Artificial Intelligence

Ipsos: 2023 First-half results

Published

10 months ago

July 25, 2023

2023 First-half results

H1 revenue: €1,087.1 million
Organic acceleration of activity and order book in the second quarter
Guidance confirmed

Paris, July 25, 2023 – Revenue for the 1^st half-year stands at €1,087.1 million, down 3.1% on last year, including -1.1% organic growth, -1.8% currency effects linked to the appreciation of the euro against emerging currencies and the pound sterling, and -0.1% scope effect.

As expected, organic growth in the second quarter returned to positive territory at 0.5%, after -2.8% in the first quarter.

PERFORMANCE BY QUARTER

		H1 2023 vs. H1 2022
In millions of Euros	Revenue 2023	Total growth	Organic growth
1^st quarter	532.0	-2.9%	-2.8%
2^nd quarter	555.1	-3.3%	0.5%
Half-year total	1,087.1	-3.1%	-1.1%

PERFORMANCE BY REGION

In millions of Euros	H1 2022	Contribution	Total growth H1 2023/H1 2022	Organic growth H1 2023/H1 2022	Reminder: Organic growth H1 2022 vs H1 2021
EMEA	475.7	44%	-4.6%	-1%	-1%
Americas	421.4	39%	-2.0%	-3%	16%
Asia-Pacific	190.1	17%	-1.7%	3%	10%
Revenue	1,087.1	100%	-3.1%	-1.1%	6.9%

Of which
Developed countries	71%	-5.8%	-5%
Emerging countries	29%	4.2%	9%

Performance by region in the first half shows a sharp contrast between solid growth momentum in emerging countries (close to 9%) and a decline in business of nearly 5% in developed countries.

Our EMEA business posted an organic decline of 1%, mainly due to the end of the major Covid contracts. Excluding the impact of these contracts, organic growth is close to 4%, and rebounded to 6% between the 1st and 2nd quarters on the back of good momentum in Continental, Western and Eastern Europe.

Revenue in the Americas fell organically by nearly 3%. This reflects contrasting realities, with very good momentum in Latin America (organic growth above 8%) and a decline in sales of around 4% in North America, penalized compared to an excellent first half 2022 (16% organic growth in the region) by (i) the drop in demand from major Tech customers and (ii) contract delays in our Public Affairs business in the United States, linked in part to the debate in the second quarter on the US government spending cap.

Finally, the Asia-Pacific region posted organic growth of 3%, with a clear upturn in the 2nd quarter (7% compared with -2% in the first quarter), driven by very good momentum in India and Southeast Asia. As expected, business activity in China picked up in the second quarter (6.5%) following the end of the zero-Covid policy at the start of the year, but the rebound of the Chinese economy after the pandemic remains lower than that seen in the West after the lockdowns.

PERFORMANCE BY AUDIENCE

In millions of Euros	H1 2023	Contribution	Organic growth H1 2023/H1 2022	Reminder: Organic growth H1 2022 vs H1 2021
Consumers¹	513.2	47%	3%	14%
Clients and employees²	240.1	22%	0.5%	9%
Citizens³	163.9	15%	-12.5%	-12%
Doctors and patients⁴	169.9	16%	-3%	8%
Revenue	1,087.1	100%	-1.1%	6.9%

Breakdown of Service Lines by audience segment:
1- Brand Health Tracking, Creative Excellence, Innovation, Ipsos UU, Ipsos MMA, Market Strategy & Understanding, Observer (excl. public sector), Social Intelligence Analytics, Strategy3
2- Automotive & Mobility Development, Audience Measurement, Customer Experience, Channel Performance (Mystery Shopping and Shopper), Media development, ERM, Capabilities
3- Public Affairs, Corporate Reputation
4- Pharma (quantitative and qualitative)

Our Consumer business rebounded in the 2nd quarter (+5%) and posted organic growth of 3% in the first half, on top of 14% last year. The excellent performance of our brand health monitoring, marketing spend optimization and market positioning activities reflects our clients’ need to continue to understand consumer behavior in a complex, ever-changing world that is increasingly difficult to decipher.

Our business with Clients and employees is stable overall, following strong growth last year. Our service lines dedicated to customer experience and channel performance evaluation are showing very good momentum, as economies re-open fully and travel returns but this audience segment is penalized by the decline in demand from Big Tech clients.

Work among Citizens fell by over 12%, reflecting the end of Covid contracts. Underlying revenue excluding Covid public sector contracts grew organically by 3.5%. The need for governments and institutions to understand the dynamics of public opinion and the expectations of citizens is important in a context marked by multiple crises: geopolitical, democratic, economic and ecological.

