Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

Taylor Nelson Sofres (TNS)

  Print      Mail a friend       Annual reports

Monday 20 March, 2000

Taylor Nelson Sofres

Final Results - Year Ended 31 December 1999

Taylor Nelson Sofres PLC
20 March 2000


                          Taylor Nelson Sofres plc
                    A world leader in market information
                                      
                                      
          Continued focus on technology drives 33% earnings growth
                                      
                                      
*  Turnover up 11.4% with growth in all geographic regions

*  Profit before tax* rises 28.5% from £25.3m to £32.5m

*  Earnings per share* up 33.3%

*  Operating margin rises from 8.3% to 8.9%, reflecting changing business
   mix

*  Expansion of internet activities through Taylor Nelson Sofres
   Interactive

*  Joint venture extends consumer panel operations in Latin America


* Before goodwill amortisation and exceptionals


The Chairman, Tony Cowling, said:

'1999 was an important year for the group and our results reflect its
success.  We further strengthened our key sector operations through
acquisition and organic growth, while continuing to benefit from the merger
that created Taylor Nelson Sofres.  1999 was also notable for the speed with
which we adopted the internet as a data collection and delivery tool and for
the launch of Taylor Nelson Sofres Interactive, which is spearheading our
business with dot.com companies.

'We are a global company with a presence in all the major markets for our
industry.  The few remaining gaps have been identified and targeted.  With
our clients' growing demand for syndicated and tracking information, we will
continue to place emphasis on developing the higher margin side of our
activities.

'We believe our strategy will lead to ongoing profitable growth.  2000 has
started well, with growth in the first two months in line with our
expectations.'


For further information, please contact:

On 20 March, all enquiries to +44 (0)20 7638 9571

Thereafter:

Tony Cowling, Executive Chairman                +44 (0)1372 803403
David Lowden, Finance Director                  +44 (0)20 8967 4009
Janis Parks, Investor Relations Manager         +44 (0)20 8967 1584
Margaret George, Citigate Dewe Rogerson         +44 (0)20 7638 9571


Note to editors

Taylor Nelson Sofres

Through its international network of more than 150 offices in over 40
countries, Taylor Nelson Sofres provides market information services in over
80 countries to national and multi-national organisations.  It is ranked as
the fourth largest market information group in the world.

Preliminary results

Taylor Nelson Sofres, a world leader in market information, today announces
its preliminary results for the year ended 31 December 1999.  Profit before
tax, goodwill amortisation and exceptionals increased by 28.5 per cent, from
£25.3 million in 1998 to £32.5 million.  Profit before tax rose by 23.5 per
cent to £31.1 million (1998 £25.2 million before exceptional gain of £3.0
million).

Earnings per share before goodwill amortisation and exceptionals were up 33.3
per cent at 5.9p, compared to 4.4p in the previous year.

An increased final dividend of 1.2p per share (1998 0.9p) is proposed, giving
a 28.6 per cent increase in the total dividend for the year of 1.8p (1998
1.4p).

Turnover in 1999 was up by 11.4 per cent at £380.9 million (1998 £342.0
million).  At constant exchange rates the improvement is 11.9 per cent.  This
reflects growth in all geographic regions and the group's syndicated
businesses performed particularly well.

Operating profit before goodwill amortisation, at £34.0 million, was 19.3 per
cent ahead of the £28.5 million reported in 1998.  The operating margin
increased to 8.9 per cent from 8.3 per cent.

The group is achieving steady margin improvement, from a base of 7.9 per cent
in 1997, as a larger percentage of its business comes from higher margin
syndicated and tracking contracts.  It is also realising further benefits
from the merger and sharing operational effectiveness expertise across the
group.  Steady margin improvement is a key financial objective, which the
group will continue to pursue.  At the same time, the group recognises that
it is important to retain its technological lead and, as stated previously,
will be making investments in 2000 to achieve this and further develop
internet-related activities.

