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IPSOS: First quarter of 2015

First quarter of 2015
Sharp increase spurred by

currency exchange rates

Initial impact of the "New Way" plan

Revenue: €379.6 million, +10.6%

Total organic growth +0.8%

Organic growth of new services* +27%

Paris, 22 April 2015
- For the first quarter of 2015, Ipsos' revenue stands at €379.6 million, up
10.6% compared with the same period in 2014.

This increase is mainly due to changes in currency exchange rates, in
particular the strong revaluation of the US dollar, pound sterling and RMB
against the euro. Changes in the scope of activity have had a negative effect
(0.6%). On the other hand, organic growth - at constant scope and exchange
rates - stands at +0.8%.
This growth rate, which is slightly below the year's target of between 1 and
2%, is satisfactory for three reasons. In terms of organic growth, the first
quarter of 2014 was the best of the year (1.5% growth versus 0.3% for the
year as a whole). The "new services" are starting to gain momentum with an
increase (albeit from a low starting point) of 27% in developed markets, with
the understanding that their rollout in emerging markets will start in the
second part of the year.
Lastly, at the end of last year and the beginning of 2015, Ipsos' activities
were severely disrupted in certain emerging markets such as, but not solely,
Russia, Ukraine and the Middle East, before stabilising at the end of the

| Consolidated revenues 2015 2014 2013 |
| |
|(in millions of euros) |
| 1stquarter 379.6 343.3 359.6 |
| 2ndquarter - 412.7 444.1 |
| 3rdquarter - 412.8 418.6 |
| 4thquarter - 500.7 490.1 |
| Full-year - 1,669.5 1,712.4 |
* In developed markets

Performance by region and business line

At this stage of the year, performance by region is not very significant as
the business volumes on which they are based are limited. Nonetheless, Ipsos
is satisfied with the good results achieved in the United States, the UK,
Germany and France, as well as China, Japan and certain major Latin American
The major difference with previous periods is the absence of divergence
between the performance of developing countries - which had previously
recorded rapid growth - and that of developed markets, which had recorded
disappointing performance in recent years. On the one hand, our business was
impacted by the geopolitical unrest mentioned earlier, as well as financial
crises - for example in Argentina and Venezuela. On the other hand, a better
environment and the growing impact of the "new services" provide some
satisfaction concerning the now visible recovery of "mature" markets - a
recovery which was very slow in coming - but most importantly, they provide
confidence for the upcoming quarters. The disappointing performance of
developing countries - it is the first time in the history of Ipsos that they
have under-performed over a quarter - should not last, even though their
short-term development is difficult to predict due to the numerous serious
risks still present.

| Consolidated revenues by geographical area 1 1 Change 2015/2014 Organic growth |
| st st |
|(in millions of euros) quarter quarter |
| |
| 2015 2014 |
| Europe, Middle East and Africa 168.9 165.7 1.9% -0.5% |
| Americas 147.3 124.7 18.1% 1% |
| Asia-Pacific 63.4 52.9 19.9% 4% |
| Quarterly revenues 379.6 343.3 10.6% 0.8% |
Emerging countries represent 32% of Ipsos' business with 0.5% organic growth.
Developed countries recorded an organic growth of 1%.

| Consolidated revenues by business line 1 1 Change 2015/2014 Organic growth |
| st st |
|(in millions of euros) quarter quarter |
| |
| 2015 2014 |
| Media and Advertising Research 90.1 85.7 5.1% -2% |
| Marketing Research 199.8 177.9 12.3% 1% |
| Opinion&Social Research 41.8 35.4 17.9% 7.5% |
| Client and employee relationship management 48.0 44.3 8.2% 1.5% |
| Quarterly revenues 379.6 343.3 10.6% 0.8% |
By business line, the performance levels are the same in the first quarter of
2015 as in 2014. The teams in charge of opinion polls and social research
continue to achieve highly successful results in all local and international

