will keep cutting costs to protect margins. He’d like the company to have a 16.7% margin like it did in 2007 and 2008.