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Kantar 2021 Annual Review Summary

Core Content

Kantar is a global data and evidence-based advisory business that helps clients understand people and inspire growth. The company operates across multiple divisions, including Insights, Profiles, Media, Worldpanel, Numerator, and Public, and serves a wide range of clients such as brand owners, advertising agencies, and media platforms. In 2021, Kantar achieved significant progress in its transformation journey, with a focus on accelerating growth through strategic investments, acquisitions, and process improvements.

Key Financial Highlights

• Revenue: $3,283 million in FY21, representing a 16% increase from FY20 ($2,838 million).
• Adjusted EBITDA: $600 million in FY21, a 35% increase from FY20 ($443 million).
• Operating Profit: $111 million in FY21, compared to a loss of $211 million in FY20.
• Employees: 27,163 on average during FY2021.
• Gross Revenue by Division:
  • Insights: 49%
  • Profiles: 8%
  • Consulting: 5%
  • Media: 17%
  • Worldpanel: 10%
  • Numerator: 3%
  • Public: 6%
  • Health: 2%

Note: These figures are presented at constant currency, on a Pro Forma basis, and include intercompany revenue.

Strategic Priorities

Kantar has been actively transforming its business model and strategic priorities to enhance its offerings and accelerate growth. The key areas of focus include:

• Technology-Enabled Portfolio: Investments in technology-driven platforms such as Kantar Marketplace, Brand Guidance, Analytics Practice, and Numerator have led to 48% annual growth in combined revenue, surpassing $500 million.
• Client Satisfaction: Kantar's TRI*M client satisfaction score increased from 86 to 89, a +3.5% improvement, with a performance rating of 100 and a preference score increase from 73 to 78.
• ESG Commitment: Kantar is committed to Environmental, Social, and Governance (ESG) goals and has started embedding ESG-related thinking into its systems and survey work. The company received a bronze rating in the Ecovadis sustainability assessment and aims to improve this rapidly.
• Inclusion and Diversity (I&D): Kantar is working to enhance its inclusive and diverse workplace, with a focus on I&D across its entire value chain, including survey panels and client advisory services.
• Regional Growth:
  • Americas: Strong performance, especially in LatAm and the US.
  • EMEA: Strong growth in the UK, France, and Italy.
  • MEA: Over 25% growth in key markets.
  • Asia: Market recovery in the second half of the year, with performance ahead of expectations.

Leadership and Transformation

• New Leadership: Chris Jansen was appointed as Chief Executive in November 2021, bringing over 20 years of leadership experience and a focus on people leadership and culture building.
• Leadership Transition: Ian Griffiths transitioned to a senior advisor role with Bain Capital, contributing to Kantar's transformation and commercial focus.
• Transformation Journey: Kantar has made significant progress in restructuring, acquiring key businesses (such as Numerator and MeMo2), and improving internal processes to enhance efficiency and profitability.

Market Environment and Challenges

• The pandemic continued to impact the business environment, with fluctuations in client spending.
• Media Division: Revenue is largely derived from long-term audience measurement contracts, making it more resilient to short-term changes.
• Ad and Creative Testing: These areas are more sensitive to business confidence and market conditions.
• External Challenges:
  • The Ukraine crisis and potential new Covid-19 variants are expected to create uncertainty in client spending for 2022.
  • Despite these challenges, Kantar remains confident in its resilience and value proposition.

Business Model and Differentiation

• Asset-light Model: Kantar operates with low ongoing capital expenditure, relying on syndicated panels, data resources, and longstanding client relationships.
• Syndicated Services: Two-thirds of Kantar's revenue comes from recurring cash flows through syndicated services.
• Core Competencies: Kantar combines people expertise, data, benchmarks, and innovative analytics to help clients understand consumers and identify growth opportunities.

Future Outlook and Priorities

• 2022 Strategic Priority: Accelerating Growth.
• Purpose-Driven Transformation: Kantar aims to become a purpose-led organisation, which is expected to drive 2.5x faster brand growth.
• Innovation and Technology: Continued investment in technology and analytics to improve client engagement and deliver faster, smarter, and more cost-effective solutions.
• Growth Blueprints: Each division is working on a detailed set of objectives and strategies to define and seize future opportunities.
• M&A Strategy: Kantar remains open to further bolt-on acquisitions to enhance market access and technological capabilities.

Governance and Ownership

• Ownership: Kantar is owned by WPP Plc and Bain Capital Private Equity, with WPP holding 40% and Bain Capital 60%.
• Board Collaboration: The partnership between WPP and Bain Capital is characterized by constructive collaboration and a shared vision for Kantar's future.
• Investment in Growth: Both partners continue to invest in Kantar, including supporting the Numerator acquisition, to drive long-term sustainable growth.

Conclusion

Kantar's 2021 Annual Review highlights a year of transformation, strategic growth, and improved client and employee satisfaction. The company is well-positioned for continued success in 2022, driven by its technology investments, diverse divisional capabilities, and commitment to ESG and inclusion. The new ownership structure and executive leadership have been instrumental in guiding Kantar toward its vision of becoming a global leader in market intelligence and research.