News blog
BrainJuicer Group
- BY: Andrew Hore |
- POSTED: 23/03/2009 |
Online market research agency BrainJuicer Group says trading is getting tougher but it expects to continue to grow its profits.
Revenues grew 42% to £9.32m in 2008, while pre-tax profits improved from £893,000 to £1.37m. All this growth was organic. The revenue growth was impressive given that one of the most important customers, Philips, reduced its spending last year.
BrainJuicer manages to grow its revenues by adding new forms of market research that are not offered by its rivals. These include Predictive Markets, which uses the wisdom of crowds to screen concepts and products, and CommScan, which measures the emotional engagement of the consumer. Unique products contribute more than half or revenues, with the rest coming from more standard market research products, which have been given a ’twist’ by BrainJuicer.
BrainJuicer is paying a final dividend of 1p a share, taking the full year total to 1.5p a share.
BrainJuicer has opened new offices in Germany and Canada - the latter is via a licence partner. Some customers are cutting budgets or hoarding them until later in the year. This year will undoubtedly be tougher but the online part of the market research sector is still growing.
Canaccord forecasts a profit of £1.57m for 2009.
The business is cash generative and net cash was £1.7m at the end of 2008.
At 94p a share, BrainJuicer is valued at £11.9m. The shares are trading on 11 times 2009 forecast earnings.
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