Lastly, our business with doctors and patients stabilized in the second quarter and posted an organic decline of 3% for the first half as a whole. Business suffered from delays in decision-making by certain pharmaceutical industry customers, who have suffered extended delays in the approval of new drugs, and a wide range of restructuring post pandemic. That said, sales momentum is good, and the order book for our healthcare business line has grown organically close to 9% since January. We are also pleased to announce the appointment of Bonnie Bain as the new head of this service line, whose experience will enable us to accelerate our development with customers in the healthcare sector.

Overall growth in the 1^st half should be assessed in the light of a number of factors:

Firstly, the excellent performance achieved in the 1^st half of 2022, which led to unfavorable base effects. As a result, revenue for the 1^st half of 2023 is almost €100 million higher than for the first half of 2021, representing organic growth of 6% over 2 years.
Secondly, the impact of the end of the major Covid pandemic monitoring contracts, mainly in the first quarter. Excluding the impact of these contracts, underlying business for the first half rose organically by 1.1%.
Lastly, the decline in business from major Tech customers undergoing restructuring (down 18% in the first half compared with the same period last year). These customers experienced exceptional growth during the pandemic, before entering a period of uncertainty from last summer onwards. To date, the situation of these customers is varied: while demand for studies has rebounded in some cases, it remains low in others. We have a number of major contracts under discussion, both for traditional activities (product testing, brand health research, mystery shopping, etc.) and for numerous opportunities linked to generative artificial intelligence. We therefore expect a recovery in the coming months, but the timing remains uncertain.

FINANCIAL PERFORMANCE FOR THE FIRST HALF

Summary income statement

In millions of Euros	June 30, 2023	June 30, 2022	Change	Reminder Dec. 31, 2022
Revenue	1,087.1	1,121.7	-3.1%	2,405.3
Gross margin	736.1	739.7	-0.5%	1,594.1
Gross margin / revenue	67.7%	65.9%		66.3%
Operating margin	94.3	126.8	-25.6%	314.7
Operating margin / revenue	8.7%	11.3%		13.1%
Other non-recurring / recurring income and expenses	(0.9)	0.9		3.7
Finance costs	(6.6)	(6.2)		(13.2)
Tax	(20.9)	(29.5)		(72.8)
Net profit attributable to the owner of the parent	56.4	85.5		215.2
*Adjusted net profit attributable to the owner of the parent**	70.1	97.5	-28.1%	232.3

*Adjusted net income is calculated before (i) non-cash items related to IFRS 2 (share-based payment), (ii) amortization of acquisition-related intangibles (customer relations), (iii) the impact net of tax of other non-recurring income and expenses, (iv) non-cash impacts on changes in puts in other financial income and expenses and (v) before deferred tax liabilities related to goodwill for which amortization is deductible in certain countries.

The gross margin (which is calculated by deducting external and variable costs associated with contract performance from revenue) is up 180 basis points to 67.7% compared to 65.9% for last year at this point. This increase in the gross margin ratio reflects change in the mix of data collection methods, and can be explained by (i) the end of major pandemic monitoring contracts (whose collection costs were higher than the average) (ii) the increase in the proportion of online surveys (even though the post-pandemic upturn in business has resulted in a resumption of offline surveys in less digitalized countries such as India) (iii), a mix effect linked to the strong growth of our activity in marketing spend optimization and advisory work which does not require data collection and whose gross margin is significantly higher than that of the rest of the Group. Lastly, the increase in gross margin in the first half also reflects our ability to increase our prices in a world where inflation is still present.

In terms of operating costs, payroll rose by 2.7%, due to the full-year impact of (i) recruitments carried out in 2022 to cope with growth (ii) the salary increases granted last year. The ratio of payroll to gross margin rose to 70% from 68% last year, but remains significantly lower than the pre-pandemic situation (above 72% in 2019). Our cautious approach to operating costs in the first half is beginning to bear fruit and will produce its full effect on profitability in the second half.

Overheads rose by €7 million, i.e. an increase of 7.1% year-on-year, mainly due to (i) a catch-up in current IT and technology expenditure and (ii) an increase in travel expenses. The ratio of overheads to gross profit is down in the first half to 14.7% from 13.6% last year, but here again, this ratio remains significantly lower than in 2019 (18.3%).

“Other operating income and expenses“, which mainly consists of severance costs, has a negative balance of €9.7 million, up €8 million on the previous year, reflecting the reorganization made necessary by the slowdown in certain businesses.

Overall, the operating margin for the first half of 2023 is 8.7%, down 260 basis points compared to the same period last year.

