100 Per Cent Organic Growth for Research Now
London-based panels firm Research Now has ended the 2007 financial year with a 168% rise in revenue to £25.8m, and has doubled its organic revenue, now £19.2m.
Organic growth was complemented by last February’s acquisition of Canadian online fieldwork company OpenVenue, which has since contributed £6.6m to revenue (www.mrweb.com/drno/news6389.htm ). North America, with sales of £9.4m, accounted for 36% of group sales: even excluding OpenVenue, this means regional sales grew from £1m to £2.8m.
Sales generated in the Asia Pacific area grew nearly six-fold to £1.8m. The group, which now owns panels in 28 countries worldwide, says that in response to client demand it is planning to focus on expansion in the territory through development of a panel in China during 2008.
European sales almost doubled (from £8.3m in 2006 to £14.6m), which CEO Chris Havemann puts down to continuing growth from the firm’s core UK business, and progress in Germany and France.
Havemann concluded: ‘Research Now ended the 2007 financial year strongly, with all our business units performing well. We remain positive on the prospects for online research generally and believe the group is well positioned to deliver further profitable growth in the year ahead.’
Profits were affected by the disruption arising from the murder of Finance Manager Cathy Marlow (www.mrweb.com/drno/news6323.htm ), when the firm’s London offices were requisitioned for a month by the Metropolitan Police, forcing the head office and UK operation to relocate to temporary accommodation and subsequently to move permanently to new premises. Associated costs amounted to around £0.5m.
Adjusted profit before tax was up 79% to £2.5m, and reported profit before tax was £0.3m.
The firm’s web site is at www.researchnow.co.uk.