Research Now Reports 60% Revenue Growth

Online research and panels specialist Research Now has announced a 60% increase in group revenues to £41.2m for 2008, compared with £25.8m a year previously. Profit before tax was £5.7m, compared with £0.3m in 2007.

Operating profit for the year 2008 was up 123.2% to £6.3m (2007: £2.3m), with margins increased to 15.3%, and repeat business generating 83% of revenues.

The firm says all business units performed well in 2008, including in Europe where sales rose 44% to £21.0m (2007: £14.6m) and accounted for 51% of the group total.

With the acquisition of Canadian online fieldwork company OpenVenue, the group strengthened its position in North America, where it has consequently seen revenues climb 80% to £16.9m (2007: £9.4m). This represents 41% of group revenues for the year.

In 2008, revenues in Asia Pacific nearly doubled to £3.2m (2007: £1.8m), fuelled primarily by the firm's Australian business, together with entry into other markets in the region late in the financial year. Asia Pacific revenues made up the remaining 8% (2007: 7%) of the group's total sales for the year.

Chairman Geoff Westmore commented on the results: 'The financial year was one in which our three strategic objectives - establishing the company as a major global player in our market, investing in the best people and delivering first class client service - came together to deliver an outstanding set of financial results.'

In November, the firm introduced a new management structure, whereby three regional MDs and a number of senior managers now report to CEO Chris Havemann.

At the time, Founder and Group MD Andrew Cooper left the business to launch Verve, a technology, telecoms and media-focused research provider. In a statement, Westmore thanked Cooper for his 'outstanding contribution to the group', adding: 'His drive and determination have been a key factor in getting us to where we are today and he leaves behind a strong team well equipped to take the company forward.'

Research Now has 411 employees based in seven countries, and panels operating across 36 countries.

Web site: www.researchnow.co.uk .