UK market research firm, Taylor Nelson Sofres (TNS) has reported an increase in pre-tax profit for the six months to June 30, rising to £35.9 million from £32.4 million compared to the same time last year.
Revenues for the group enjoyed a year on year increase of 3.1% reaching £460 million, up from £446 million, while interim dividend also grew, rising by 13.6% to 1.25 pence per share from 1.1 pence a year earlier.
Taylor Nelson, which scaled back its growth forecast in July, said it remains on track to grow underling revenue by 4 pct over the full-year, in line with the average market rate (see TNS Enjoys Good Start To 2005).
However, underlying revenues in the UK and US businesses were shown to have declined during the first half of 2005, with Taylor Nelson claiming the UK business had suffered a “clear deterioration” in the second quarter. Growth was strongest in the Asia Pacific region where underlying revenues grew by 9.3%.
Commenting on the results, Mike Kirkham Taylor Nelson chief executive said: “In the first half of 2005, the group saw a strong underlying revenue performance across its syndicated services and in the custom businesses of Continental Europe and Asia Pacific. The success of these custom services, often in challenging markets, indicates that the group’s strategy is delivering share gains in those markets.”
TNS enjoyed a strong 2004, announcing a 4.1% rise in underlying revenue, above predictions made by the Group at the beginning of the year (see Taylor Nelson Sofres To Grow Ahead Of Market In 2005).
The company’s trading statement, released in March, reported an increase of 17.4% in revenue for 2004 and a growth of 17% in full year dividend. TNS achieved its aim of reducing net debt to below £350 million, showing a reduction to £335.1 million, compared to a total of £367.7 million in 2003.
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