Ipsos reports revenue of €547.8 million in Q1 FY22
The company's business grew 17.5% in Q1 2022 as compared to Q1 last year
Ipsos has announced its financial results for Q1, 2022. The company has reported revenue of €547.8 million for Q1 FY22. With a strong financial in 2021, their business grew by 17.9%. Despite the current global disruption, the business grew 17.5% in Q1 2022 versus Q1 last year and recorded organic growth of 12.3%. Currency effects had a positive impact of 4.3%, mainly due to the rise of the dollar and the pound sterling. Scope effects amount to +0.9%, corresponding to the acquisitions made in the second half of 2021 of the technology company Infotools, a platform specialized in research data reporting, and Karian&Box, an expert in the field of employee relations analysis.
Ipsos’ strong growth is also illustrated by the increase in activity between 2020 and 2022, with the growth of 27.8% overall and 28.6% at constant rate and scope. Ipsos’ growth is also strong when using 2019, the latest pre-covid financial year, as a basis for comparison. Total growth in this case is at 29.8% and organic growth is at 29.2%.
By region, some headwinds from the war in Ukraine slowed our EMEA business organic growth to 5%. However, only 2% of annual revenues are directly related to Russia and Ukraine, so it did not have any major impact on the business globally. In 2021, the company saw Asia-Pacific affected by heavy lockdowns, but so far this year, despite China’s Zero Covid policy, the company is seeing growth across the region in double digits, with 15% organic growth in Q1. In the Americas, new leadership in the USA and continued strong performances in Latin America saw 22% growth as they enhanced collaboration and the application of best practices across their businesses.
Healthcare grew by 11%, building on its strong performance in 2021, and their work among customers and employees is up even more, by 17%, as the end of pandemic restrictions in most markets. The only area that is in relative decline includes all the work directly related to the Covid-19 Pandemic starting Q2 2020 and in 2021 for governments. The decline reflects the end of major public health measures to deal with the pandemic in Western countries that have been winding down since the end of 2021 and in Q1 2022 as the pandemic receded and many governments have now stopped the mass testing and surveillance programmes put in place in 2020-2021.
That said, compared to Q1 2020 and Q1 2019, the citizens segment has shown 39% and 52% organic growth, respectively. The underlying business for this segment continues to grow strongly as governments continue to face major challenges over how to deal with the cost of living crisis in many countries, the need to act on climate change while taking citizens and voters with them, and a wide range of public policy challenges posed by aging populations, and new technologies.
On the other hand, profitability is up compared to the first quarter of 2021 and in line with the objectives for the year. The generation of free cash flow from operations has similarly increased and is also in line with expectations. The company announced the acquisition of the Canadian Mystery Shopping company WeCheck and the acquisition of a minority stake in CIESMORI in Bolivia, both of which will be accounted for in Q2 2022. The net debt to equity ratio at March 31, 2022, was 4.4%, down from 13.4% at December 31, 2021 and 19.9% at March 31, 2021. The company has good liquidity with €420 million in cash and approximately €300 million in undrawn bank facilities.
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