Publicis Groupe chairman and CEO Maurice Levy is expecting Q209 to be the worst part of a bad year for his company but he predicts the ad market will reach a bottom in July and see recovery after that. Levy told his company’s annual shareholders’ meeting in Paris on Tuesday (via Reuters.com) that “2009 will not be a great year, a great vintage, but we have undisputable assets.” It’s an injection of optimism from the straight-talking Levy, who in December predicted the recession would halt any ad market improvement until at least the start of 2010.

SEE ALSO: Earnings: Publicis Groupe’s Q1 Revenue Drops Despite Digital Growth

Publicis’s Q1 revenues were 4.4 percent down at €1.07 billion (£929,000), but Levy is hopeful he can beat the industry-wide consensus that the ad market will see a drop of between seven and eight percent this year. Levy admits the company’s operating margin—16.7 percent in 2008—will experience some “erosion”, despite a cost-cutting programme.