Global agency Ipsos has reported a 37.3% rise in net profit for 2002 to Euro 23.7 million, whilst operating profit rose by 18.3% to Euro 43.6 million.
As previously reported revenues for the year rose by 12% to Euro 538.4 million. At a constant level, revenues grew by 8%. Operating margin was 8.1%, an increase of 0.4% relative to 2001. This improvement is mainly due to increases in profit levels at companies already in the scope of consolidation in 2001, including a particularly strong performance by the Ipsos-ASI division in all countries in which this brand is present.
Net financial charges totalled Euro 5.9 million, compared to Euro 8.8 million in 2001. This sharp fall was due to a decline in interest rates -- particularly Libor USD rates -- and lower debt levels. Ipsos had net debt of Euro 134 million at end-2002, versus Euro 153 million at end 2001, giving gearing of 69.7% as opposed to 76.2% a year earlier. There are two reasons behind this improvement in Ipsos' financial position. Firstly, operating cash flow rose by 49.5% to Euro 46.8 million in 2002. Secondly, the fall in the dollar reduced the euro value of Ipsos' debts. As a result of this improvement, Ipsos has substantial leeway for financing internal developments and continuing its acquisition programme.
Acquisitions in 2002 included:
All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.
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