The net interest charge for the year was £2.4 million, compared to £3.4
million in 1998.  The effective tax rate for 1999 before goodwill
amortisation was 32.0 per cent, compared to an effective rate in 1998, before
goodwill amortisation and exceptional item, of 31.8 per cent.

Commenting on the year's results and future strategy, Chairman Tony Cowling
said:

'1999 was an important year for the group and our results reflect its
success.  We further strengthened our key sector operations through
acquisition and organic growth, while continuing to benefit from the merger
that created Taylor Nelson Sofres.  1999 was also notable for the speed with
which we adopted the internet as a data collection and delivery tool and for
the launch of Taylor Nelson Sofres Interactive, which is spearheading our
business with dot.com companies.

Our markets

'Taylor Nelson Sofres is one of the four largest market information
companies, operating in a market valued at around US$13.4 billion in 1998 and
estimated to have grown a further 8 - 9 per cent last year.  Following a
period of unprecedented consolidation, the top 15 companies in the world
account for over 50 per cent of global revenues.  Consolidation is set to
continue and Taylor Nelson Sofres remains at the forefront, as economies of
scale become increasingly important in terms of investment in new
technologies, the internet and new product development.

A strategy for consistent and profitable growth

'Our clients have driven our industry's growth and consolidation.  We are
implementing a strategy which responds to their needs, while maintaining our
record of strong profitable growth.

Extending the Taylor Nelson Sofres global network

'Our success is based on our ability to provide consistent and comparable
information to clients as they market their brands internationally.  We have
one of the industry's largest networks and there are few major markets in
which we do not have a presence.  We filled a gap in the Netherlands in 1999,
when we acquired NIPO, the country's largest market information group.  NIPO
is one of the great names in European market research and the company has a
high-quality customer base, including a number of Netherlands-based multi-
nationals.

Developing business in our chosen specialist sectors

'We have identified the sectors that have the greatest growth potential and
have made a number of acquisitions to reinforce our position in these
specialist sectors.  As well as expanding the scope of our operations, these
acquisitions bring new skills and services that can be shared across the
group.

'The sector that has seen the most acquisition activity over the past year is
media monitoring.  As advances in technology add to the range of media to
which consumers are exposed and internet activity forges ahead, the
importance of competitive media intelligence increases.  In 1999, we
reinforced our European presence in media monitoring through key acquisitions
in France, Spain and the UK.

'Last week, we announced our agreement to purchase Competitive Media
Reporting (CMR), the largest advertising tracking company in the US.  This
acquisition is subject to approval by the US Federal Trade Commission, which
is expected within six to eight weeks.  It brings to the group the leading US
internet advertising expenditure tracking business - CMR Interactive.

Increasing the volume of syndicated and tracking services

'With the strong growth of our panel businesses and the increased demand for
tracking information, the mix of our business is changing steadily.  We
expect this trend to continue with this higher margin business bringing
greater visibility to our operations.

Expanding our internet capabilities

'Taylor Nelson Sofres Interactive (TNSi) was established as a separate unit
in 1999 to drive forward our internet-related activities.  Its dedicated team
has three main activities:  developing direct business with dot.com companies,
providing internet solutions for existing clients and managing the
application of the production platform and delivery solutions required for
such projects.

'Dot.com companies do business differently from our existing clients but need
all the same measures of performance and effectiveness.  Taylor Nelson Sofres
is already a leading provider to them. These companies are involved in
projects that need considerable investment and require evaluation at each
stage of their development.  Using our increasing range of internet brands
including WebEval and AdNetTrack, we supply market and competitive
intelligence.  The CMR acquisition will add the online advertising tracking
product InterWatch.

'We have identified a global computer aided web interviewing platform, to be
used for online interviewing across the group.  The internet has already
revolutionised our data collection and delivery and we are taking full
advantage of the opportunities it offers to provide a fast, efficient,
flexible and cost-effective service.

We intend to invest further in this important area.