Net interest expense amounted to €6.6 million, compared to €6.2 million last year, reflecting the impact of the rise in benchmark rates on variable interest expense, offset by higher interest on the Group’s cash investment. Note that at June 30, 2023, 80% of gross debt is at a fixed rate.

The effective tax rate is 25.8%, compared to 25.3% last year.

Net profit attributable to the owner of the parent is €56 million compared to €85 million in the first half of 2022.

Adjusted net profit attributable to the owner of the parent is also down at €70 million compared to €98 million last year.

Financial structure

Cash flow from operations stands at €137 million compared to €172 million in the first half of 2022, a drop of €35 million euros, in line with the fall in pre-tax net income.

Working capital requirements showed a negative variation of €28 million in the first half, consistent with the negative variation of €22 million in the first half of 2022.

Investments in property, plant and equipment and intangible assets consist mainly of investments in IT infrastructure and technology, and amounted to
€27 million in the first half.

Overall, free cash flow from operating activities is €24 million, compared to €53 million last year.

In terms of non-current investments, Ipsos invested around €5.5 million in the first half, notably in the acquisition of the Xperiti platform in the United States to strengthen its B2B research capacity, and of Focus RX, a pharmaceutical research company in China.

Lastly, financing operations for the first half of 2023 include the following:

– the continuation of our share buyback program for cancellation purposes for
€27 million and €36 million of share buy-backs under the usual bonus share plans

– repayment of a Schuldschein loan for €30 million

Shareholders’ equity stood at €1,359 million at June 30, 2023 compared to €1,500 million at December 31, 2022.

Net financial debt amounted to €129 million, up compared to December 31, 2022 (€69 million) and down from June 30, 2022 (154 million euros). The leverage ratio (calculated excluding the IFRS 16 impact) was 0.4 times EBITDA (compared to 0.2 times at December 31, 2022 and 0.4 times at June 30, 2022).

Cash position. Cash at June 30, 2023 amounted to €301 million compared to €386 million at December 31, 2022.

The Group also has nearly €500 million in credit lines available for more than one year, enabling it to meet its €48 million debt repayments in 2023 and 2024.

Also, with a view to restituting value to shareholders, we are pursuing our share buy-back program for cancellation. We plan to buy back around €50 million euros this year.

OUTLOOK

As we are in the midst of a recovery and our business is returning to its usual cyclical pattern, first-half results will be less than half of full-year 2023 results.

The order book is a better forward-looking indicator. It continues to accelerate, with organic growth of 2.6% at the end of June (4.1% excluding the impact of Covid contracts), thanks to 5.3% growth in the 2^nd quarter alone.

We are therefore seeing a lag between revenues and the order book, which can be explained by:

The end of Covid contracts concentrated at the beginning of 2022
The upturn in orders, which traditionally leads to a lag between the order book and revenues
Mix effects linked to the good momentum of service lines whose average contract maturity is longer than that of the Group’s other services (public affairs and brand health measurement).

This lag between revenue growth (-1.1%) against order book growth (+2.6%) will automatically be absorbed in the second half of the year, leading to revenue growth catching up by 3.7%. This does not take into account the expected further acceleration in orders over the coming months.

More fundamentally, we are now returning to a more usual annual pattern, both in terms of business and revenue. Historically, the first half of the year accounts for around 45% of full-year revenues and 26% of operating margin.

This confirms what we anticipated in February: the business profile for 2023 will be the opposite of that for 2022, with revenues, operating margin and cash generation weaker in the first half and then much stronger in the second half. First-half results are in line with historical pre-pandemic benchmarks, as shown in the table below, which helps confirm this view.

Acquisition rate of key financial aggregates at end-June
(performance at end-June / annual performance)


	Average 2017 – 2022	*2023 ()**

Order book	72%	73%
Revenue	45%	45%
Gross margin	46%	46%
Operating margin	29%	29%

() For 2023: results for the first half/annual objectives*

The return to a degree of cyclicality in our business, the expected acceleration in revenues on the back of a buoyant order book, and the full impact of our cautious approach to operating costs in the first half will lead to a significant improvement in our operating margin, net profit and cash generation in the second half of the year.

All these factors mean that, against a backdrop of global uncertainty, we are maintaining our guidance for 2023, with organic growth of around 5% and an operating margin of around 13%. This is based in particular on our belief that business will rebound in the United States in the second half of the year.

Against that, the euro’s currency appreciation against many other currencies, if it continues as it did at the start of the year, could have a downward effect on the Group’s consolidated revenues.

* * *
Presentation of the 2023 half-year results:
Wednesday July 26 at 8:30 am at Ipsos headquarters, then at 4 pm a conference call in English. For invitation requests, please contact [email protected]
The event will be broadcast on our website in French and English.

