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 08 September, 2003

Taylor Nelson Sofres

Interim Results

Taylor Nelson Sofres PLC
08 September 2003

                                                        Taylor Nelson Sofres plc
                                                                        Westgate
                                                                          London
                                                                          W5 1UA
                                                                  United Kingdom
                                                              www.tns-global.com


Press information for release at 07.00                          8 September 2003


                   Making rapid progress with NFO integration


Highlights for the six months ended 30 June 2003

          Business performance                                   2003              2002             Change

          Turnover including joint ventures                      £304.7m           £296.0m          2.9%
          Operating profit*                                      £25.8m            £24.5m           5.1%
          Operating margin*                                      8.4%              8.3%
          Profit before tax**                                    £20.7m            £19.0m           8.9%
          Adjusted earnings per share**                          3.43p             3.38p            1.7%
          Total dividend per share                               0.95p             0.90p            5.6%

*   including joint ventures and before goodwill charges
**  including joint ventures and before goodwill charges and finance charges
    related to the acquisition of NFO


          Statutory results                                      2003              2002             Change

          Turnover excluding joint ventures                      £296.9            £288.2m          3.0%
          Operating profit before joint ventures and
          associates                                             £18.7m            £17.8m           4.6%
          Profit before tax                                      £13.8m            £12.8m           7.4%
          Basic earnings per share                               1.70p             1.76p            (3.4)%


Chief Executive, Mike Kirkham, said:

"Our results for the first six months of the year reflect the group's ability to
maintain underlying levels of turnover and to increase operating profit, despite
the ongoing effects of a difficult economic environment on some of our markets.

"The acquisition of NFO and its merger with TNS is an important strategic step
for the group.  We have acquired a high quality company that fits well with our
existing business.  We have put significant management resource into the
integration process, to ensure that we make rapid progress.  This process is
going well.  We expect to see an improvement in market growth over the medium
term, as the world economy strengthens.  The enlarged group has the geographic
spread and operational scale to take an increasing share of that growing market.
By effectively managing the integration, we are establishing a platform from
which to secure this longer-term goal.

"For the full year 2003, we anticipate that the enlarged group will achieve
turnover growth in line with our expectations.  In respect of the original TNS
business, orders secured at the end of July were ahead of those secured by the
same date in 2002 and represented over 80 per cent of our internal turnover
forecast for the year.  With, as anticipated, a stronger margin performance from
NFO in the second half, the operating margin for the enlarged group is expected
to be higher than would have been achieved by the original TNS business alone.
Looking further ahead, as previously indicated, the revenue synergies arising
from the merger should begin to show through progressively during 2004 and we
remain on track to realise the significant benefits provided by the merger."

On 8 September, all enquiries to +44 (0)20 7638 9571

Thereafter:

Mike Kirkham, Chief Executive                           +44 (0)20 8967 4022
David Lowden, Finance Director                          +44 (0)20 8967 4009
Janis Parks, Head of Investor Relations                 +44 (0)20 8967 1584
Margaret George, Citigate Dewe Rogerson                 +44 (0)20 7638 9571

Email to: Janis.Parks@tns-global.com


A webcast of the results presentation made to analysts will be available on the
Investor Centre of the group's website, at www.tns-global.com, from 16.00 on
Monday 8 September 2003.


Note to editors

About TNS

TNS is one of the world's leading market information groups.  We provide market
measurement, analysis and insight through our global network of operating
companies in 70 countries.  Working with national and multi-national
organisations, we help our clients to develop effective business strategies and
enhance relationships with their customers.  In July 2003, the group completed
the acquisition of NFO WorldGroup, Inc.  Further information on TNS can be found
on www.tns-global.com.

Pictures of management are available for the media to access and download from
VisualMedia Online at www.vismedia.co.uk.



Interim Results

Taylor Nelson Sofres plc (TNS), a world leader in market information, today
announces its interim results for the six months ended 30 June 2003.  The
acquisition of NFO WorldGroup Inc. (NFO) was completed on 10 July 2003 and has
no impact on the operating results.

Turnover

On a reported basis, turnover including joint ventures increased by 2.9 per cent
to £304.7 million (2002 £296.0 million).  In a period that saw steady growth in
the market for syndicated and continuous tracking services, but continued
pressure in media intelligence and ad hoc customised, the group increased
underlying turnover by 0.2 per cent in the first half, excluding the effects of
acquisitions, currency and discontinued operations.  Currency had a positive
impact of 1.0 per cent.  The contribution from 2002 acquisitions of 2.3 per cent
was partially offset by discontinued operations, which had a negative impact of
0.6 per cent.

Operating profit and margin

Operating profit including joint ventures and before goodwill charges grew by
5.1 per cent to £25.8 million (2002 £24.5 million).  Operating margin before
goodwill charges was 8.4 per cent compared with 8.3 per cent in the
corresponding period of 2002.  The first half margin was impacted by a charge of
£1.3 million made during the period relating to property litigation in France,
where a judgement in favour of TNS was overturned on appeal.  TNS is currently
appealing against this decision and no further payments are anticipated.