Investing for future growth

'We are a global company with a presence in all the major markets for our
industry.  The few remaining gaps have been identified and targeted.  We
expect our existing operations to achieve steady ongoing organic growth,
supplemented by acquisition as we reinforce our specialist sectors.
Recognising the importance of being at the leading edge of web-enabled
research and providing clients with the information they need on their on-
line activities, we will continue to invest into the internet.  With our
clients' growing demand for syndicated and tracking information, we will
continue to place emphasis on developing the higher margin side of our
activities.

We believe our strategy will lead to ongoing profitable growth.  2000 has
started well, with growth in the first two months in line with our
expectations.'


REVIEW OF OPERATING ACTIVITIES

Turnover grew by 11.4 per cent (11.9 per cent at constant exchange rates).
On a like for like basis excluding the effect of exchange rates, acquisitions
and disposals, the increase was
7.3 per cent, with growth across all regions.


Continued growth across all regions

Turnover                 1999      1998    Change
                           £m        £m         %
Europe                  301.7     278.1       8.5
Americas                 52.2      40.6      28.6
Asia Pacific             27.0      23.3      16.1
                        -----     -----     -----
Total                   380.9     342.0      11.4
                        -----     -----     -----

Europe

The region benefited from the acquisitions of NIPO in the Netherlands and
smaller additions in France, Norway, Spain and the UK (for part of the year).
This more than offset the negative impact of the strength of the pound
compared to the Euro.  Like for like growth was 7.2 per cent.

Americas

The group is strengthening its position by acquisition in this important
market, where turnover grew by 28.6 per cent (24.9 per cent at constant
exchange rates), with an underlying improvement of 6.2 per cent.
Acquisitions included INDETEC, a Telecoms business and MDI, which specialises
in Hispanic research.  Turnover in 2000 will benefit from the acquisition of
CMR, which is subject to Federal Trade Commission approval expected within
six to eight weeks.  CMR's turnover in 1999 was US$54.1 million.

Asia Pacific

Asia Pacific turnover was bolstered by the investment in consumer panels made
during the past two years and sales from branded research solutions, with
underlying growth of 10.7 per cent.  This market continued to see pricing
pressure impact margins on the customised business.

Technology sectors forge ahead

Turnover                 1999     1998*    Change
                           £m        £m         %
Consumer                144.7     134.9       7.3
Media                    68.2      59.8      14.1
Business services        39.6      31.3      26.7
IT/Telecoms              38.1      27.4      39.0
Healthcare               31.8      33.1     (4.0)
Other activities         58.5      55.5       5.3
                        -----     -----     -----
Total                   380.9     342.0      11.4
                        -----     -----     -----

*  Restated for sector realignment

Consumer

The consumer panel businesses had a busy year in 1999.  The strong Asia
Pacific presence was extended by establishing panels in Korea and Thailand
and the group is broadening its activities in China.  The Latinpanel joint
venture with NPD and IBOPE, announced today, provides consumer purchase
information in Brazil, Argentina and Chile, while opening up the expanding
Latin American market.  In the UK, Superpanel is being increased from 10,000
to 15,000 homes, using the newly developed Palm technology and scanning has
been introduced successfully to panels in Spain and Ireland.  The consumer
panel business reported solid growth in the year.  Performance in the
customised part of the consumer sector was more variable, although Germany,
Central Europe and the US reported very good figures.

Media

This sector includes television audience measurement and media monitoring.
The latter performed particularly well, reinforced by the acquisitions of Lit
Tout in France and Tellex in the UK.  The acquisition of CMR in the US,
announced last week, will substantially increase revenue in future years.

The group realised further opportunities in television audience measurement,
as it announced an extension to the national metered service in China and
launched a PeopleMeter service in Shanghai.  The BBM panel in Canada is being
rolled out to a full national panel using PictureMatching, one of the Taylor
Nelson Sofres technologies that measure TV audiences in 18 countries around
the world.  The set up of new industry contracts in Norway and Denmark is
complete and new panels have been launched in Korea and Greece.  The power of
the group's data and its ability to link TV and consumer panel information
was recognised, as ITV extended the UK TVSpan contract to 3,000 homes in the
UK.

