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Another Good Year for Ipsos
Ipsos has announced its results for the calendar year 2004, showing impressive revenue growth of 7.5% at constant scope and exchange rates. Consolidated revenues for the year were Euros 605.6m and operating profit was up 8% to Euros 54.7m - equivalent to a rise of 16% at constant exchange rates.
Ipsos says that during the year its clients 'sharpened their focus on fast-growing regions' such as Asia (outside Japan), Latin America and Central Europe; and moved further towards usage of agencies with international operational resources and analytical capabilities. Technology, telecoms and service sectors increased their activity while some manufacturers and marketers of consumer goods adopted a precautionary approach.
Ipsos purchased four companies in 2004, in South Korea, Puerto Rico, Australia and Japan, and since January 1 has acquired three more.
| Financial Summary, Ipsos 2003-4 |
| In million of euros |
2004 |
2003 |
2003 Change2004/03 |
| Revenues |
605.6 |
569.7 |
+6% |
| Gross profit |
354.9 |
335.7 |
+6% |
| Operating profit |
54.7 |
50.7 |
+8% |
| Net financial expenses |
(8.9) |
(7.1) |
- |
| Net profit* |
30.6 |
30.3 |
+1% |
| *before amortisation of goodwill |
Operating margin grew more slowly than the 80 basis point increase recorded in 2003 - this is blamed on the temporary fall in the pace of growth during the final quarter in Europe and the impact of the steady depreciation in the US dollar against the euro and other currencies. R&D spending continues to grow steadily and recruitment and internal training programmes were stepped up.
The company recorded an exceptional charge of Euros 3m relating to write-downs of office fittings following the pooling of its French teams at a single site: nevertheless, net profit (Group share) was up 1% at Euros 30.6m and at constant exchange rates up 11% to Euros 33.5m.
Net debt has increased from Euros 149m to Euros 158m during 2004, reflecting acquisitions and a higher working capital requirement. Shareholders' equity rose to 202 million euros, up from 198 million euros at December 31, 2003.
Preliminary data for the first quarter of 2005 suggests similar growth rates to last year. The firm says its order book is stronger than at the same point in 2004 across all its geographical regions and business lines.
Ipsos' web site is at www.ipsos.com
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