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Ipsos Makes the Most of 2011
Ipsos - now the world's third largest market research company - has reported organic growth of 6.0% for the first nine months of the year, with revenue rising to EUR 845.8m. Growth slowed slightly in the third quarter and the firm is hunkering down for tough economic times ahead.
Reported 9-month growth was 4.1%, with currency effects off-setting organic growth. Third quarter revenue of EUR 287.6m represented a rise of 5.4% at constant scope and exchange rates, down from 6.2% in Q1 and 6.4% in Q2, which the firm says reflects 'a stabilisation in corporate research spending' as well as a very good third quarter in 2010.
Ipsos completed its £528.8m acquisition of Synovate just two weeks ago and none of the latter's figures are included in these accounts.
Today's results show a strong performance in emerging markets, which produced organic revenue growth of 15% and now constitute over a third of Ipsos' revenue - the Synovate buy should increase this further. Organic growth in developed countries was only 2%.
Looking at the firm's three regions, which overlap with the developed / emerging split, organic growth in EMEA was 3% (revenue EUR 370.7m), in the Americas 6.5% (EUR EUR 370.4m), and in Asia-Pacific 17% (EUR 104.7m).
Consolidated revenues by geographic area
in millions of euros | 2011
(9 months) | 2010
(9 months) | Change 2011/2010 | Organic growth | | Europe, Middle East, Africa | 370.7 | 362.4 | +2% | +3% | | Americas | 370.4 | 361.6 | +2.5% | +6.5% | | Asia-Pacific | 104.7 | 88.5 | +18% | +17% | 9-month total
(at 30 September) | 845.8 | 812.5 | +4.1% | +6.0% |
In terms of sectors, Media, Information & Technology Research grew 12% in the third quarter and Customer & Employee Relationship Management Research 17%.
Consolidated revenues by specialisation
in millions of euros | 2011
(9 months) | 2010
(9 months) | Change 2011/2010 | Organic growth | | Advertising Research | 182.1 | 180.8 | +1% | +3% | | Marketing Research | 381.1 | 374.4 | +2% | +7% | | Media Research | 100.0 | 81.4 | +23% | +12% | | Opinion & Social Research | 89.6 | 96.2 | -7% | -6% | | Customer Relationship Management Research | 93.0 | 79.7 | +17% | +17% | 9-month total
(at 30 September) | 845.8 | 812.5 | +4.1% | +6.0% |
Ipsos says the world situation and the acquisition of Synovate make forecasting complex and difficult and will have implications for growth in the near future, but the group does finish on a positive note: 'That said, this reduction in prospective growth does not call into question the objective of Ipsos (without Synovate) from reaching a record profit margin of at least 11% in 2011. Synovate on its own will report a positive operating profit for the final quarter of 2011.'
Detailed commentary can be found in the report, online at www.ipsos.com/sites/ipsos.com/files/Q3_2011_VA.pdf .
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