Business services

Business services includes clients in financial services, transport
industries and major utilities.  Much of the growth in this sector came
through the acquisition of NIPO, for which Business services represents 37
per cent of turnover.

IT and Telecoms

The group experienced another strong year in this hi-tech sector, with a
number of significant business wins.  The majority of TNS Telecoms business
is derived from Western Europe and the US, where its presence has been
extended by the INDETEC acquisition.  Business is increasingly being
generated around the world, with local telecoms companies seeking the group's
assistance, while US and European clients consider further investment
opportunities.  Asia Pacific is seeing good growth for both IT and Telecoms
across a number of countries.

Healthcare

Turnover for Healthcare was down on the previous year following the disposal
of JRC in 1998.  Adjusting for this lost revenue, the sector showed a small
upturn year on year.  Sales in the UK were impacted by the loss of revenue
from Scriptcount, the prescription monitoring service, following a legal
review which was overturned on appeal.  The service has been re-established
and will support growth in 2000.

Other activities

This sector includes automotive research, polling, and marketing activities.

FINANCIAL REVIEW

Interest

The net interest charge for the year was £2.4 million, compared to £3.4
million in 1998. The lower interest charge results from a range of
initiatives, including the renegotiation of the interest rate swap, taking
advantage of the lower level of interest rates for the Euro denominated debt
and an increase of UK cash deposits.  Interest cover at the year end was 13.6
times compared to 8.2 times in 1998, despite an increase in borrowings.

Taxation

The effective tax rate for 1999 before goodwill amortisation was 32.0 per
cent compared to an effective rate in 1998, before goodwill amortisation and
exceptional item, of 31.8 per cent. The group continues to aim to reduce the
effective tax rate towards the UK headline rate.  1999's result confirms that
it remains on target to accomplish this over the next few years.

Minority interests

Minority interests in the group's profit after tax reduced to £0.4 million
(1998 £1.1 million), as a result of the acquisition of a number of minority
shareholdings in key subsidiaries.

Capital and development expenditure

Total capital expenditure for 1999 amounted to £17.3 million, of which £15.4
million related to tangible fixed assets, £0.4 million was the purchase of
intangibles and £1.5 million represented capitalised development expenditure.

Treasury management and policy

Taylor Nelson Sofres operates a central treasury function providing services
to the group.  Treasury arranges loans and funding, invests surplus liquidity
and manages financial risk.  Group Treasury is not a profit centre and no
speculative trades are permitted.  It operates within specific policies,
agreed by the board, to control and monitor financial risk within the group
and reports regularly to the board against these policy requirements.
Prudent and controlled use is made of financial instruments, mainly interest
rate swaps used to reduce fluctuation in interest costs and forward exchange
contracts used to reduce fluctuation in exchange rates, with relationship
banks as counter parties.

Net debt

The group had net debt of £63.6 million at the end of the year (1998 £40.6
million).  The increase in debt primarily results from the higher level of
acquisition activity in the year.  Unutilised facilities amounting to 19.9
per cent of current net debt are available and further facilities of
approximately 60 per cent are under negotiation. The acquisition of CMR is
being financed by a specially arranged new debt facility and will add £55.0
million net debt.


Cash flow and cash funds

Net cash inflow from operating activities was £38.6 million, compared to
£38.4 million in 1998.  The increase in working capital at the end of 1999
resulted from an increase of
£20.6 million in debtors, offset in part by an increase of £14.6 million in
creditors.  The net increase of £6.0 million should be considered in the
context of the increase in turnover.  The net cash outflow for acquisitions
during the year was £38.7 million (1998 £9.7 million net of £3.1 million from
disposals).  About two thirds of this additional cash requirement was funded
by borrowings and the remainder was funded from existing cash.  Cash at the
end of the year was £22.9 million.  Surplus cash is invested on the money
market with prime credit counter parties only, in short term deposits and
instruments.

