BrainJuicer posts 'disappointing' results for final months of 2012
Online market research company BrainJuicer has unveiled an update on trading during the financial year ending December 31st, revealing disappointing results for the final months of 2012.
Online market research company BrainJuicer has unveiled an update on trading during the financial year ending December 31st, revealing disappointing results for the final months of 2012.
Trading during the final months of the year proved 'disappointing', the update stated.
Explaining the performance, the group pointed to the strong seasonal increase in revenue which the company had traditionally experienced during the final two months of the year, saying that in 2012 it had fallen significantly short of that in previous years.
Year-on-year revenue growth was 11% over the 10 months to October followed by a 25% year-on-year decline during November and December, leaving revenue for the full year just ahead of 2011.
The combination of disappointing revenues and significant cost increases as the company invested for future growth was expected to leave pre-tax profits for the year well below the £2.8m achieved in 2011.
2012 pre-tax profits are now anticipated to be approximately £1.5m, after the group takes into account one-off redundancy costs totalling £0.3m.
At the year end the company's cash balance was £3.7m, the same as in December 2011.
BrainJuicer's share price was down 4.11% to 210p at 10:47 on Thursday morning.
MF