Publicis report lowers shares

City A.M. Reporter
ADVERTISING group Publicis said it expected the European market to recover later this year after posting weaker-than-expected underlying revenue growth in the first quarter, sending its shares sharply lower.

The group, which had in February warned that 2013 would be difficult in Europe, said it had been hit by a sharp advertising slowdown across the continent. Spending by pharmaceutical companies was especially weak. Despite the dip, the firm aims for 3.2 to 3.6 per cent growth in 2013.