Profit before tax

Profit before tax, goodwill charges and finance charges related to the
acquisition of NFO grew by 8.9 per cent to £20.7 million (2002 £19.0 million).
After these charges, profit before tax was £13.8 million (2002 £12.8 million),
up 7.4 per cent.

Earnings and dividend per share

Earnings per share before goodwill charges and finance charges relating to the
acquisition of NFO were 3.43p (2002 3.38p), an improvement of 1.7 per cent.
Basic earnings per share were 1.70p (2002 1.76p).

The board has declared an interim dividend of 0.95p per share (2002 0.90p), up
5.6 per cent.  The record date for the dividend is 8 November 2003 and the
payment date is 9 December 2003.

Interest and cash performance

Net debt at 30 June 2003 was £154.4 million compared with £204.8 million at 31
December 2002.  This was after receiving £50.9 million of cash, net of expenses,
in respect of the placing of 39.1 million shares on 14 May 2003. The group's
operating cash flow was £25.1 million (2002 £16.8 million) and £2.6 million was
spent on acquisitions in the period, which related largely to the purchase of
minority interests in existing subsidiaries. On 13 May 2003, TNS signed new
banking facilities of £490 million in anticipation of the acquisition of NFO.

The net interest charge, excluding other finance charges, fell by two per cent
to £4.9 million (2002 £5.1 million).  Interest cover against EBITDA, excluding
other finance charges, was 7.3x (2002 6.8x).  Other finance charges were £1.0
million (2002 £0.5 million), which includes £0.7 million representing the
pre-tax amount of the write-off of unamortised arrangement fees relating to debt
facilities replaced as a result of the NFO acquisition, notional interest of
£0.1 million (2002 £0.4 million) and further finance charges of £0.2 million
(2002 £0.1 million).

The group's effective tax rate before goodwill charges was 31.5 per cent (2002
30.6 per cent).  For the year as a whole, the tax rate is expected to be closer
to 32.0 per cent, compared with the full year 2002 rate of 31.5 per cent.

Update on NFO

The acquisition was completed on 10 July 2003 and the group's second half
results will include a contribution from NFO with effect from that date.

Management reports for NFO, under US GAAP, showed a small underlying turnover
growth in the first half.  Its customised businesses around the world operate in
similar markets to TNS and their performance was generally in line with that of
the local economic environment.  NFO runs the largest access panel in the US and
this operation achieved good growth.  As discussed later in this release, the
international healthcare market has been difficult this year and this adversely
impacted NFO's operations.  One of the group's integration priorities is to
merge the healthcare operations of TNS and NFO into one global business and the
benefits of this should begin to show through later in the year.  The NFO
business is expected to continue to show some increase in turnover in the second
half.

As previously indicated, margin performance in the first half was below the
previous year, as the business was adversely affected by a number of one-off
factors.  The principal of these was the impact of a prolonged disposal period.
During that period senior management was distracted, there was significant
uncertainty at the operational level and the business lacked the flexibility of
cost management required to react appropriately to market conditions.  On a
regional basis, operations in Asia and Canada were impacted by SARS, and the
Middle East by the Iraq war.  These factors should not recur in the second half
and margins are expected to return to previous levels.

Commenting on the six months' results and progress of the NFO integration, Chief
Executive Mike Kirkham said:

"Our results for the first six months of the year reflect the group's ability to
maintain underlying levels of turnover and to increase operating profit, despite
the ongoing effects of a difficult economic environment on some of our markets.

Our markets

"The markets in which we operate showed a similar pattern in the first half of
2003 to the previous year.  Clients remain committed to purchasing the
information they receive from syndicated services, such as consumer panels and
TV and radio audience measurement. This segment of the market, therefore, has
maintained its steady growth.  Continuous tracking of markets for individual
clients has also been a steady growth area.  Media intelligence, however, was
again impacted by the weak advertising environment and by the focus of news
coverage on the war in Iraq.

"Performance within the ad hoc customised market was mixed.  The recent signs of
an improvement in the US economy have led to an increase in enquiries in that
market but it is premature to talk of a sustained recovery.  Northern Europe
continues to be soft but there are signs of a pick-up in parts of Southern,
Central and Eastern Europe.  Asia Pacific is still a growing area.  Overall, we
believe that the market will show low single digit growth for the year as a
whole.

"While it is too early to say whether that growth will accelerate in the first
half of 2004, we do expect our markets to improve as the global economy becomes
more stable.  We therefore continue to invest in the new products and services
that will enable us to take full advantage of that improvement.  With our
increased emphasis on the implementation of systems that will, in particular,
enhance our services to key clients, the development spend in 2003 has been more
weighted to the first half than is our normal pattern.

