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Research Now Reports Losses but Record Sales
Online fieldwork and panel specialist Research Now has reported a pre-tax loss of £235,000 in the first half of its financial year, but also a strong start to the second half with record sales in May and June.
The news follows Tuesday's announcement that the firm had seen its shares nearly halve after finding previously unrecorded costs of £0.6m that will mean it missing profit expectations for 2007 (www.mrweb.com/drno/news6995.htm ).
The company said that these costs arose mainly from purchasing access to online research panels in the US and in Asia, while personnel changes in its accounting department and the late submission of invoices from suppliers added to the problem.
The £235,000 loss for the six months to 30 April compares with a profit of £485,000 a year earlier. And while turnover soared to £9.94 million from £3.53 million, profit before tax and goodwill amortization fell to £0.16m from £0.46m. A reduction in profit by £0.5 million had already been forecast as a result of having to move premises following the murder of Cathy Marlow at its offices in January.
Chief Executive Chris Havemann said: 'We ended the first half of the year with record sales months in March and again in April. The second half has started very strongly with further record sales months in May and June. I expect to see continued strong growth in the second half of this year and in 2008.'
The company, which has recently launched a multi-country online focus group facility (www.mrweb.com/drno/news6991.htm ) is on the net at www.researchnow.co.uk.
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