ABOUT IPSOS

Ipsos is one of the largest market research companies in the world, present in 90 markets and employing nearly than 20,000 people.

Our passionately curious research professionals, analysts and scientists have built unique multi-specialist capabilities that provide true understanding and powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees. Our 75 solutions are based on primary data from our surveys, social media monitoring, and qualitative or observational techniques.

“Game Changers” – our tagline – summarizes our ambition to help our 5,000 clients navigate with confidence our world of rapid change.

Founded in France in 1975, Ipsos has been listed on the Euronext Paris since July 1^{, 1999.}The company is part of the SBF 120 and Mid-60 indices and is eligible for the Deferred Settlement Service (SRD).
ISIN code FR0000073298, Reuters ISOS.PA, Bloomberg IPS:FP www.ipsos.com

Notes
Consolidated income statement, Interim financial statements at June 30, 2023

In thousands of Euros	30/06/2023	30/06/2022	31/12/2022
Revenue	1,087,127	1,121,724	2,405,310
Direct costs	(351,004)	(382,060)	(811,236)
Gross margin	736,124	739,664	1,594,074
Employee benefit expenses – excluding share-based payments	(515,526)	(503,320)	(1,041,565)
Employee benefit expenses – share-based payments *	(8,521)	(6,874)	(14,355)
General operating expenses	(108,097)	(100,963)	(214,875)
Other operating income and expenses	(9,718)	(1,747)	(8,582)
Operating margin	94,262	126,759	314,697
Amortization of intangible assets identified on acquisitions *	(3,173)	(4,018)	(7,414)
Other non-operating income and expenses*	(923)	856	3,723
Share of profit/(loss) of associates	(274)	99	(862)
Operating profit	89,892	123,697	310,145
Finance costs	(6,588)	(6,195)	(13,214)
Other financial income and expenses *	(2,357)	(959)	(3,545)
Net profit before tax	80,948	116,542	293,386
Income tax – excluding deferred tax on goodwill amortization	(19,476)	(27,265)	(70,556)
Deferred tax on goodwill amortization*	(1,392)	(2,197)	(2,249)
Income tax	(20,868)	(29,462)	(72,805)
Net profit	60,080	87,080	220,581
Attributable to the owners of the parent	56,351	85,489	215,160
Attributable to non-controlling interests	3,729	1,590	5,421
Basic net profit per share attributable to the owners of the parent (in euros)	1,29	1.93	4,87
Diluted net profit per share attributable to the owners of the parent (in euros)	1,26	1.88	4,74

Adjusted earnings *	73,823	99,077	240 341
Attributable to the owners of the parent	70,089	97,518	232 394
Attributable to non-controlling interests	3,734	1,558	7 946
Adjusted basic earnings per share, attributable to the owners of the parent	1,60	2.20	5,26
Adjusted diluted earnings per share, attributable to the owners of the parent	1,57	2.15	5,12

* Adjusted for non-cash items related to IFRS 2 (share-based compensation), amortization of intangible assets identified on acquisitions (customer relations), deferred tax liabilities related to goodwill for which amortization is deductible in some countries, the impact net of tax of other non-operating income and expenses and the non-cash impact of changes in puts in other financial income and expenses.

Statement of financial position, Interim financial statements at June 30, 2023

In thousands of Euros	30/06/2023	30/06/2022	31/12/2022
ASSETS
Goodwill	1,356,185	1,420,712	1,370,637
Right-of-use assets	108,995	134,702	118,383
Other intangible assets	110,037	113,145	110,083
Property, plant and equipment	32,765	34,211	33,512
Investments in associates	6,509	7,732	6,048
Other non-current financial assets	55,820	54,857	59,703
Deferred tax assets	6,721	24,100	24,788
Non-current assets	1,677,032	1,789,460	1,723,155
Trade receivables	381,283	402,949	547,167
Contract assets	174,107	195,388	115,872
Current tax	30,601	36,618	12,736
Other current assets	73,500	66,736	66,522
Financial derivatives	–	–	–
Cash and cash equivalents	300,781	338,289	385,670
Current assets	960,270	1,039,980	1,127,967
TOTAL ASSETS	2,637,303	2,829,440	2,851,122