Making rapid progress with the integration of NFO

"Having completed the acquisition of NFO in mid-July, our main focus now is on
merging the two businesses as speedily and effectively as possible.  The
acquisition was driven by the potential for the enlarged group to grow faster
and more profitably than the two separate entities.  We believe it offers
significant revenue and cost synergies.   We have put in place a carefully
planned process, supported by a global and regional management structure, that
enables us to identify and achieve both types of synergy.  In all cases, our
emphasis is on creating value rather than simply harmonising processes and we
have made significant progress in several key areas.

Creates stronger global network based on three main regions

"As we said at the time of the announcement, our first priority was to merge the
two businesses in North America and Asia.  In both regions, we have already
implemented an operating model and made a range of senior appointments.  Our
original intention was to start the integration in Europe early in 2004 but,
given the progress we have made elsewhere, we have now decided to bring this
forward.  We will integrate our European operations fully under one management
structure and one brand.  The integration planning is underway.

Increases focus on key accounts and specialist sectors

"We have agreed an integrated approach for the management of global key accounts
across all of our sectors.  This should be particularly beneficial in the fmcg
area, where NFO brings to the group a number of major accounts.

"One of the sectors most strengthened by the merger is Healthcare.  We have
appointed a new and highly experienced CEO for this sector, which will be run as
a global business, with special focus on key accounts.  The immediate priority
is to integrate the healthcare businesses of TNS and NFO, with particular
emphasis on North America.  Although the healthcare market has been difficult
lately, it is expected to provide opportunities for longer-term growth.  By
combining the strengths of the two businesses into one effective organisation,
we should be well placed to take full advantage of market developments.

Widens client base for stronger portfolio of branded solutions

"We are in the process of eliminating duplication of branded solutions to
produce a stronger and more competitive portfolio for the enlarged group.

Enables rationalisation and consolidation of support activities

"With the progressive merger of the businesses at local level, we are able to
streamline support activities.  At the same time, we are focusing resources on
improving levels of client service.  For example, we have already begun to win
contracts with NFO clients using TNS Info, our web portal for data delivery.

Achieving cost synergies

"Our regional integration teams have already identified a range of projects that
will enable the group to deliver cost synergies and, at this early stage, we
believe we are on track to achieve previously stated levels.  These projects are
now being prioritised, to ensure that we pursue those that will create real
value and that are most immediately achievable.  These projects are already
delivering results.  For example, two telephone call centres are being closed in
the US, as we migrate our North America call centre activity to more
cost-efficient facilities in Canada.  We are putting additional investment into
the well-established NFO data processing centre in Hyderabad, India, to allow it
to handle work from the enlarged group.

Outlook

"The acquisition of NFO and its merger with TNS is an important strategic step
for the group.  We have acquired a high quality company that fits well with our
existing business.  We have put significant management resource into the
integration process, to ensure that we make rapid progress.  This process is
going well.

"We expect to see an improvement in market growth over the medium term, as the
world economy strengthens.  The enlarged group has the geographic spread and
operational scale to take an increasing share of that growing market.  By
effectively managing the integration, we are establishing a platform from which
to secure this longer-term goal.

"At the same time, the group's specialist sector expertise, value added insights
and analysis, together with its portfolio of leading branded solutions are
providing competitive advantage, enabling TNS to differentiate itself within the
market.

"For the full year 2003, we anticipate that the enlarged group will achieve
turnover growth in line with our expectations.  In respect of the original TNS
business, orders secured at the end of July were ahead of those secured by the
same date in 2002 and represented over 80 per cent of our internal turnover
forecast for the year.  With, as anticipated, a stronger margin performance from
NFO in the second half, the operating margin for the enlarged group is expected
to be higher than would have been achieved by the original TNS business alone.

"Looking further ahead, as previously indicated, the revenue synergies arising
from the merger should begin to show through progressively during 2004 and we
remain on track to realise the significant benefits provided by the merger."

REVIEW OF OPERATING ACTIVITIES

TURNOVER

In the first six months of 2003, turnover including joint ventures grew by 2.9
per cent to £304.7 million. On an underlying basis, (ie excluding the effect of
acquisitions, currency and discontinued operations) revenue grew by 0.2 per
cent. Currency had a positive impact of 1.0 per cent.  The contribution from
2002 acquisitions of 2.3 per cent was partially offset by discontinued
operations, which had a negative impact of 0.6 per cent.

Commentary in this section refers only to the original TNS business and does not
include any contribution from NFO.

Regional performance

                                                                                                         
                                                     6 months to 30 June             Change             
                                                      2003          2002    Reported       Underlying %  
                                                      £m            £m           %                       

                   UK                               60.3          61.0        (1.2)                (0.8) 
                   France                           57.4          53.6         7.0                  0.2  
                   Rest of Europe                   90.1          85.2         5.9                 (2.1) 
              Europe                               207.8         199.8         4.0                 (1.1) 
              Americas                              70.4          70.5        (0.1)                 0.9  
              Asia Pacific                          26.5          25.7         2.8                 10.4  
              Total                                304.7         296.0         2.9                  0.2  



Europe

In the UK, Consumer Panels continued to deliver steady growth and, in relatively
flat market conditions, consumer customised was stable.  Telecoms performed
strongly, largely driven by increased activity with key accounts.  Healthcare
showed an underlying decline due to a lower level of international projects and
Media Intelligence continued to be weak, particularly in news monitoring.  With
most sectors expected to show improvement in the second half, the UK should
reflect some underlying growth for the full year.


