VNU, the multinational marketing and media research firm, has today reported a rise in 2002 earnings but refused to speculate on what the year ahead may hold because of economic and political concerns.
The Dutch-based company announced that earnings per share rose by 6% to €1.82 from €1.73 in 2001. VNU had already raised its growth prediction from 3% to 5% in light of strong first half results (see
VNU Raises Earnings Growth Forecast).
Earnings before goodwill charges and extraordinary items were up 9% to €452 million helping revenues to climb by 11% to €4.3 billion. VNU has benefited from a shift in emphasis after selling its consumer and education publications and buying the US market research firm AC Nielsen.
Chairman and CEO Rob van den Bergh commented: “VNU today is fundamentally stronger, with a portfolio of market-leading brands and ‘must have’ information that is much more resistant to economic pressures than our previous business mix, which relied heavily on cyclical advertising revenues.”
The board was less forthcoming about prospects for 2003 citing the international economic situation and the prospect of war as uncertain factors. However, net debt has been cut from €4.2 billion to €3.5 billion and there is genuine cause for optimism.
“Our 2002 results clearly demonstrate that our transformation strategy is successful, and that VNU is well positioned for strong, sustainable growth,” said van den Bergh.
