Till Still Turning Ship at Harris

Harris Interactive has announced fourth quarter and full-year fiscal 2010 results. In the latter, revenue fell fully nine per cent, showing the scale of problems, but operating loss of $56.4m in fiscal 2009 was all but wiped out following moves to restructure and stabilize the business.

Total revenue for fiscal 2010 was $168.4 million, down from $184.3 million in fiscal 2009, with little or no effect from currency movements.

President and CEO Kimberly Till said that despite challenging market conditions, adjusted EBITDA improved from $6.9m to $8.9m, and that the firm was 'able to contain the revenue decline to the first half of the fiscal year.' The company also successfully renegotiated its debt and reduced the amount of it outstanding debt by $6.9m during the year.

In April, Till said the company 'still had more work to do' to complete its recovery. Results for the fourth quarter show it halting the slide but most figures are not yet improving. Revenue was flat at $43.6m (2009 Q4: $43.5m). Operating income of $0.2 million was little changed (Q4 2009 loss of ($0.1m)); bookings were down less than 2% to $35.7m from $36.3m, but excluding currency effects were up 5%. Adjusted EBITDA with add-back of restructuring and other charges was $2.3m (Q4 2009: $2.5m).

Till says the firm made 'significant progress in stabilizing the U.S. and Asia businesses'; reports optimism for France and Germany but says Harris 'still needs to improve performance in Canada and the UK' and is currently 'developing and implementing plans' to do so.

She concludes: 'Our number one focus for fiscal 2011 is rebuilding revenue. Key drivers of revenue growth include our new products and capabilities, particularly Research Lifestreaming, the new leadership we put in place in underperforming areas of our business, and improved sales resources and processes.'

Other global research groups including GfK, Nielsen, Ipsos and Kantar have been reporting modest or strong upturns of late, although Synovate appeared still to be stabilizing last time results were published, in May.

Web site: www.harrisinteractive.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.

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