Organic revenue growth at Publicis Groupe hit its lowest ebb—just 1.6% to €1.6 billion in Q2 2012—since Q4 of 2009, when growth was -5.4%, during the depths of the recession.
In fact, the European section of Publicis was in recession last quarter. Organic growth there was -1.7%. Growth in the U.S. was only 1.8%. Publicis blamed the loss on “the European market weakness, the discontinuation of the [General Motors] media contract in the second quarter, the downturn in the healthcare cycle.”
The results look especially bad next to Omnicom’s Q2, which saw 5.1% organic growth. Omnicom also saw a -1.5% decline in organic growth in Europe, but that was offset by more robust 5.4% growth in the U.S.
Here are Publicis’ numbers. We haven’t seen growth this bad since the financial crisis:
Photo: Publicis Groupe
The results are unrelated—but an unfortunate coincidence—to CEO Maurice Levy’s impending retirement, which will begin in September.
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