Toluna grows 2007 profits to £3.2m

by Jacquie Bowser, Brand Republic 07-Apr-08, 14:00

LONDON - Toluna, the online panel company, has reported a 42% increase in annual pre-tax profits to £3.2m, according to its 2007 results.

Revenue for the year ending December 31 2007 grew 49% to £12.5m, up from £8.4m in 2006.

Toluna reported that the rate of growth slowed in the second half of the year but that this was due to a decision to focus on higher margin business.

George Kynoch, chairman of Toluna, said: "I am pleased to report that our team delivered a substantial advance in sales and profits in 2007, while a close focus on cash generation and operating margins enabled us to report earnings per share comfortably in excess of our expectations."

The company expanded its panel members from 1.3m to 1.8m in 2007. It now operates in 27 countries, including Mexico, Brazil, Russia, China and Japan.

Toluna reported that its current financial year had begun well and was in line with expectations, despite the current turbulence in the world economy.

Kynoch said: "Although the market research industry is unlikely to be immune to a downturn, the [forecasts] suggest that the online services sector is well positioned for further growth.

"Our cash resources also give us the scope to build on our successful track record in acquisitions. While mindful of the risks, we look forward to the current year with confidence."