According toMeltwater News Monitoring Service
, a global media monitoring service, in the first quarter of 2015, Ipsos was
for the first time the world's most quoted source in market research, in both
traditional and digital media, with the understanding that, in this age of
fragmentation of media and information broadcasting channels, a media
coverage survey cannot pretend to be exhaustive. This

performance, in the year of Ipsos' fortieth anniversary, deserves particular
mention. Jean-Marc Lech, the Co-President of Ipsos who sadly passed away much
too soon at the end of last year, liked to say that "there is no such thing
as a silent expert". One of the cornerstones of Ipsos' strategy is to be a
known and recognised source, associated with reliable, relevant and, of
course, exclusive information, quoted by the media whenever possible.
The other business lines are progressing as expected, including Ipsos Connect,
the new Ipsos entity dedicated to helping the company's clients better manage
their brand expressions and their ideas in a media environment profoundly
transformed by digitalisation. Ipsos Connect is working on the creation and
rollout of new offers combining brand knowledge, the creation and control of
advertising expressions, and media measurement. The full benefits of these
new offers will be felt in a few quarters' time.

Other information about operating conditions in the first quarter

The operating margin is in line with the targets announced for 2015. Net
gearing decreased to 57% compared with the 31 December 2014 level (61%)
despite the unfavourable evolution of the US dollar, (59% of the financial
debt is registered in dollar). Free cash flow from operations was
significantly higher in the first quarter of 2015 than in the same period
last year.

Our perspective remains unchanged. Ipsos is still forecasting modest growth
this year (between 1 and 2%), at constant scope and exchange rates, and an
operating margin of 10%, after the additional costs generated by the "New
Way" project.

The "New Way" programme is progressing. The company is working on the
simplification of its organisation, the efficiency of its operations, the
better allocation and management of its human, scientific and technological
resources, as well as on enhanced visibility of its brand, its mission and
its ambitions.
Through the "New Way" project, Ipsos is primarily seeking to transform its
offer, in line with the new needs of its clients, whether big or small,
international or local.
Several years ago, Ipsos stopped being just a survey-based research company,
even though our clients continue to purchase numerous projects based on
surveys among customers, consumers and citizens via electronic or more
classic collection methods. The recent launch of new location-based services
using specific resources deployed by Google in the United States, making it
possible to survey customers in shops or other on-site venues via their
mobile phones, proves (if proof were necessary) that survey-based research
protocols have a long life ahead of them. But we also know that, at a time
when sources of information are proliferating, while technology allows the
collection, storage and analysis of huge flows of new data which doubtless
holds a wealth of information on individual behaviours and feelings, our
services must integrate these without delay, in order to enable us to
radically improve the relevance of our services and, ultimately, their
ability to measure, explain and predict.
The rapid development of the "new services", made possible by our teams'
commitment and unprecedented investment, testifies to the new way that Ipsos
has decided to build and to take.
Our first steps on this new way are encouraging. They confirm the extreme
importance given by our clients to the need for accurate and relevant
information that will help them make better decisions and improve their
competitive positions.
Beyond any residual difficulties encountered in this or that market, Ipsos'
teams, who are Game Changers par excellence, have what it takes to return to
a path of profitable, sustainable growth.

Next publication: 22 July 2015, first-half results.

About Ipsos

Ipsos ranks third in the global research industry. With a strong presence in
87 countries, Ipsos employs more than 16,000 people and has the ability to
conduct research programs in more than 100 countries. Founded in France in
1975, Ipsos is controlled and managed by research professionals. They have
built a solid Group around a multi-specialist positioning - Media and
advertising research; Marketing research; Client and employee relationship
management; Opinion&social research; Mobile, Online, Offline data collection
and delivery -. Ipsos has been listed on the Paris Stock Exchange since 1999.


« Game Changers » is the Ipsos signature.
At Ipsos we are passionately curious about people, markets, brands and
We make our changing world ea...

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