Institute & Personen

Ipsos Results for first half

Ipsos achieved growth of 14.3% in the first quarter of 2010, and 21.4% in the second, making 18.1% for the first half as a whole. Performance was good between January and March, and excellent between April and June.
 
Organic growth was 6% in the first quarter. It accelerated to 9.1% in the second, giving growth of 7.7% for the first half. Exchange-rate effects had a positive 1.9% impact in the first quarter, and this increased to 4.7% over the first half as a whole. Companies acquired since July 2009 – including OTX, which became part of Ipsos' scope of consolidation on 1 January 2010 – contributed 5.7% to Ipsos' first-half revenues. 
 
Even by comparison with the first half of 2008, business levels were 13% higher at current scope and exchange rates. This is the same increase as that seen between 2006 and 2008.
 
There was an excellent performance in emerging markets, where Ipsos generates 29% of its revenues, with organic growth of 16%. The Global PartneRing programme for major clients also accounted for 28% of revenues, and achieved organic growth of 14%. All regions and business lines contributed to Ipsos' success in the first half. The Opinion & Social Research business saw the weakest growth, due to the slowdown in the UK, which started before the general election. In North America, organic growth slowed to 5% in the second quarter from 8% in the first. This was the result of a higher base for comparison, since the business performed very poorly in the first quarter of 2009 (-15%), after which it recovered in the second quarter of 2009 (-3% in organic terms).
 
In 2010, Ipsos' organic growth will be much higher than initially forecast, and should be between 6 and 8%. This will result in business volumes, at constant scope and exchange rates that exceed 2008 levels. Operating margin after non-recurrent items will be over 10% as previously predicted, as opposed to 9.4% in 2009. The outlook for 2011 remains unchanged for the moment. Organic growth is likely to be over 5%, and operating margin should rise above 11% for the first time.