Acquisitions

During the year, Taylor Nelson Sofres continued to make acquisitions in line
with its strategy to build on the group's strengths in its core sectors and
to broaden its global reach.  Acquisitions included NIPO in the Netherlands;
Lit Tout in France; Serviradio in Spain; Scan-Fact in Norway; Customer
Satisfaction Surveys, WHF, Scher and Tellex Monitors in the UK; QCR
Healthcare, Market Developments, Inc. and INDETEC in the US.  On
13 March 2000, the group announced that it had reached agreement to purchase
Competitive Media Reporting for a cash consideration of US$88.0 million,
subject to FTC approval.

The results of the group as extracted from the audited financial statements
are shown on the following pages.

GROUP PROFIT AND LOSS ACCOUNT
for the year ended 31 December
                                                 Notes     1999     1998
Turnover                                                     £m       £m
Continuing activities                                     362.7    339.8
Acquisitions                                               18.2        -
                                                         ------   ------
                                                          380.9    339.8
Discontinued operations                                       -      2.2
                                                         ------   ------
                                                     2    380.9    342.0
Cost of sales                                            (133.7)  (124.9)
                                                         ------   ------      
Gross profit                                              247.2    217.1
                                                         ------   ------
Administrative expenses excluding goodwill 
amortisation                                             (213.2)  (188.6)
Goodwill amortisation                                      (1.4)    (0.1)
                                                         ------   ------
Administrative expenses                                  (214.6)  (188.7)
                                                         ------   ------      
Operating profit                                           
Continuing activities (after goodwill                     
amortisation of £0.4m  1998 £0.1m )                        32.1     28.2
Acquisitions (after goodwill                      
amortisation of £1.0m  1998 £nil )                          0.5        -
                                                         ------   ------
                                                           32.6     28.2
Discontinued operations                                       -      0.2
Operating profit before goodwill                  
amortisation                                               34.0     28.5
                                                         ------   ------      
                             
Operating profit                                      2    32.6     28.4
Income from interests in associated               
undertakings                                                0.9      0.2      
Profit on disposal of discontinued                
operations                                                    -      3.0      
                                                         ------   ------      
Profit on ordinary activities before interest              33.5     31.6
Interest receivable and similar income                      0.9      0.5
Interest payable and similar charges                       (3.3)    (3.9)
                                                         ------   ------      
Profit on ordinary activities before taxation         2    31.1     28.2
Taxation on ordinary activities                           (10.4)    (8.0)
                                                         ------   ------      
Profit on ordinary activities after taxation               20.7     20.2
Minority interests                                         (0.4)    (1.1)
                                                         ------   ------      
Profit for the year                                        20.3     19.1
Dividends                                                  (6.5)    (5.2)
                                                         ------   ------      
Retained profit for the year                               13.8     13.9
                                                           
Earnings per share                                    3     5.5p     5.2p
                                                         ------   ------      
Earnings per share before goodwill                        
amortisation and exceptionals                         3     5.9p     4.4p
                                                         ------   ------      
Fully diluted earnings per share                      3     5.1p     4.9p
                                                         ------   ------      
Dividend per share                                          1.8p     1.4p
                                                         ------   ------

There is no difference between the profit on ordinary activities before
taxation and the retained profit for the year stated above, and their
historical cost equivalents.

GROUP BALANCE SHEET
at 31 December
                                                                Restated
                                                           1999     1998   
                                                             £m       £m
Fixed assets                                                     
Intangible assets                                          63.4      8.0
Tangible assets                                            42.9     40.0
Investments                                                
   Associates                                               2.6      1.3
   Other                                                   11.1     11.3
                                                         ------   ------      
                                                           13.7     12.6
                                                         ------   ------  
                                                          120.0     60.6
                                                         ------   ------   
Current assets                                             
Stocks and work-in-progress                                32.6     30.7
Debtors                                                   114.4     89.2
Cash at bank and in hand                                   22.9     31.7
                                                         ------   ------
                                                          169.9    151.6
                                                           