France achieved slight underlying growth, despite a strong comparative in the
first half of 2002, which benefited from election activity as well as a number
of early project completions.  The Consumer sector was boosted by a strong
performance from panels and a pick-up in customised work.  Difficult conditions
in the advertising market continued to impact Media Intelligence turnover.  The
group's ability to provide clients with internationally consistent data helped
TNS in France to secure multi-country tracking studies in a number of its
specialist sectors and the country is expected to see further growth in the
second half.

Within the Rest of Europe, the picture was mixed.  Growth was achieved in
Southern Europe, driven by customised as well as syndicated activities in Spain.
Russia continued to do well across all sectors.  Operations in Germany and
Northern Europe were impacted by economic problems in those areas.  With this
pattern expected to continue into the second half, underlying performance by the
Rest of Europe is anticipated to be flat for the full year.

Americas

The group's custom business in the US continued its outperformance of the
market, with underlying growth of almost 4 per cent in a market that is thought
to have seen little or no growth overall.  This was primarily driven by strong
growth in Consumer, IT and Telecoms. The group's internet capabilities and
branded solutions are being used to win and retain clients; tracking contract
wins using branded solutions increased significantly in the first half.  Key
account management activities have also resulted in more business with larger
clients, particularly in IT/Telecoms.  With an encouraging level of proposal
activity, the group's custom activities in the US should continue to outperform
the market for the year as a whole.

While market factors continued to exert some pressure on the group's Media
Intelligence business in the US, TNS is investing in a number of product
enhancements to deliver competitive advantage and position the group to perform
better as the market picks up.

The Americas region is expected to show stronger growth in the second half.

Asia Pacific

Asia Pacific continued to perform strongly, delivering underlying growth of 10.4
per cent.   Revenue growth was achieved notwithstanding SARS, which primarily
affected the group's activities in Singapore, China and Hong Kong.  Good
progress was made across all sectors with IT, Polling and Consumer Panels, in
particular, reporting encouraging growth.  In Vietnam, the recently launched
consumer panel has strengthened the regional portfolio and the panel in the
Philippines is now well established.  The panel in China again performed
strongly.

The TV audience measurement joint venture in China continued to deliver good
growth.  The group is the clear leader in the Chinese market and now measures
viewing in 18 provinces and 87 cities, while making good progress in rolling out
its PeopleMeter technology.

The region is expected to continue to deliver good levels of underlying growth
in the second half, despite a strong 2002 comparative.

Sector performance 

                                                                                                        
                                                     6 months to 30 June            Change             
                                                      2003         2002    Reported       Underlying %  
                                                      £m           £m           %                       

                Consumer                             98.1         90.5        8.3                  5.4  
                Media                                80.0         78.1        2.5                  0.7  
                Business Services                    39.2         40.6       (3.3)                (7.4) 
                IT/Telecoms                          34.7         31.6        9.8                  8.8  
                Healthcare                           20.6         23.3     (11.6)                (12.5) 
                Other activities                     32.1         31.9        0.6                 (4.3) 
                Total                               304.7        296.0        2.9                  0.2  
 

Consumer

The Consumer sector performed well with underlying growth of 5.4 per cent, as
demand for insight into consumer behaviour remains strong.

Consumer Panels have continued to achieve the steady growth expected from
syndicated services.   There have been a number of new business wins in the key
markets of UK and France, in addition to normal high levels of contract
renewals.  The household panel in Spain has shown good growth and panel
activities in Asia Pacific performed strongly.  In July 2003, the group
strengthened its position in Central America by the acquisition of Data Advance
Research, renamed TNS Data.  TNS Data operates a panel of more than 2,400
households across six countries in Central America, which will become part of
the Latinpanel network.  Consumer customised showed good growth in the US and
Asia Pacific, as well as France, although the market for customised research in
some other areas of Europe remains soft.

Consumer Panel activities have been branded TNS Worldpanel to reflect the
breadth and quality of the group's capabilities.  The business is expected to
perform well for the full year, but any meaningful turnaround in the performance
of consumer customised will depend on an improvement in economic conditions
generally.

Media

Advertising and public relations markets in Europe and the US continued to be
soft, although positive signs of recovery are beginning to appear in the US.
These early indications of an upturn in the market are not expected to translate
into a notably stronger performance for the group's Media Intelligence
activities in the current year.  In the longer term, US activities should
benefit from the investments being made into improved delivery and collection
systems and expanded Hispanic services.

