TNS Sees Profits Jump In 2003 After NFO Acquisition
Pre-tax profits at global market research company, Taylor Nelson Sofres (TNS), jumped by 33.8% to £65.3 million during 2003, as the integration of NFO progressed ahead of plan during the year.
TNS acquired NFO Worldgroup from Interpublic Group for $425 million in May last year, placing the combined company as one of the top three market research firms in the world in terms of billings (see TNS Shares Jump On $425m NFO Worldgroup Acquisition).
Commenting on today’s results, TNS chief executive Mike Kirkham said: “TNS expects to see continued growth coming out of the US and Asia Pacific and gradual improvement in Europe. The group overall is expected to achieve growth broadly in line with the market.
“[This] confidence in an improved performance in 2004 is supported by the order book, which is ahead of the same time in 2003, as well as by the pick-up in activity seen towards the end of 2003.”
The group expects the global market information industry to continue its gradual improvement in 2004, with commentators expecting a growth of 3-4%.
Shares in TNS were up by 2.5% at 218.75p by mid-morning today.