Creditors:  amounts falling due within one year          (186.9)  (129.1)
                                                         ------   ------     
Net current assets/(liabilities)                          (17.0)    22.5
                                                         ------   ------      
Total assets less current liabilities                     103.0     83.1
                                                           
Creditors: amounts falling due after              
more than one year                                        (49.2)   (70.9)     

Provisions for liabilities and charges                    (30.9)    (7.6)
                                                         ------   ------      
Net assets                                                 22.9      4.6
                                                         ------   ------      
Capital and reserves                                       
Called up share capital                                    19.3     19.2
Share premium                                              99.8     98.6
Other reserves                                              0.4      0.4
Profit and loss account                                   (99.8)  (118.1)
                                                         ------   ------      
Equity shareholders' funds                                 19.7      0.1
Minority interests                                          3.2      4.5
                                                         ------   ------    
                                                           22.9      4.6
                                                         ------   ------

The press release was approved by the board on 20 March 2000.

GROUP CASH FLOW STATEMENT
for the year ended 31 December

                                                Notes     1999     1998
                                                            £m       £m

Cash flow from operating activities                       
Net cash inflow before exceptional items         
from continuing operating activities                      38.6     38.2
Net cash inflow from discontinued                
operating activities                                         -      0.2
                                                        ------   ------
                                                    4     38.6     38.4
                                                          
Returns on investments and servicing of finance                  

Interest received                                          0.6      0.5
Interest paid                                             (2.8)    (3.9)
Interest element of finance leases                        (0.1)    (0.1)
Dividends paid to minorities                              (0.5)       -
                                                        ------   ------       
Net cash outflow from returns on                 
investments and servicing of finance                      (2.8)    (3.5)
                                                        ------   ------  
Taxation                                                  
Taxation paid                                             (5.4)    (9.3)
                                                        ------   ------       
Capital expenditure and financial investment                        
Purchase of tangible fixed assets                        (15.3)   (10.9)
Purchase of intangible fixed assets                       (0.7)    (0.7)
Development expenditure capitalised                       (1.5)    (0.8)
Purchase of investments                                   (0.5)    (8.6)
Sale of investments                                          -      0.2
Sale of tangible fixed assets                              0.3      1.0
                                                        ------   ------       
Net cash outflow from capital expenditure        
and financial investment                                 (17.7)   (19.8)
                                                        ------   ------       
Acquisitions and disposals                                
Purchase of undertakings                                 (40.8)   (12.3)
Net cash acquired with subsidiary undertakings             2.1     (0.5)
Proceeds from sale of business                               -      3.1
                                                        ------   ------       
                           
Net cash outflow from acquisitions and disposals         (38.7)    (9.7)
                                       
Dividends paid                                            (5.5)    (3.7)
                                                        ------   ------       
Cash outflow before use of liquid                
resources and financing                                  (31.5)    (7.6)      
                                                          
Financing                                                 
Issue of shares                                            1.3     68.6
Increase/(decrease) in net debt                           22.8    (63.8)
                                                        ------   ------       
Decrease in cash in the period                      4     (7.4)    (2.8)
                                                        ------   ------

STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the year ended 31 December

                                                          1999     1998
                                                            £m       £m

Profit for the year                                       20.3     19.1
Translation differences on foreign currency net           
investments less translation differences on      
foreign currency loans taken out to fund those
investments                                                5.1     (1.5)

Tax on gains on foreign currency borrowings      
hedging foreign investments                               (0.6)       -
                                                        ------   ------
Total recognised gains and losses relating to    
the year                                                  24.8     17.6

Prior year adjustment - FRS 12 (see note 1)                  -      1.0
                                                        ------   ------
Total gains and losses recognised since last     
annual report                                             24.8     18.6
                                                        ------   ------

RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
FOR THE YEAR ENDED 31 DECEMBER
                         
                                                               Restated
                                                          1999     1998
                                                            £m       £m
Profit for the year                                       20.3     19.1
Dividends                                                 (6.5)    (5.2)
                                                        ------   ------       
                                                          13.8     13.9

