Ipsos has reported a 26.4% increase in first half year revenue to EUR 993.3m, compared with EUR 786.0m in the prior year period and well up on the EUR 903.4m recorded in H1 2019. Organic growth from H1 2020 was 31.5%.
Overall, the group's profitability in H1 2021 was 'significantly higher' than in the same period last year, with an operating margin of 11% compared to 3.2% in H1 2020 and 5.5% in H1 2019. Net profit amounted to EUR 71m compared with EUR 1.3m in H1 2020 (H1 2019: EUR 18.7m), and adjusted net profit rose sharply to EUR 81.4m from EUR 12.8m in H1 2020 and EUR 29.4m in H1 2019.
Last year, the group implemented various cost-saving measures, including a plan to reduce costs by EUR 113m over full-year 2020 compared to 2019 - primarily from payroll costs (EUR 43m), government subsidies (EUR 29m) and overheads (EUR 41m). Of these savings, around EUR 20m are expected to be repeated in 2021.
According to the firm, the Americas - North and South - are recovering well. In the Asia-Pacific region, which had a poor start to 2020 as the Covid-19 pandemic appeared in China and then in neighbouring countries earlier than elsewhere, has been in 'better shape' since the spring. However, it remains the part of the world where Ipsos' activity has hardly fgrown since 2019, having declined by 19% organically in the first half of 2020, compared to 9.5% for the EMEA and 15.5% for the Americas. China has regained 'good growth' while other markets, including Japan, are 'lagging behind'.
All articles 2006-21 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.