in thousands of Euros	30/06/2023	June 30, 2022	31/12/2022
EQUITY AND LIABILITIES
Share capital	11,063	11,109	11,063
Share paid-in capital	495,628	507,588	495,628
Treasury shares	(28,468)	(794)	(548)
Translation adjustments	(148,212)	(43,895)	(107,392)
Other reserves	972,387	862,517	867,211
Net profit attributable to the owners of the parent	56,351	85,393	215,160
Equity, attributable to the owners of the parent	1,358,749	1,421,918	1,481,121
Non-controlling interests	(248)	18,515	18,808
Equity	1,358,501	1,440,433	1,499,929
Borrowings and other non-current financial liabilities	375,104	454,784	375,256
Non-current liabilities on leases	86,726	112,472	95,625
Non-current provisions	4,506	8,430	4,726
Provisions for post-employment benefit obligations	36,065	34,394	35,938
Deferred tax liabilities	70,891	94,858	72,831
Other non-current liabilities	73,560	52,574	38,011
Non-current liabilities	646,851	757,512	622,387
Trade payables	278,976	295,921	349,970
Borrowings and other current financial liabilities	54,497	37,051	79,541
Current liabilities on leases	35,660	36,098	36,574
Current tax	14,054	7,626	23,855
Current provisions	6,224	10,049	9,617
Contract liabilities	42,358	45,817	51,716
Other current liabilities	200,181	198,932	177,533
Current liabilities	631,950	631,495	728,806
TOTAL LIABILITIES	2,637,303	2,829,440	2,851,122

Consolidated statement of cash flows, Interim financial statements at June 30, 2023

In thousands of Euros	30/06/2023	30/06/2022	31/12/2022
OPERATING ACTIVITIES
NET PROFIT	60,080	87,080	220,581
Items with no impact on cash flow from operations
Amortization and depreciation of property, plant and equipment and intangible assets	43,067	43,121	88,192
Net profit of equity-accounted companies, net of dividends received	274	(99)	862
Losses/(gains) on asset disposals	11	45	187
Net change in provisions	(1,593)	(1,796)	(6 ,623)
Share-based payment expense	7,336	6,018	13,116
Other non-cash income/(expenses)	(2,039)	(687)	(4,989)
Acquisition costs of consolidated companies	510	227	498
Finance costs	8,449	8,178	17,293
Tax expense	20,868	29,462	72,805
CASH FLOW FROM OPERATIONS BEFORE TAX AND FINANCE COSTS	136,963	171,549	401,923
Change in working capital requirement	(28,347)	(22,419)	(14,364)
Income tax paid	(34,123)	(44,961)	(62,511)
NET CASH FROM OPERATING ACTIVITIES	74,493	104,168	325,047
INVESTING ACTIVITIES
Acquisitions of property, plant and equipment and intangible assets	(26,533)	(27,420)	(54,824)
Proceeds from disposals of property, plant and equipment and intangible assets	29	35	594
(Increase)/decrease in financial assets	(2,270)	(1,658)	(3,114)
Acquisitions of consolidated activities and companies, net of acquired cash	(5,467)	(2,271)	(7,284)
CASH FLOW FROM INVESTING ACTIVITIES	(34,241)	(31,314)	(64,627)
FINANCING ACTIVITIES
Share capital increases/(reductions)	–	–	(46)
Net (purchases)/ sales of treasury shares	(63,637)	(16,847)	(29,898)
Increase in long-term borrowings	22	4	(985)
Decrease in long-term borrowings	(29,635)	(41)	(30,086)
Decrease in long-term loans from associates	–	–	–
Increase/(decrease) in bank overdrafts	50	302	(763)
Net repayment of lease liabilities	(18,471)	(18,649)	(37,480)
Net interest paid	(1,684)	(1,199)	(12,606)
Net interest paid on lease liabilities	(1,901)	(1,958)	(4,081)
Acquisitions of non-controlling interests	(622)	(723)	(2,222)
Dividends paid to the owners of the parent	–	–	(51,066)
Dividends paid to non-controlling interests in consolidated companies	–	–	(1,409)
Dividends received from non-consolidated companies	–	–	–
CASH FLOW FROM FINANCING ACTIVITIES	(115,879)	(39,113)	(170,642)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(75,627)	33,742	89,778
Impact of foreign exchange rate movements	(9,262)	6,098	(2,562)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	385,670	298,454	298,454
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	300,781	338,289	385,670

Attachment

Ipsos – Communiqué de presse – Résultats Semestriels 2023 – 250723_FINAL_ENG

Related Topics:AI Artificial Intelligence Machine learning

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BeeHero Reveals Groundbreaking Data-Backed Insights from the Latest Almond Pollination Seasons

Published

15 mins ago

May 20, 2024

CISION (PR Newswire)

On World Bee Day, BeeHero shares findings from the 2022-2024 almond pollination seasons that showcase its ability to optimize and boost pollination efficacy while decreasing operational costs, by empowering both beekeepers and growers with innovative, data-driven solutions
FRESNO, Calif., May 20, 2024 /PRNewswire/ — BeeHero, the pioneer of precision pollination, today unveiled groundbreaking data-driven bee activity insights from the 2022-2024 almond pollination seasons. The company has revealed bee flight hour and bee frame insights via its cutting-edge sensor technology and AI-powered analysis that contribute to improved pollination practices. In recent months, BeeHero cemented its position as the world’s leading provider of precision pollination as it surpassed the threshold of 300K hives under management, from which the company records more than 25 million hive samples daily. The new data is being released on World Bee Day, the date designated by the UN to raise awareness of the importance of these vital pollinators, the numerous threats they face, and how they contribute to sustainable agriculture and development.