Other recognised gains and losses 
(net of taxation)                                          4.5     (1.5)

New share capital issued 
(including share premium)                                  1.3      8.0

Revisions to fair values                                     -     (7.4)

Prior year adjustment - FRS 12  (see note 1)                 -      1.0
                                                        ------   ------
Net addition to shareholders' funds                       19.6     14.0
Opening shareholders' funds                                0.1    (13.9)
                                                        ------   ------       
Closing shareholders' funds                               19.7      0.1
                                                        ------   ------

1    Basis of accounting
     The  financial  statements have been prepared  under  the
     historical  cost convention.  The group has  adopted  the
     provisions  of FRS 12 Provisions, Contingent  Liabilities
     and  Contingent Assets and FRS 15 Tangible Fixed  Assets.
     This  has led to the restatement of provisions as  at  31
     December 1998, which have been reduced by £1m from  £8.6m
     to £7.6m.  The impact of this change has been to increase
     the  profit  and loss reserve by the same amount.   There
     has  been  no change in presentation as a result  of  the
     adoption  of FRS 15.  In addition, the group has  adopted
     the  provisions of FRS 13 Derivatives and Other Financial
     Instruments.
     
2    Geographic analysis
     
     Turnover                                             
                                                              1999      1998
                             Continuing     Acquisitions     Total     Total
                                     £m               £m        £m        £m
     Sales by origin                               
     Europe                       288.3             13.4     301.7     278.1
     Americas                      47.7              4.5      52.2      40.6
     Asia Pacific                  26.7              0.3      27.0      23.3
                                 ------           ------    ------    ------
                                  362.7             18.2     380.9     342.0
                                 ------           ------    ------    ------
     Sales by destination                                     
     Europe                       277.0             12.8     289.8     266.4
     Americas                      59.7              5.1      64.8      53.1
     Asia Pacific                  26.0              0.3      26.3      22.5
                                 ------           ------    ------    ------
                                  362.7             18.2     380.9     342.0
                                 ------           ------    ------    ------
     Profit on ordinary                                    
     activities
     before taxation
     Europe                        29.7              1.3      31.0      25.6
     Americas                       3.4              0.3       3.7       2.9
     Asia Pacific                  (0.6)            (0.1)     (0.7)        -
                                 ------           ------    ------    ------
                                   32.5              1.5      34.0      28.5
     Goodwill amortisation         (0.4)            (1.0)     (1.4)     (0.1)
                                 ------           ------    ------    ------
     Operating profit              32.1              0.5      32.6      28.4
     
     Income from interests in                         
     associated undertakings                                   0.9       0.2
     
     Profit on disposal of                           
     discontinued operations                                     -       3.0
     
     Interest receivable                                       0.9       0.5
     
     Interest payable                                         (3.3)     (3.9)
                                                            ------    ------
                                                              31.1      28.2
                                                            ------    ------
     
     Net assets                                               1999      1998
                                                             Total     Total
                                                                £m        £m
     Europe                                                   30.1       6.1
     Americas                                                  9.2       6.5
     Asia Pacific                                             (1.3)      0.2
                                                            ------    ------
     Net operating assets                                     38.0      12.8

     Unallocated amounts:
                           
     Current and deferred taxation                           (10.6)     (4.7)
     Dividends payable                                        (4.5)     (3.5)
                                                            ------    ------
     Net assets                                               22.9       4.6
                                                            ------    ------
     
     In  the opinion of the directors, the group has only  one class  of      
     business  which  is the  provision  of  market information services.

3    Earnings per share

     Earnings  per  share have been calculated on  the  profit
     after  taxation  and minority interests of  £20.3m  (1998
     £19.1m)  and  on  367,817,539 shares (1998  365,097,207),
     being  the  weighted average number of shares  in  issue,
     fully ranking for dividends during the year.
     
