Revenue, income down in Chime research arm
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UK-- Chime's research and engagement division has reported a 10% drop-off in annual revenue, down from £13.3m to £12m in 2008.
The PR group – whose research agencies include Opinion Leader, Brand Democracy, and Facts International – saw a corresponding fall in the division's operating income, which came in at £7m. Operating profit was down 73% to £400,000.
After a “mixed” start to the year Chime chairman Lord Tim Bell said the division was budgeted to improve in the second half.
“However, due to postponed and cancelled projects their performance continued to deteriorate,” Bell said.
Caucus World, a digital research business specialising in building online communities – which was due to launch in the autumn – was also delayed “due to hold-ups in software development”.
But Bell said the first quarter of 2009 was “looking encouraging” for the research and engagement division, with “a healthy new business pipeline”.
Total group revenue was up 34% to £277.4m, with operating income rising 16% to £112.1m and a 15% increase in operating profit to £18.1m.
Author: Brian Tarran
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