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Synov-eaten: Now Ipsos Returns Focus to Growth
Ipsos has reported 9-month revenues of just under EUR 1.28bn, up 45.1% on a constant currency basis since gobbling up Synovate a year ago. The firm says now that the integration is complete, it will 'resume its focus on growth' and on meeting its service quality and profitability targets.
 Synovate was integrated into Ipsos' financial and accounting systems on 1 October 2011, and as a result Ipsos will resume calculating and publishing organic growth figures in the fourth quarter.
Comparisons have been difficult given the exclusions from the Synovate buy. In April, Ipsos said the efforts made to integrate the two firms had temporarily slowed commercial expansion across the group, but said it expected to see moderate organic growth of around 2% in 2012 as a whole. Since then, statements have focused on the difficulty of giving any organic figure and from the half-year results in July it appeared likely that the integration process had put organic growth on pause. However, the fourth quarter is traditionally the global group's strongest, and a good Q4 2012 could have a significant impact on the overall figures.
Consolidated revenues
(in millions of euros) |
2012 |
2011 |
2010 |
| 1st quarter |
379.9 |
260.1 |
236.9 |
| 2nd quarter |
457.1 |
298.1 |
291.9 |
| 3rd quarter |
440.6 |
287.6 |
283.6 |
Total for the period from
1 January to 30 September |
1,277.5 |
845.8 |
812.4 |
| 4th quarter |
- |
517.0 |
328.4 |
| Full year |
- |
1,362.9 |
1,140.8 |
All the group's regions and business lines have expanded with the Synovate buy, and the third quarter results reflect this:
By geography - growth in Asia-Pacific slowed to 106.6% in the first nine months, down from 119.6% in the first half, while growth in the Americas region accelerated from 31.6% in the first half to 37% in the first nine months. In the Europe, Middle East, and Africa regions, growth was around 50%, similar to the first-half growth figure. Emerging markets accounted for 34% of total revenues.
Consolidated revenues
by geographic area
(in millions of euros)
|
2012
(9 months) |
2011
(9 months) |
Year-on-year change |
Change excluding currency effects |
| EMEA |
554.0 |
370.7 |
49.4% |
46.5% |
| Americas |
507.3 |
370.4 |
37.0% |
29.9% |
| Asia-Pacific |
216.2 |
104.7 |
106.6% |
94.0% |
Total for the period from
1 January to 30 September |
1,277.5 |
845.8 |
51.0% |
45.1% |
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By business line - in the first nine months of 2012, growth rates were practically unchanged relative to the first half.
Consolidated revenues
by business line
(in millions of euros)
|
2012
(9 months) |
2011
(9 months) |
Year-on-year change |
Change excluding currency effects |
| Advertising Research |
210.1 |
182.1 |
15.4% |
9.6% |
| Marketing Research |
640.7 |
381.1 |
68.2% |
61.9% |
Media, Information and
Technology Research |
137.1 |
100.0 |
37.0% |
30.4% |
| Opinion and Social Research |
121.3 |
89.6 |
35.3% |
30.4% |
| Customer and Employee Relationship Management Research |
168.3 |
93.0 |
81.0% |
76% |
Total for the period from
1 January to 30 September |
1,277.5 |
845.8 |
51.0% |
45.1% |
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For the fourth quarter of 2012, Ipsos is anticipating positive organic growth, and full-year operating margin (before non-recurring items) of around 10%, which it says is significantly higher than Ipsos and Synovate's combined margin of 8.8% in 2011. In 2013, Ipsos expects organic growth in excess of the market rate and an operating margin of around 11%.
Web site: www.ipsos.com .
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