Analysis of the previous almond seasons revealed that BeeHero-managed hives demonstrated a higher degree of effectiveness, with an average of nearly 50% more bee-frames per hive compared to the industry standard. This superior performance translates into stronger colonies and enables BeeHero to optimize hive placement and reduce the number of hives required per acre in almond orchards, resulting in enhanced pollination at a lower input-to-output ratio for growers.
BeeHero also discovered a significant difference in the average daily bee flight hours (BFH) measured by its sensors as compared to the traditional bee flight hour calculations. While conventional bee flight hour methods (based on industry standard hives) recorded a total of 2.7 daily BFH over the 2022 and 2023 almond pollination seasons, BeeHero was able to more accurately measure almost double this amount, at 5.9 daily BFH, demonstrating that bees will indeed fly in suboptimal conditions. This revelation underscores the higher accuracy of BeeHero’s methodology over traditional calculations, which underestimate the actual flying time of bees due to a reliance on and proximity to local national weather stations, affecting industry crop yield predictions. Both this finding and BeeHero’s ability to provide stronger hives have widespread implications for not only almonds, but other seed, row, and specialty crops as well.
“We are excited to be consistently achieving new, pivotal milestones on our mission to transform pollination efficiency through transparency and data-driven precision,” explained Omer Davidi, CEO and Co-Founder of BeeHero. “Our findings showcase the critical nature of robust data in optimizing pollination activities, and our unique ability to provide previously unknowable insights – and as a result, stronger hives and more accurate yield predictions – to industry stakeholders. We look forward to continuing to reshape industry paradigms, empowering growers and beekeepers to better foster bee welfare and bolstering productivity for greater profitability.”
During the 2024 almond pollination season, BeeHero utilized various proprietary tools to extract its unparalleled dataset on bee behavior and pollination efficacy. The company introduced a Deployment Planning Tool, enabling beekeepers to visualize their almond orchards and strategically plan daily tasks for maximum efficiency. Additionally, its Hive Tracker offered growers real-time insights into hive shipment and placement, while BeeHero’s new mobile growers platform provided growers with seamless access to hives’ frame counts and other critical information and updates.
Following the culmination of the pollination season, BeeHero is providing personalized precision pollination reports for growers with insights into bee flight hours, bee frames, and how BeeHero’s data and technology have directly impacted their season. In alignment with this mission, a recent study conducted by BeeHero and the USDA explored how bee colony strength and hive entrance orientation affected honey bee foraging behavior, offering actionable insights to improve pollination efficacy. The research underscores the pivotal role of BeeHero’s proprietary technology in gathering data to drive operational efficiency, reduce costs, increase yields, enhance bee welfare, and promote sustainable agriculture.
“The findings from these past pollination seasons – both in our research and in the field – highlight the profound potential of our innovative technology to revolutionize pollination practices, fostering a sustainable ecosystem that benefits both beekeepers and growers,” said Yuval Regev, CTO and Co-Founder of BeeHero. “By illuminating intricate bee behavior patterns and ecosystem dynamics, we are pioneering a new frontier in pollination science and technology.”
Earlier this month, BeeHero was recognized as an Honorable Mention by Fast Company’s 2024 World Changing Ideas Awards in the agriculture category. The award honors products and companies designed to make the world safer, cleaner, more sustainable, and more equitable. This is the latest in a slew of prestigious awards and recognitions for BeeHero, which include Cleantech Group’s 2024 Global Cleantech 100 list, the 2024 Founder’s Games for social impact, CNBC’s 2023 Disruptor 50 list, and The New York Times’ 2022 Good Tech Awards.
About BeeHero
BeeHero is a data-driven technology company redefining pollination in commercial agriculture. Using advanced data analytics, artificial intelligence, and low-cost IoT sensors, BeeHero brings transparency and efficiency to the complex logistics of commercial crop pollination. Its Precision Pollination as a Service (PPaaS) results in better crop yields and increased profits for commercial crop growers and agribusiness stakeholders. Its precision pollination solution is rapidly evolving into the backbone of the data-driven approach needed to build a resilient and future-proof sustainable agriculture ecosystem. The company is headquartered in Fresno, California, with offices in Palo Alto, California and R&D in Tel Aviv, Israel.
Media Contact
Allison GreyHeadline [email protected] US: +1 323 283 8176UK: +44 203 807 4482IL: +972 53 820 2606

