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%
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
quarter.
Consolidated revenues (in millions of euros) |
2015 |
2014 |
2013 |
1st quarter |
379.6 |
343.3 |
359.6 |
2nd quarter |
- |
412.7 |
444.1 |
3rd quarter |
- |
412.8 |
418.6 |
4th quarter |
- |
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
markets.
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 (in millions of
euros) |
1st quarter 2015 |
1st quarter 2014 |
Change 2015/2014 |
Organic growth |
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 (in millions of
euros) |
1st quarter 2015 |
1st quarter 2014 |
Change 2015/2014 |
Organic growth |
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 markets.
According to Meltwater 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.
OUTLOOK FOR 2015
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 « Game Changers » is the
Ipsos signature. At Ipsos we are passionately curious about people,
markets, brands and society. We make our changing world easier and
faster to navigate and inspire clients to make smarter decisions.
We deliver with security, speed, simplicity and substance. We are
Game Changers.
Ipsos is listed on Eurolist - NYSE-Euronext. The
company is part of the SBF 120 and the Mid-60 index and is eligible
for the Deferred Settlement Service (SRD).
ISIN code FR0000073298, Reuters ISOS.PA,
Bloomberg IPS:FP www.ipsos.com
Ipsos: First quarter of 2015
http://hugin.info/143536/R/1913494/683562.pdf
HUG#1913494
CONTACT: Laurence Stoclet
Deputy CEO, Chief Financial Officer
Tel.: + 33 1 41 98 90 20
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