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Strong Organic Growth for Ipsos
Ipsos has posted a 4.5% increase in revenue to Euros 462.8m for the first half of 2008, and organic growth of 8.4%. Four of the firm's business lines reported double-digit organic growth during the period.
The firm says this performance was shaped by a negative currency effect of 7%, and a positive consolidation effect of 3.1% from companies acquired since 1 July 2007 - including Monroe Mendelsohn, which now operates under the Ipsos Mendelsohn brand.
Second-quarter growth was 7.3%, which Ipsos says outperforms the market and its main competitors.
Ipsos reported robust growth in the developing countries. In Latin America, organic growth was strong, while in AsiaPac and Middle East growth was above 10% despite a weak first quarter.
In Europe, the firm's strong first-half performance was driven not only by Central and Eastern Europe, but also by momentum in the UK.
However, in North America Ipsos reported no growth in the first half. Revenues picked up in March and April before slumping again in May, and rising again in June and July. Despite this, the firm is 'convinced' that its North American activities will make a significant contribution to overall growth in the second half.
Four of the firm's business lines reported double-digit organic growth during the period, including Opinion and Social Research which saw an increase of 14% for the first half of the year.
Consolidated revenues by geographic area
(millions of euros)
| H1 2008 |
H1 2007 | Change 2007/2006 | Organic growth |
| Europe | 236.0 | 218.1 | 8% | 10% |
| North America | 132.1 | 141.7 | (7%) | 1% |
| Latin America | 49.2 | 42.3 | 16% | 20% |
| Asia-Pacific/Middle East | 45.5 | 41.0 | 11.0% | 11.5% |
| First-half revenues | 462.8 | 443.1 | 4.5% | 8.4% |
Ipsos says half year operating margin and net profit are in line with its full-year 2008 target. At the end of July, order books showed organic growth of more than 10%, supporting management's full-year target of at least 8% organic growth.
Consolidated revenues by business line
(millions of euros)
| H1 2008 | H1 2007 | Change 2008/2007 | Organic growth | | Advertising Research | 102.4 | 101.6 | 1% | 10% | | Marketing Research | 214.8 | 209.6 | 2.5% | 6%* | | Media Research | 37.7 | 30.6 | 23% | 10%* | | Customer Relationship Management Research | 44.6 | 42.3 | 5% | 11% | | Opinion & Social Research | 63.3 | 59.0 | 7% | 14% | | First-half revenues | 462.8 | 443.1 | 4.5% | 8.4% | | |
The Monroe Mendelsohn and Forward Research acquisitions in the US were included in the period, while consolidation from the joint venture in Indonesia and the acquisition of Latin-American company Livra will be included from July 2008.
Web site: www.ipsos.com .
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