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Artificial Intelligence

Dubai World Trade Centre Drives Impact as Economic Output Surges to US$4.98 Billion in 2023, up 40% YoY

Published

2 hours ago

May 20, 2024

CISION (PR Newswire)

dubai-world-trade-centre-drives-impact-as-economic-output-surges-to-us$4.98-billion-in-2023,-up-40%-yoy

DUBAI, UAE, May 20, 2024 /PRNewswire/ — Dubai World Trade Centre (DWTC), a global leader in the events and exhibitions industry, has once again demonstrated its significant impact on Dubai’s economy in 2023, welcoming 2.47 million participants and hosting 301 events, 76 of which, were large-scale events that attracted 1.54 million attendees, with 46% from overseas.

DWTC’s 2023 Economic Impact Assessment (EIA) Report, based on its 76 large-scale events (2000 or more attendees) revealed an impressive surge in the total economic output, reaching US$4.98 billion, marking an incredible 40% YoY increase, with high returns for adjacent industries such as Travel, Accommodation and Retail, connected to the Meetings Incentives Conferences and Exhibitions (MICE) ecosystem.
DWTC’s large-scale events generated a substantial US$2.87 billion Gross Value Added (GVA) to Dubai’s GDP, retaining an impressive 58% of the total economic output locally. International participation soared by 53%, with overseas visitors driving 6.2 times more contribution than domestic counterparts.
Events hosted at DWTC supported 69,281 jobs, generating US$915 million in disposable household income for the city’s residents. The substantial economic impact of these events extends beyond direct revenue generation, fostering socio-economic development and contributing to Dubai’s status as a leading global business hub.
His Excellency Helal Saeed Almarri, Director General of DWTC Authority, said: “Aligned with Dubai’s Economic Agenda D33, we continue to spearhead efforts in sector diversification, reinforcing the city’s stature as a leading global business hub. The remarkable accomplishments of 2023, presented in the ‘DWTC Economic Impact Assessment Report’ demonstrate that Dubai’s MICE sector, driven by DWTC, remains a vital pillar of financial resilience and growth underscoring our accelerated strides towards sustainable socio-economic development. The increase in international participation, along with the significant economic impact generated across diverse sectors such as travel, accommodation and retail, highlights the city’s steadfast commitment to propelling business tourism.”
The venue’s formidable events portfolio strategically aligned with Dubai’s economic priorities, showcasing Healthcare, Medical, and Scientific; Information Technology (IT); and Food, Hotel, and Catering as the top contributors. These leading sectors collectively accounted for 59% (US$1.71 billion) of the GVA to Dubai’s economy, and 49% (747,468) of the total large-scale event visitation.
Adjacent sectors, including hotels, air travel, and local transportation experienced a significant boost in economic activity. The direct revenue generated through expenditure was nearly US$2.94 billion.
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View original content:https://www.prnewswire.co.uk/news-releases/dubai-world-trade-centre-drives-impact-as-economic-output-surges-to-us4-98-billion-in-2023–up-40-yoy-302150038.html

Artificial Intelligence

Aramco signs agreement with Pasqal to deploy first quantum computer in the Kingdom of Saudi Arabia

Published

2 hours ago

May 20, 2024

CISION (PR Newswire)

DHAHRAN, Saudi Arabia, May 20, 2024 /PRNewswire/ — Aramco, one of the world’s leading integrated energy and chemicals companies, has signed an agreement with Pasqal, a global leader in neutral atom quantum computing, to install the first quantum computer in the Kingdom of Saudi Arabia.

