Research Now Floats Successfully

Trading in the shares of online agency Research Now plc began yesterday on the UK's Alternative Investment Market (AIM) with shares at 130 pence each. The company raised £9.2 million from its flotation, well in excess of the previously given public estimate of £5m.

Of the money raised, £2.5m is earmarked for the development of the business, in particular its online panels, which currently have 600,000 members. The company states its aims as continuing to pursue rapid organic growth in the UK, developing overseas clients and panels, and developing a range of specialist panels. It also says it plans to focus on 'potential strategic acquisitions in Europe'.

Chief Executive Chris Havemann, who co-founded the business in 2000, expressed his delight at the enthusiastic reception, explaining that the company now has a 'terrific share register of truly great institutional names who supported our placing'.

He believes the company's success is due to the growing move towards online fieldwork, and away from traditional face-to-face and telephone survey methods. In the US, online survey research has grown from approximately 9% of the total survey research market in 2000 to an estimated 29% today. The European online market lags behind at only 4% market share - but is rapidly increasing. As well as offering cost and time savings, Havemann says that online research makes some projects feasible that could not be performed using traditional methods.

The company's market capitalisation at the placing price is £16.7m, with the total number of shares in issue standing at 12,874,885. In the six months to 30 April 2005, more than 90% of Research Now's revenues were derived from work subcontracted from market research agencies, which included projects for six of the world's top ten agencies.

The company is online at www.researchnow.co.uk .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.

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