Ipsos’ H1 2022 revenue up 12.9% at €1,121.7 million

Ipsos’ business continues to grow well, despite the effects of the war in Ukraine and new lockdowns in China. The majority of its service lines are seeing double digit growth. Ipsos has been able to respond rapidly to rising inflation, which has allowed the company to protect its margins.

Ipsos posted €1,121.7 million revenue in the first half of the year, up 12.9%, of which 6.9% is organic growth, and 5.4% of exchange rate effects due to the depreciation of the Euro and 0.7% of scope effects. Underlying organic growth was 10.6%, after adjusting for the temporary effect of Covid testing contracts with some Western governments during the pandemic, and net of the research projects that could not be completed because of sanitary measures and have been resumed. In the second quarter, total growth was 8.9%, of which organic growth amounted to 2.1%. Excluding the Covid effect, organic growth in the second quarter was at 7.7%. This reflects the strength of Ipsos’ model in a context made difficult by the war in Ukraine, the new lockdowns in China, as well as the excellent performance recorded in the second quarter of 2021, which led to an unfavorable base effect.

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Performance by quarter H1 2022 Vs H1 2021

Underlying cumulative organic growth is 7.7% in the second quarter and 10.6% in the first half of 2022, excluding the temporary net positive impact of Covid-related contracts (specific pandemic monitoring projects for governments, minus contracts that could not be executed because of the health situation). Covid-related contracts were maintained at least in part until March 31, 2022.

Performance by Region

The Americas were Ipsos’ best performer in the first half of the year, with organic growth of 16%, driven by its large TMT (Technology, Media and Telecommunications) clients and its proprietary platform Ipsos.Digital. The American market, which weighs significantly in this area, is one of the priorities of its 2025 strategic plan. ‘The Heart of Science and Data’, and where Ipsos is increasing its market share. Despite headwinds caused by Covid lockdowns in China, the rest of Asia-Pacific has been bouncing back strongly after the pandemic with total organic growth in the region at 10%.

The EMEA region was unsurprisingly the most affected by the war in Ukraine. It was also penalised by the end of Covid-related contracts and organic growth was -1%. Excluding temporary Covid-related contracts: organic growth remains solid in the region, at around 6%, particularly in our major markets like the UK, France and Italy.