The agreement will see Pasqal install, maintain, and operate a 200-qubit quantum computer, which is scheduled for deployment in the second half of 2025.
Ahmad Al-Khowaiter, Aramco EVP of Technology & Innovation, said: “Aramco is delighted to partner with Pasqal to bring cutting-edge, high-performance quantum computing capabilities to the Kingdom. In a rapidly evolving digital landscape, we believe it is crucial to seize opportunities presented by new, impactful technologies and we aim to pioneer the use of quantum computing in the energy sector. Our agreement with Pasqal allows us to harness the expertise of a leading player in this field, as we continue to build state-of-the-art solutions into our business. It is also further evidence of our contribution to the growth of the digital economy in Saudi Arabia.”
Georges-Olivier Reymond, Pasqal CEO & Co-founder, said: “The era of quantum computing is here. No longer confined to theory, it’s transitioning to real-world applications, empowering organisations to solve previously intractable problems at scale. Since launching Pasqal in 2019, we have directed our efforts towards concrete quantum computing algorithms immediately applicable to customer use cases. Through this agreement, we’ll be at the forefront of accelerating commercial adoption of this transformative technology in Saudi Arabia. This isn’t just any quantum computer; it will be the most powerful tool deployed for industrial usages, unlocking a new era of innovation for businesses and society.”
The quantum computer will initially use an approach called “analog mode.” Within the following year, the system will be upgraded to a more advanced hybrid “analog-digital mode,” which is more powerful and able to solve even more complex problems.
Pasqal and Aramco intend to leverage the quantum computer to identify new use cases, and have an ambitious vision to establish a powerhouse for quantum research within Saudi Arabia. This would involve leading academic institutions with the aim of fostering breakthroughs in quantum algorithm development — a crucial step for unlocking the true potential of quantum computing.
The agreement also accelerates Pasqal’s activity in Saudi Arabia, having established an office in the Kingdom in 2023, and follows the signing of a Memorandum of Understanding between the companies in 2022 to collaborate on quantum computing capabilities and applications in the energy sector. In 2023, Aramco’s Wa’ed Ventures also participated in Pasqal’s Series B fundraising round.
About Aramco
Aramco is a global integrated energy and chemicals company. We are driven by our core belief that energy is opportunity. From producing approximately one in every eight barrels of the world’s oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do. We focus on making our resources more dependable, more sustainable and more useful. This helps promote stability and long-term growth around the world. www.aramco.com
About PASQAL
Pasqal is a leading Quantum Computing company that builds quantum processors from ordered neutral atoms in 2D and 3D arrays to bring a practical quantum advantage to its customers and address real-world problems. Pasqal was founded in 2019, out of the Institut d’Optique, by Georges-Olivier Reymond, Christophe Jurczak, Professor Dr. Alain Aspect – Nobel Prize Laureate Physics, 2022, Dr. Antoine Browaeys and Dr. Thierry Lahaye. Pasqal has secured more than €140 million in financing to date. To learn more about Pasqal, visit www.pasqal.com.
Disclaimer
The press release contains forward-looking statements. All statements other than statements relating to historical or current facts included in the press release are forward-looking statements. Forward-looking statements give the Company’s current expectations and projections relating to its capital expenditures and investments, major projects, upstream and downstream performance, including relative to peers. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” “can have,” “likely,” “should,” “could,” and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the Company’s actual results, performance or achievements to be materially different from the expected results, performance, or achievements expressed or implied by such forward-looking statements, including the following factors: global supply, demand and price fluctuations of oil, gas and petrochemicals; global economic conditions; competition in the industries in which Saudi Aramco operates; climate change concerns, weather conditions and related impacts on the global demand for hydrocarbons and hydrocarbon-based products; risks related to Saudi Aramco’s ability to successfully meet its ESG targets, including its failure to fully meet its GHG emissions reduction targets by 2050; conditions affecting the transportation of products; operational risk and hazards common in the oil and gas, refining and petrochemicals industries; the cyclical nature of the oil and gas, refining and petrochemicals industries; political and social instability and unrest and actual or potential armed conflicts in the MENA region and other areas; natural disasters and public health pandemics or epidemics; the management of Saudi Aramco’s growth; the management of the Company’s subsidiaries, joint operations, joint ventures, associates and entities in which it holds a minority interest; Saudi Aramco’s exposure to inflation, interest rate risk and foreign exchange risk; risks related to operating in a regulated industry and changes to oil, gas, environmental or other regulations that impact the industries in which Saudi Aramco operates; legal proceedings, international trade matters, and other disputes or agreements; and other risks and uncertainties that could cause actual results to differ from the forward-looking statements in this press release, as set forth in the Company’s latest periodic reports filed with the Saudi Stock Exchange. For additional information on the potential risks and uncertainties that could cause actual results to differ from the results predicted please see the Company’s latest periodic reports filed with the Saudi Stock Exchange. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which it will operate in the future. The information contained in the press release, including but not limited to forward-looking statements, applies only as of the date of this press release and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the press release, including any financial data or forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law or regulation. No person should construe the press release as financial, tax or investment advice. Undue reliance should not be placed on the forward-looking statements.
Aramco Contact Information:
@aramco

View original content:https://www.prnewswire.co.uk/news-releases/aramco-signs-agreement-with-pasqal-to-deploy-first-quantum-computer-in-the-kingdom-of-saudi-arabia-302150019.html