Admission Document - BrainJuicer
Admission Document - BrainJuicer
Admission Document - BrainJuicer
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KEY INFORMATION<br />
THE FOLLOWING INFORMATION IS DERIVED FROM, AND SHOULD BE READ IN<br />
CONJUNCTION WITH, THE WHOLE OF THIS DOCUMENT, INCLUDING IN PARTICULAR<br />
PART II HEADED ‘RISK FACTORS’.<br />
Introduction<br />
<strong>BrainJuicer</strong> carries out quantitative online research using innovative, bespoke software to produce insightful<br />
market research for large, multinational companies, including 10 of the world’s top 50 companies (FT 500<br />
September 2006).<br />
<strong>BrainJuicer</strong> operates in a growing sector of the US$23bn global research market, namely quantitative online<br />
research. <strong>BrainJuicer</strong>’s main competitors are large traditional market research providers who have dominated<br />
the market for off-line market research, such as AC Nielsen, Millward Brown, Research International and<br />
Taylor Nelson Sofres.<br />
Whilst the largest traditional research companies have developed their own online capability, <strong>BrainJuicer</strong> has<br />
a number of key attributes which have contributed to it achieving rapid growth and winning contracts with<br />
prestigious clients, including:<br />
• A scaleable online-only business model. Unlike the traditional research companies who maintain<br />
both on and offline data collection capabilities, <strong>BrainJuicer</strong> is able to focus on operating a scaleable<br />
online-only business model.<br />
• Research platform that delivers greater diagnostic insight. <strong>BrainJuicer</strong> has developed tools and<br />
award-winning techniques that enable it to provide a greater level of diagnostic insight into<br />
quantitative market research. These techniques enable clients to enhance their understanding of<br />
consumer preference and help them make decisions on the best way to develop their products and<br />
services.<br />
• Speed. <strong>BrainJuicer</strong>’s automated research techniques enable it to conduct complicated studies very<br />
quickly. <strong>BrainJuicer</strong>’s rapid deployment and results production, even on multi-country studies,<br />
provide clients with a speed to market advantage in the development of new products and services.<br />
To date the Group has conducted projects in over 50 countries and more than 30 languages and has<br />
established offices in the UK, the Netherlands and the US.<br />
The Group’s revenues come from full service market research work, and from its online Juicy Brains Panel<br />
in the UK.<br />
Financials<br />
The Company is a holding company and has not traded. The following financial information has been<br />
extracted from the historical consolidated financial information on the <strong>BrainJuicer</strong> UK Group contained in<br />
Part IV of this document and should be read in conjunction with the full text of this document. Investors<br />
should not rely solely on the summarised information in making their investment decisions.<br />
2003 2004 2005<br />
£’000 £’000 £’000<br />
Turnover 1,032 2,614 2,936<br />
EBIT (304) 187 23<br />
EBT (301) 191 (17)<br />
Current trading and prospects<br />
As set out in the <strong>BrainJuicer</strong> UK Group’s unaudited consolidated interim results (contained in Part V of this<br />
document), in the six months ended 30 June 2006 the <strong>BrainJuicer</strong> UK Group reported unaudited profits<br />
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