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ToLuna Continues Success Story
Panel firm ToLuna Plc has reported results for the year ended 31 December 2008, another year of strong growth with revenue up 74% to £21.7m (35% excluding the effect of acquisitions), and profit before tax up 48% to £4.7m.
The company also reports strong growth in revenue in the first quarter of 2009. Net cash from operating activities rose 47% to £5.0m, total dividend increased 47 % to 1.65p and earnings per share were up 46% to 9.63p.
Chairman George Kynoch said 2008 had been 'a year of substantial further progress... In the face of a very difficult global financial situation', describing this as 'impressive testimony to the resilience of our business model'. He believes that 'Even if spending on global market research should be affected, the online sector of the market will continue to grow, in keeping with the established pattern of recent years', and puts particular faith in Toluna's 'end-to-end' solution which offers everything from very basic questionnaires to helping clients build continuous online dialogue with their customers.
ToLuna acquired Texas-based Common Knowledge on 18th June 2008, and says the business is successfully integrated. Between 18 June and 31 December 2008, the US firm contributed £868,000 of ToLuna's consolidated profit before tax: had the acquisition occurred on 1 January 2008, ToLuna says the turnover of the enlarged group would have been c.£24.8m and the profit before tax would have been c.£5.06m.
The company also opened an office in Sydney, Australia in 2008, and aims for strong growth in Asia Pacific in the future. Kynoch says the firm's panel network has expanded to cover 2.65m people spread over 30 countries, effectively doubling in two years. Meanwhile in just eighteen months, its online social voting community, toluna.com, has been extended to France, Germany, Spain, Italy, the Netherlands and Russia, with more markets planned. Social voting community activity has grown rapidly to the current 8 million votes a month. In December, the company launched QuickSurveys, the first phase of a planned 'survey solution as a service' offering.
The firm almost doubled its client base in 2008, from 319 to 613. Kynoch comments: 'We particularly seek to build a long term relationship with clients and are pleased that repeat business accounted for 77 % of our revenue (2007: 70 %).'
ToLuna has offices across Europe, North America and Asia Pacific. In Europe, it continues to strengthen core operations in France, the UK, Germany and the Netherlands, and to seek growth opportunities in other markets.
Shares closed at 225 pence on Tuesday on the London Stock Exchange.
Web site: www.toluna-group.com .
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