Strong Business Level In The First Nine Months of 2006: Total Growth Over Nine Months: +24.9%; Organic Growth In The First Nine Months: +8.0%

Wednesday, November 15, 2006

Paris, France – Ipsos' revenues for the first nine months of 2006 came to 613.2 million euros, a 24.9% increase on the same period a year later.

Three factors drove the growth in revenues over the first nine months:

  • changes in the scope of consolidation, with the integration of MORI in the UK, Understanding UnLtd in the US and Camelford Graham in Canada, generated growth of 14.7%;
  • currency effects contribute 2.2%;
  • organic growth contributed 8%.

Taking the third quarter alone, growth was slightly less strong, although it still remained well ahead of that in the market as a whole and at the main international research companies that are in direct competition with Ipsos:

  • changes in the scope of consolidation generated growth of 16%, reflecting strong performances at recently acquired companies;
  • currency effects made a negative contribution of 1.6%;
  • organic growth was 7%, due to a less favourable basis of comparison than in the first half and a level of sales activity that recovered more slowly than expected after the summer.

Compared to previous periods, the third quarter did not bring any significant changes by business line or region. The strongest growth continues to come in developing economies and North America. It is worth noting that in the Asia/Pacific -Middle East zone, organic growth outside Japan (where Ipsos generates one -third of its revenues in the region) was well above 10% as it has been for many quarters.

Analysed by business line, the restoration of balance seen sinc e the beginning of the year was confirmed, as was the considerable success of the dedicated opinion research operating units. Naturally on this point organic growth does not include the performance of MORI, the consolidation of which began only in October 2005.

Outlook for the rest of the year

Sales levels in October were satisfactory. However, the relatively slow nature of the upturn in September is likely to have a slight impact on the full-year performance of Ipsos whose organic growth should nevertheless be at least of 8%.

On this basis, and given the growing cost of share -based remuneration and the one -off costs relating, amongst other things, to the merger of Ipsos UK and MORI, 2006 operating margin expressed as a percentage of revenue might be similar to that in 2005.

These adjustments will not affect Ipsos' ability to reach its short-term targets for 2007, nor the longer-term goals recently announced for 2011.

Ipsos is today making a separate announcement regarding two acquisitions in Egypt and in Iraq.

For more information on this news release, please contact:
Laurence Stoclet
Chief Financial Officer
+33 (0) 141989020


Ipsos is a leading global survey-based market research company, owned and managed by research professionals. Ipsos helps interpret, simulate, and anticipate the needs and responses of consumers, customers, and citizens around the world.

Member companies assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media. They measure public opinion around the globe.

Ipsos member companies offer expertise in advertising, customer loyalty, marketing, media, and public affairs research, as well as forecasting, modeling, and consulting. Ipsos has a full line of custom, syndicated, omnibus, panel, and online research products and services, guided by industry experts and bolstered by advanced analytics and methodologies. The company was founded in 1975 and has been publicly traded since 1999. In 2005, Ipsos generated global revenues of €717.8 million ($853.8 million U.S.). Visit to learn more about Ipsos’ offerings and capabilities.

Ipsos, listed on the Eurolist of Euronext – Comp B, is part of SBF 120 and the Mid-100 Index, adheres to the Next Prime segment and is eligible to the Deferred Settlement System. Isin FR0000073298, Reuters ISOS.PA, Bloomberg IPS:FP

Strong Business Level In The First Nine Months of 2006: Total Growth Over Nine Months: +24.9%; Organic Growth In The First Nine Months: +8.0%

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Laurence Stoclet
Chief Financial Officer
Ipsos Group
+33 (0) 141989020