NEWS17 September 2009

Toluna posts 67% first-half revenue rise

Financials UK

UK— Toluna has reported a “strong” first half of 2009, with total revenue up 67% to £13.7m from £8.2m in the same period last year.

Revenue in Europe was up 50% to £8.5m from £5.7m, with France and the UK making “notable contributions” to the performance.

Sales doubled to £5m in North America, which included the effects of the acquisition of Common Knowledge in June last year. However, the firm said that North America’s performance had been affected by the economic climate and “actions” had been taken to control costs, including the loss of a “small amount” of jobs.

In Asia Pacific, revenue climbed from £0.1m to £0.3m.

Operating profits were up 21% on last year, at £1.6m compared to £1.3m, and pre-tax profits rose 12% to £1.6m from £1.4m.

CEO Frederic-Charles Petit (pictured) said: “We are pleased to report further growth in revenues and operating profits in the face of a global downturn. This demonstrates that the growth trajectory for the online segment of the market research industry remains on course… Trading in the second half of the year has been encouraging and we are cautiously confident of the outlook for the rest of 2009.”

During the six-month period, Toluna won contracts from 95 new clients and boasted that repeat business accounted for 86% of revenue.

Petit said the $40m acquisition of the Greenfield Online survey business was “key” to the future of the company’s growth in North America, and its addition would “substantially enhance” Toluna’s earnings-per-share for the year ending 31 December 2010.

Meanwhile, Greenfield’s former executive vice president of sales and operations, Keith Price, has been appointed president of Toluna North America.