Despite the weakness in the market, the group gained a number of new clients
around the world and achieved good performances in Russia, China and Spain.  The
range of news monitoring activities in France, the UK and Spain was expanded.
With the release of a number of blockbuster films, cinema trailer tracking
delivered good growth during the period and is expected to show a similar
performance in the second half.  Cinema monitoring services have been introduced
in France and launches in Italy and Australia are planned for later in the year.

The first half saw a number of successes in TV Audience Measurement. The group
extended the duration of its existing contracts in Israel, Denmark and Norway.
The first PeopleMeter panel was successfully launched in Estonia and the joint
venture in China continues to perform well.  At the leading edge of data
collection methods in this sector, TNS is now using Arbitron's mobile technology
to provide both radio and TV audience information to the public broadcaster in
Belgium.  InfoSysTV, the advanced TV analysis system now used in 14 countries,
continued its success as the system of choice for all but one of the
broadcasters in the UK, with the BBC signing a four-year contract.

Business Services

With continued economic softness, the Business Services sector was under
pressure in most regions, exacerbated in Germany by the timing of some large
contract completions.  France, however, reported underlying growth.  This sector
is unlikely to improve until economic conditions generally become more buoyant.

IT/Telecoms

A strong performance in the US helped to boost the group's IT activities.
Effective key account management, an ability to meet the growing demand from
clients for internet research, as well as for added value consulting, drove
growth in revenue.  Sales in the Asia Pacific region also increased, with
pan-regional work commissioned by some of the larger players in the market.

The group's Telecoms business performed very well in a soft market, benefiting
from its focus on key accounts, as well as its ability to conduct major tracking
studies.  With a high level of committed orders in Telecoms, the sector is
expected to see continued growth for the remainder of the year.

Healthcare

The decrease in revenue in this sector was primarily attributable to a decline
in the international healthcare business, which is managed through the UK.  Much
of that business relates to new product development, and the reduction reflects
the slowdown in new drugs coming to the market.

The customised market in the UK has been relatively flat but syndicated
healthcare services, such as Transact, have done well, with significant new
business wins.  The increase in healthcare monitors activity across the group
has provided revenue generation opportunities.  Asia Pacific saw good growth.
The sector is expected to show some improvement in the second half.

Other activities

With difficult conditions in the automotive industry, the group's Automotive
sector was down year on year.  However multi-country tracking contract wins,
including a contract with PSA Peugeot Citroen for a Europe-wide advertising
tracking study, will help to boost the second half.   Polling activities were
down against a strong comparative in the previous year, which saw significant
election activity in France, the Netherlands and Korea.


ENDS

The results of the group are shown on the following pages.


GROUP PROFIT AND LOSS ACCOUNT

                                                                                  Unaudited                Audited
                                                                             6 months to 30 June         Full Year
                                                                                2003          2002            2002
                                                                                  £m            £m
                                                                                                                £m

Turnover - continuing activities                                               304.7         296.0           618.9
Less share of joint ventures                                                    (7.8)         (7.8)          (15.7)
Turnover excluding joint ventures (note 2)                                     296.9         288.2           603.2

Cost of sales                                                                  (98.8)        (98.9)         (212.3)

Gross profit                                                                   198.1         189.3           390.9
Administrative expenses                                                       (179.4)       (171.5)         (352.6)

Operating profit before joint ventures and associates
Continuing activities (after goodwill charges of £5.9m, 2002
£5.9m, 2002 full year £19.6m)                                                   18.7          17.8            38.3

Share of operating profit of joint ventures (after goodwill
charges of £0.3m, 2002 £0.3m 2002 full year £0.6m)                               0.9           0.5             1.3

Operating profit including joint ventures before goodwill charges               25.8          24.5            59.8
Goodwill charges                                                                (6.2)         (6.2)          (20.2)

Operating profit including joint ventures                                       19.6          18.3            39.6
Share of operating profit of associates                                          0.1           0.1             0.2

Profit on ordinary activities before interest and taxation                      19.7          18.4            39.8
Interest receivable and similar income                                           0.7           0.4             0.8
Interest payable                                                                (5.6)         (5.5)          (11.3)
Other finance charges                                                           (1.0)         (0.5)           (0.7)

Profit on ordinary activities before taxation                                   13.8          12.8            28.6
Taxation on profit on ordinary activities                                       (6.2)         (5.8)          (15.5)

Profit on ordinary activities after taxation                                     7.6           7.0            13.1
Minority interests                                                              (0.9)         (0.3)           (0.7)

Profit for the period                                                            6.7           6.7            12.4
Dividends                                                                       (4.1)         (3.5)          (10.0)

Retained profit for the period                                                   2.6           3.2             2.4

Adjusted earnings per share* (note 3)
                                                                                 3.4p          3.4p            8.6p

Basic earnings per share (note 3)                                                1.7p          1.8p            3.3p

Diluted earnings per share (note 3)                                              1.7p          1.7p            3.2p

Dividend  per share                                                             0.95p         0.90p           2.60p



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.