     The  weighted average number of shares held by  the  ESOP
     and the EBT has been excluded from the earnings per share
     calculation  in  accordance  with  UITF  13,  as  it   is
     considered that the dividend waiver of all but 0.001p per
     share constitutes a full waiver for these purposes.
     
     The  fully diluted earnings per share has been calculated
     in  accordance with the provisions of FRS  14,  with  the
     weighted average number of shares in issue being adjusted
     to  assume  conversion of all outstanding  share  options
     into  shares  at  the  start of the year.   The  adjusted
     weighted    average    figure   is   396,461,817    (1998
     391,284,707).
     
     Earnings per share before non-operating exceptional items
     and  goodwill  amortisation has been  calculated  on  the
     profit   after  taxation  and  minority  interests,   but
     excluding  non-operating  exceptional  items  (1999  £nil
     1998  £3.0m) and goodwill amortisation (1999 £1.4m   1998
     £0.1m) of  £21.7m (1998 £16.2m).

4    Consolidated statement of cash flow

     a)   Reconciliation of operating profit to net cash inflow
          from operating activities

                                                             1999     1998
                                                            Total    Total
                                                               £m       £m

   Operating profit from continuing activities               32.6     28.2
   Amortisation of intangible fixed assets                    2.2      1.3
   Depreciation of tangible fixed assets                     12.3     10.4
   (Increase) in stocks and work-in-progress                 (1.7)    (1.7)
   (Increase)/decrease in debtors                           (20.6)     0.9
   Provisions                                                (0.8)    (1.2)
   Increase in creditors                                     14.6      0.3
                                                            -----    -----
   Net cash inflow from continuing operating activities      38.6     38.2
   Net cash outflow from discontinued operating activities      -      0.2
                                                            -----    -----
   Net cash inflow from operating activities                 38.6     38.4
                                                            -----    -----

     b)   Analysis of net debt

                           At     Cash    Exchange    Acquisitions    At 31
                        1 Jan     flow    movement                      Dec
                         1999                                          1999
                           £m       £m          £m              £m       £m
   Cash at bank      
   and in hand           31.7     (9.5)       (1.4)            2.1     22.9
   Loans repayable            
   within 1 year         (1.4)   (37.8)        2.6            (0.8)   (37.4)
   
   Loans repayable            
   after more
   than  1 year         (69.5)    14.6         6.6               -    (48.3)
   
   Obligations under      
   finance leases        (1.4)     0.4         0.2               -     (0.8)
                       ------   ------      ------          ------   ------
                        (40.6)   (32.3)        8.0             1.3    (63.6)
                       ------   ------      ------          ------   ------



    c)    Analysed in balance sheet

                                                        At 1 Jan   At 31 Dec
                                                            1999        1998
                                                              £m          £m

   Cash at bank and in hand                                 31.7        22.9
   Bank loans repayable within 1 year                       (1.4)      (37.4)
   Bank loans repayable after more than 1 year             (69.5)      (48.3)
   Finance leases repayable within 1 year                   (0.4)       (0.2)
   Finance leases repayable after more than 1 year          (1.0)       (0.6)
                                                          ------      ------
                                                           (40.6)      (63.6)
                                                          ------      ------

5    Post balance sheet events

    On  13 March 2000, the group announced that it had reached
    agreement  to  acquire  Competitive Media  Reporting,  the
    largest provider of advertising tracking services  in  the
    US,   for   a   cash  consideration  of  US$88.0m.    This
    acquisition  is  subject to approval  by  the  US  Federal
    Trade  Commission, which is expected within six  to  eight
    weeks.

Additional information

Subject  to the approval of shareholders at the annual general
meeting  on Tuesday 13 June 2000, the final dividend  will  be
paid on 5 July 2000 to shareholders on the register on 26  May
2000.

Copies  of  this  release  are  available  from  the  Investor
Relations Manager, Taylor Nelson Sofres plc, Westgate,  London
W5   1UA   and  it  is  on  the  group's  internet  site   at
www.tnsofres.com.