NEWS8 March 2011

Toluna revenue up 50% – but pro forma US sales down 6%

Financials UK

UK— Toluna has reported 2010 revenue up nearly 50% to £73.6m, boosted by the acquisition of Greenfield Online – but growth was just 2% on a pro forma basis, with US sales down 6%.

The company flagged steps it has already taken to “reignite growth in the US”, including putting global chief strategy officer George Terhanian in the president’s chair, in place of Jeff Scott.

In Asia Pacific, Toluna said revenue was up 62% on a pro forma basis, while Europe grew 10% thanks to “particularly strong performances in the UK and France”.

Underlying group profit before tax was £12.6m, versus £7.6m a year ago.

Toluna said it had mailed out details to investors today of a proposed acquisition by a shareholder-backed group which wants to take the online research firm private for £161m.

CEO Frederic-Charles Petit is supporting the deal and will remain CEO post-completion, which is expected by April. He said: “The [takeover] offer is a recognition both of our past success and of the promise of a bright future for Toluna with a clear strategic objective: leading the digital transformation of the market research industry.”