* Before goodwill charges and charges related to the acquisition of NFO


GROUP BALANCE SHEET

                                                                                Unaudited                 Audited
                                                                                at 30 June              at 31 Dec
                                                                              2003           2002           2002
                                                                                £m             £m
                                                                                                              £m
Fixed assets
Intangible assets                                                            174.2          200.2          178.6
Tangible assets                                                               54.9           57.1           56.1
Investments
     Share of gross assets of joint ventures                                  24.6           25.4           22.3
     Share of gross liabilities of joint ventures                             (4.1)          (7.0)          (3.7)
                                                                              20.5           18.4           18.6
Associates                                                                     1.0            0.8            0.9
Other investments                                                              7.6            6.5            8.3
                                                                              29.1           25.7           27.8
                                                                             258.2          283.0          262.5

Current assets
Stock                                                                         38.5           41.3           28.8
Debtors                                                                      168.1          153.0          159.3
Cash at bank and in hand                                                      68.2           22.0           35.6
                                                                             274.8          216.3          223.7

Creditors:  amounts falling due within one year                             (214.4)        (203.0)        (219.2)

Net current assets                                                            60.4           13.3            4.5

Total assets less current liabilities                                        318.6          296.3          267.0
Creditors:  amounts falling due after more than one year                    (203.5)        (226.2)        (202.5)
Provisions for liabilities and charges                                       (23.3)         (28.4)         (23.6)

Net assets                                                                    91.8           41.7           40.9

Capital and reserves
Called up share capital                                                       21.5           19.5           19.6
Share premium                                                                104.4          104.9          105.3
Other reserves                                                                 1.4            1.1            1.2
Profit and loss account                                                      (40.7)         (88.9)         (90.5)
                                                                              86.6           36.6           35.6
Equity shareholders' funds
Minority interests                                                             5.2            5.1            5.3

                                                                              91.8           41.7           40.9


GROUP CASH FLOW STATEMENT

                                                                                 Unaudited                 Audited
                                                                                 at 30 June              at 31 Dec
                                                                               2003           2002           2002
                                                                                 £m             £m
                                                                                                               £m
Cash flow from operating activities
Net cash inflow from continuing operating activities (note 4)                  25.1           16.8           67.0

Dividends received from joint ventures and associates                           0.8            0.1            0.1
Returns on investments and servicing of finance
Interest received                                                               0.7            0.4            0.9
Interest paid                                                                  (5.9)          (4.8)         (10.7)
Capitalised arrangement fees                                                   (2.5)             -              -
Dividends paid to minority interests                                           (0.4)          (0.2)          (0.4)

Net cash outflow from returns on investments and servicing of finance          (8.1)          (4.6)         (10.2)

Taxation
Taxation paid                                                                  (5.6)          (4.8)         (15.3)

Capital expenditure and financial investment
Purchase of tangible fixed assets                                              (8.4)          (7.1)         (16.2)
Purchase of intangible fixed assets                                               -           (0.1)             -
Purchase of investments                                                           -              -           (0.1)
Purchase of own shares                                                            -              -           (2.2)
Sale of tangible fixed assets                                                   2.3            0.5            1.0

Net cash outflow from capital expenditure and financial investment             (6.1)          (6.7)         (17.5)

Acquisitions and disposals
Purchase of subsidiary undertakings (note 4)                                   (3.0)         (17.0)          (5.9)
Purchase of businesses                                                            -              -          (13.6)
Net cash acquired with subsidiary undertakings and businesses                     -              -            0.2
Purchase of joint ventures and associates                                         -           (0.1)          (0.2)
Sale of joint ventures                                                            -              -            0.1

Net cash outflow from acquisitions and disposals                               (3.0)         (17.1)         (19.4)

Equity dividends paid                                                             -              -           (9.5)

Cash inflow/(outflow) before financing                                          3.1          (16.3)          (4.8)
Financing
Issue of shares                                                                52.0              -              -
Expenses arising on the issue of shares                                        (1.1)             -              -
Proceeds on exercise of share options                                           1.0            3.1            3.8
(Decrease)/increase in debt                                                   (22.8)          10.9           12.5

Increase/(decrease) in cash in the period                                      32.2           (2.3)          11.5


STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

                                                                                 Unaudited                 Audited
                                                                            6 months to 30 June          Full Year
                                                                               2003           2002           2002
                                                                                 £m             £m
                                                                                                               £m
Profit for the period                                                           6.7            6.7           12.4
Amounts arising on the exercise of share options                                0.2            0.2            0.3
Translation differences on foreign currency net investments less
translation differences on foreign currency loans taken out to fund            (2.8)          (5.8)          (7.3)
those investments
Tax on gains/(losses) on foreign currency borrowings hedging foreign
investments                                                                       -           (0.1)           0.7
Profit on redemption of shares following placement of share capital            50.0              -              -

Total recognised gains and losses relating to the period                       54.1            1.0            6.1


