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Investing.com -- Havas, the Amsterdam-listed advertising firm, has revealed plans to buy back up to 10% of its capital and initiate a reverse share split. This announcement comes shortly after its separation from French media conglomerate Vivendi (OTC:VIVHY) in December.
The company reported a slight 0.8% organic decrease in net revenue for the fourth quarter of the previous year, which is consistent with its performance for the entire year. Earlier in January, Havas had predicted a decrease of between 0.5% and 1% for the full year.
Havas is optimistic about the current year, expecting a return to growth with an organic net revenue forecast to increase by over 2%.
In its initial financial results as an independent entity, Havas reported a net profit of 173 million euros for 2024, a slight increase from 167 million euros the previous year. The company’s net revenue rose 1.5% to 2.74 billion euros.
Havas shares rose 8.8% in morning trading to 1.45 euros per share.
Havas plans to consolidate ten shares into one in a reverse stock split, pending shareholder approval. The company also intends to seek shareholder authorization for a share buyback of up to 10% of its capital.
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