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Growth Spurt for BrainJuicer
UK-based online research specialist BrainJuicer Group has reported a 2008 organic revenue increase of 42% to £9.3m for 2008, while pre-tax profits rose 56% to £1.37m.
Operating profit climbed 53% to nearly £1.3m (2007: £844k) and for the period, operating profit margin rose from 12.9% to 13.8%.
During the year, the firm opened an office in Switzerland and appointed country managers there and in Germany, while signing a licensing agreement in Australia with Slater Marketing.
The firm says this expansion, which helps further align it with its multi-national target market, requires little investment and is low risk, as overseas offices are supported by UK operations technically and operationally. BrainJuicer has plans to move into Asia and South America in the coming years.
The company achieved good results across all regions with revenue growing 34% in the UK, 7% in the Netherlands and 276% in the US. The UK generates 60% of business, where revenue comes from a mix of large domestic and multi-national clients.
Sales of its 'Juicy' products - PredictiveMarkets (where participants hypothesise whether they would buy or sell shares in a series of concepts), CommScan (an ad and communications testing tool), Insight Validation (used to brainstorm new product ideas), Creative 6ers, and Quali-Taxi - rose 49% to £4.3m (2007: £2.9m), and brought in 46% of the company's total revenue.
The firm has two categories of products: 'Juicy' which it says challenge traditional approaches, and 'Twist' which utilise industry standard quantitative research methods combined with the firm's own quali-quant diagnostics.
Since the year end, the firm has expanded into Germany and into Canada, where it signed an agreement with High Level Research.
It has also launched the JuicyBrains online innovation community, which enables clients to engage with consumers who act as a 'think tank' to help them develop better products and services.
However, the firm has seen a slow start to 2009 as the recession forces clients to show caution with their budgets.
'The impact of the global economic recession on our clients' market research spend this year, and any consequent effect on the company, remains to be seen,' said CEO John Kearon. 'Nevertheless, in 2008 we weathered the downturn well, and are expecting to build on last year's achievements and deliver further progress in 2009.'
Kearon owns 43.8% of BrainJuicer, with the balance held by the management (4.2%), institutions and private investors (14.2%), and Unilever Ventures (37.8%). In due course, Unilever Ventures will be selling their holding.
BrainJuicer last traded at £0.90 on the London Stock Exchange.
The London-based firm, which now employs 59 staff, is online at www.brainjuicer.com .
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