RECONCILIATION OF MOVEMENTS IN EQUITY SHAREHOLDERS' FUNDS

                                                                                 Unaudited                 Audited
                                                                            6 months to 30 June          Full Year
                                                                               2003           2002           2002
                                                                                 £m             £m
                                                                                                               £m
Profit for the period                                                           6.7            6.7           12.4
Dividends                                                                      (4.1)          (3.5)         (10.0)
                                                                                2.6            3.2            2.4

Amounts deducted in respect of shares issued to a qualifying employee
share ownership trust                                                             -           (1.0)          (1.1)
Amounts arising on the exercise of share options                                0.2            0.2            0.3
Translation differences on foreign currency net investments less
translation differences on foreign currency loans taken out to fund
those investments (net of taxation)                                            (2.8)          (5.9)          (6.6)
Profit on redemption of shares following placement of share capital            50.0              -              -
New share capital issued (including share premium) net of expenses              1.0            2.2            2.7

Net addition/(reduction) to equity shareholders' funds                         51.0           (1.3)          (2.3)
Opening equity shareholders' funds                                             35.6           37.9           37.9

Closing equity shareholders' funds                                             86.6           36.6           35.6


NOTES TO THE INTERIM STATEMENT


1.    Basis of accounting

The financial statements have been prepared on the basis of the accounting
policies set out in the group's 2002 annual report and include the accounts of
Taylor Nelson Sofres plc and its subsidiary undertakings and the group's share
of the results and net assets of joint ventures and associates, based upon the
gross equity and equity methods of accounting respectively.  The interim
financial statements, which were approved by the directors on 8 September 2003,
are unaudited and have not been reviewed in accordance with APB 1993/1.  The
interim report does not comprise full financial statements within the meaning of
Section 240 of the Companies Act 1985.  The figures for the year ended 31
December 2002 are an extract from the full financial statements for that period,
which have been delivered to the Registrar of Companies.  The auditors' opinion
on those accounts was unqualified and did not contain a statement under Section
237 (2) or (3) of the Companies Act 1985.



2.    Geographical analysis of turnover

In the opinion of the directors, the group has only one class of business, which
is the provision of market information services.


                                                                              6 months to 30 June

                                                                          2003  Total           2002
                                                    Continuing                    £m           Total
Turnover                                                    £m                                    £m
Sales by origin
Europe
   - group                                               206.8                 206.8           198.6
   - joint ventures                                        1.0                   1.0             1.2
Americas
   - group                                                69.5                  69.5            69.5
   - joint ventures                                        0.9                   0.9             1.0
Asia Pacific
   - group                                                20.6                  20.6            20.1
   - joint ventures                                        5.9                   5.9             5.6
Total                                                    304.7                 304.7           296.0
   - group                                               296.9                 296.9           288.2
   - joint ventures                                        7.8                   7.8             7.8

Intra-group turnover between geographic segments is not considered material.


 NOTES TO THE INTERIM STATEMENT


3.    Earnings per share

Basic earnings per share have been calculated on the profit after taxation and
minority interests of £6.7m (2002 £6.7m) and on 390,942,312 shares (2002
379,551,356), being the weighted average number of shares in issue during the
year, excluding those held in the ESOP and the EBT, which are treated as
cancelled.

The diluted earnings per share have 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 dilutive potential shares for the period
they were outstanding.

Shares held by the ESOP and the EBT, which are under performance-based options,
are included in the diluted weighted average number of shares as the performance
conditions are deemed to have been met for the purposes of this calculation.
The diluted weighted average number of shares is 395,682,445
(2002 388,323,424).

Adjusted earnings per share before goodwill charges and NFO acquisition-related
costs have been calculated on the profit after taxation and minority interests
of £13.4m (2002 £12.9m), which excludes goodwill charges of £6.2m (2002 £6.2m)
and costs booked in relation to the NFO acquisition of £0.5m (2002 £nil), and on
the basic weighted average number of shares.  The costs relating to the NFO
acquisition consist of finance charges of £0.7m less tax relief of £0.2m.  The
charge represents the write off of unamortised arrangement fees relating to
facilities replaced as a result of the NFO acquisition.
All other NFO related costs will fall in the second half.  The directors believe
that earnings per share before goodwill charges and NFO acquisition-related
costs assists in understanding the underlying performance of the group.

