iD Factor and ICD Research Revenue up 42.5%

UK marketing services group TMN has reported that revenue for its research agencies iD Factor and ICD Research rose 42.5% to £2.7m in its end-of-year results (2007: £1.9m). Operating profit for the period was £532,000, compared with £388,000 last year.

The firm said that its dual approach to online market research has yielded 'encouraging results and continued growth', despite the number of new players in the market.

iD Factor now has more than 25 specialist panels in the UK and a global reach which has generated nearly one million responses to surveys in the last year. The firm says it is now in a strong position to build its own panels in Europe and the US.

Insight and consultancy-based sister company ICD Research also grew strongly throughout the financial year, and struck long-term deals with a number of media and banking clients.

The two research firms account for a relatively high proportion of the group's overall profit. As a group, TMN saw a 10% climb in profits from £3.3m to £3.6m in the 12 months to the end of April. Group revenues were up 40% to £22.5m (£16.1m in 2007), partly due to acquisitions.

The news provides a welcome lift following the decision by TMN CEO Mark Smith and FD Craig Dixon to abandon management buyout plans in July, and the dropped takeover bid from rival Tangent Communications in April.

Smith commented: 'We all believe the group has a strong and exciting future and shareholders can be assured that the entire Board and management are working closely together to realise the company's potential.'

He added that the group has started the current financial year well with first quarter figures in line with the Board's expectations.

Web sites: www.tmnplc.com , www.theidfactor.com and www.icd-research.com .