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Research Now Reports Business Boom
UK-based online fieldwork and panel specialist Research Now has reported revenue growth of 160% to £25m for the twelve months ending October 31 2007. Profit before tax and non-recurring items is expected to be around £2.5m.
Gross margins in the second half of the year met expectations due to the firm's continued investment in its panels - during 2007 the company launched panels in the US, Brazil, Canada, Switzerland and New Zealand ( www.mrweb.com/drno/news6842.htm ), and now owns proprietary panels in 25 countries. Tighter controls of rewards to panelists have also helped enhance margins.
Earlier in the year, the firm completed the £4.9m acquisition of Canadian online fieldwork and panel company OpenVenue ( www.mrweb.com/drno/news6389.htm ), and since this time, North American sales have accounted for 35% of group revenue, with US revenues nearly tripling in the year.
Commented Chris Havemann, Chief Executive: 'We have ended the financial year strongly, with all our business units performing well. We are particularly pleased with our progress in North America. Demand for high quality online fieldwork and panel services is continuing to expand in all our markets and we look forward to continued growth, combined with margin enhancement in 2008.'
The figures have been announced ahead of preliminary results due for publication in January 2008.
The AIM-listed company, which employs 321 full-time staff at its 11 offices in London, New York, Chicago, San Francisco, Toronto, Frankfurt, Hamburg, Paris, Athens, Sydney and Melbourne, is online at www.researchnow.co.uk.
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