The weighted average number of ordinary shares in issue during the year for the
purpose of these calculations is as follows:

                                                                           2003             2002
Weighted average number of shares (millions)
Share capital                                                             400.5            389.7
Shares held by ESOP                                                        (2.2)            (2.6)
Shares held by EBT                                                         (7.4)            (7.5)
Basic earnings per share denominator                                      390.9            379.6

Dilutive effect of share options                                            4.8              8.7
Dilutive earnings per share denominator                                   395.7            388.3



NOTES TO THE INTERIM STATEMENT


4.    Consolidated statement of cash flow

Reconciliation of operating profit to net cash inflow from operating activities


                                                            Unaudited              Audited Full
                                                       6 months to 30 June             Year
                                                          2003           2002             2002
                                                            £m             £m               £m
Operating profit                                          18.7           17.8             38.3

Amortisation and impairment of intangible fixed
assets                                                     6.1            6.4             20.0

Depreciation of tangible fixed assets                      9.6            9.5             19.3

Profit on sale of fixed assets                            (0.9)          (0.2)            (0.3)

(Increase)/decrease in stock - work-in-progress           (8.7)          (6.4)             6.1

(Increase) in debtors                                     (4.8)          (5.9)           (12.5)

Increase/(decrease) in creditors                           5.6           (5.3)            (4.4)

(Decrease)/increase in provisions                         (0.5)           0.9              0.5

Net cash inflow from continuing operating
activities                                                25.1           16.8             67.0


Reconciliation of net cash flow to movement in net debt

                                                                 Unaudited               Audited  Full
                                                            6 months to 30 June                  Year

                                                              2003            2002               2003
                                                                £m              £m                 £m

Increase/(decrease) in cash in the period                     32.2            (2.3)              11.5

Cash outflow/(inflow) from decrease/(increase) in debt        22.8           (10.9)             (12.5)
                                                             
Change in net debt resulting from cashflows                   55.0           (13.2)              (1.0)

Translation difference                                        (3.8)            0.6                5.7

Non-cash movement                                             (0.8)           (0.1)              (0.3)

Movement in net debt in the period                            50.4           (12.7)               4.4

Net debt at 1 January                                       (204.8)         (209.2)            (209.2)

Net debt at 30 June                                         (154.4)         (221.9)            (204.8)


NOTES TO THE INTERIM STATEMENT


4.    Consolidated statement of cash flow (continued)


Analysis of net debt

                                  At 1 Jan        Cash flow          Exchange         Non-cash        At 30 June
                                      2003               £m          movement        movements              2003
                                        £m                                 £m               £m
                                                                                                              £m
Cash at bank and in hand              35.6             32.2               0.4                -              68.2

Loans repayable within 1
year                                 (40.8)            22.8              (0.2)            (3.9)            (22.1)

Loans repayable after
more than 1 year                    (199.6)               -              (4.0)             3.1            (200.5)

                                    (204.8)            55.0              (3.8)            (0.8)           (154.4)


The net non-cash movement represents the amortisation and write-off of
capitalised arrangement fees.

Analysis of the net cash outflow in respect of the purchase of subsidiary
undertakings

                                                                                                    2003
                                                                                                      £m
Cash consideration

Prior year acquisitions                                                                              0.6

2003 acquisitions                                                                                    2.0

NFO acquisition - costs paid prior to completion                                                     0.4

Net cash outflow in respect of the purchase of subsidiary
undertakings                                                                                         3.0



5.    Acquisitions

On 1 January 2003, the group purchased the remaining 25% minority interests in
its subsidiaries, Piar and Siar, which operate in Turkey and Central and Eastern
Europe respectively. The group purchased the remaining minority interests in its
Portuguese subsidiary, Euroteste, and its Spanish subsidiary, Demoscopia, in the
period.


6.    Post balance sheet events

The group announced the proposed acquisition of NFO WorldGroup, Inc. (NFO) for
$425m (£261m) in May 2003.  Formal completion of the acquisition took place on
10 July 2003.  Of the $425m consideration, $400m (£245m) was paid in cash on
completion and $25m (£16m) by issuing new shares to The Interpublic Group of
Companies, Inc., the vendor.  The acquisition has been financed by new credit
facilities and by the placing of 39.1m new ordinary shares on 14 May 2003.  The
shares were issued for 133 pence and had raised £52.0m of cash at the balance
sheet date.  The premium on the placement shares was taken to a merger reserve
in accordance with the provisions of section 131 of the Companies Act 1985 and
subsequently transferred to the profit and loss reserve on the redemption of
shares in the cashbox company.  Expenses of £1.1m relating to the placement have
been offset against the share premium reserve.  A further $10m (£6m)
consideration is payable in cash if TNS' average share price is greater than 146
pence for 20 consecutive trading days between 10 June 2004 and 9 August 2004.


SHAREHOLDER INFORMATION

Internet

Information about Taylor Nelson Sofres and the current share price is available
on the group's internet site, at www.tns-global.com.  
Material likely to be of particular interest to shareholders is contained in the 
Investor Centre, where you will also find copies of RNS announcements.

Investor relations
For investor enquiries, please contact Janis Parks, Head of Investor Relations
Tel + 44 (0)20 8967 1584
Fax +44 (0)20 8967 1386
Email: janis.parks@tns-global.com

Head and registered office
Taylor Nelson Sofres plc
Westgate
London W5 1UA
Tel +44 (0)20 8967 0007
Fax +44 (0)20 8967 4060
Registered number 912624


                      This information is provided by RNS
            The company news service from the London Stock Exchange         DELFBXKBEBBX