Profit rose at the UK arm of polling giant Ipsos Mori ahead of the UK General Election, newly-filed accounts have revealed.
The division has posted a pre-tax profit of £18m for 2023, up from the £11.3m in reported in 2022.
However, its revenue decreased from £242.8m to £237.7m over the same period, according to new results with Companies House.
Ipsos Mori said that its revenue decreased in 2023 mainly because of the end of Covid-related work.
A statement signed off by the board said: “Despite the completion of Covid-related projects, the company’s overall performance remained steady, with revenue decreasing by only 2.5 per cent.
“This stability was largely due to the strong performance in the creative excellence, audience measurement and market strategy and understanding service lines which reduced the impact of loss of Covid business.
“Administrative expenses marginally increased by £426,000 due to careful management of headcount, reduction in discretionary spend and due to the Adsense of the investment impairments that impacted negatively last year’s results.”
In 2022, Ipsos Mori’s administrative expenses increased by £16.3m.
The UK arm of Ipsos Mori generated a revenue of £171.2m in the UK, up from £134.5m, but suffered a decrease from £109.3m to £66.5m in the rest of the world.
As well as its UK head office in London, Ipsos Mori has bases in Manchester, Milton Keynes, Oxford, Cambridge, Belfast and Edinburgh.
Ipsos Mori’s parent company, which is based in France, reported a revenue of €2.3bn for 2023, down from €2.4bn, while its gross profit increased from €1.5bn to €1.6bn.