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Taylor Nelson Sofres (TNS)

  Print      Mail a friend       Annual reports

Monday 03 March, 2008

Taylor Nelson Sofres

Full Year Results 2007

Taylor Nelson Sofres PLC
03 March 2008


3 March 2008

                  Taylor Nelson Sofres plc - full year results


                 Successful execution against strategy delivers
                          over 20% adjusted EPS growth


Highlights

   • Underlying revenue growth of 5.4%
   • 60 basis points improvement in adjusted operating margin
   • Adjusted earnings per share up 21% to 15.4p
   • Strong cash flow financed share buyback and acquisitions
   • Improved order book at the start of 2008
   • Dividend per share up 20% to 5.5p

-----------------------             ----------       ----------       ----------
Business performance*                   2007             2006           Change %
-----------------------             ----------       ----------       ----------
Revenue                             £1,067.7m        £1,004.2m             6.3
Adjusted operating profit             £111.7m           £99.5m            12.3
Adjusted operating margin               10.5%             9.9%            60 bps
Adjusted profit before tax             £92.2m           £84.5m             9.1
Adjusted earnings per share             15.4p            12.7p            21.3
Total dividend per share                 5.5p             4.6p            19.6
Statutory results
Operating profit                      £102.7m           £74.4m            38.0
Profit before tax                      £83.2m           £59.4m            40.1
Earnings per share                      13.4p             8.4p            59.5
-----------------------             ----------       ----------       ----------

*Adjusted results exclude restructuring costs and amortisation of acquired
intangible assets. Adjusted earnings per share are also shown before deferred
tax on goodwill. Underlying revenue is defined on page 6. Adjusted results are
reconciled to reported results on pages 12 and 18.


Chief Executive, David Lowden, said:

"2007 was a successful year for TNS, with good revenue growth, margin
improvement and cash generation. We continued to make excellent progress against
the key objectives that support our strategic goal to become the global leader
in delivering value-added insights to our clients. The growth potential for the
market information industry remains strong. With our order book ahead of last
year, the group is confident that 2008 will represent another year of good
progress."


Acquisition of Compete

TNS has today announced that it has agreed to acquire Compete, Inc., a leading
digital intelligence company in the US.


Webcast

A webcast of the results presentation will be broadcast live on the Investor
Centre of the group's website, at www.tnsglobal.com, from 9.00am on Monday 3
March 2008.


Press enquiries

Pamela Small/Ash Spiegelberg, Brunswick                +44 (0)20 7404 5959


Investor and analyst enquiries

Andy Boland, Finance Director                          +44 (0)20 8967 4950
Janis Parks, Head of Investor Relations                +44 (0)20 8967 1584
Joel Beckman, Investor Relations Director              +44 (0)20 8967 1384
Janis.Parks@tns-global.com



About TNS

TNS is a global market information and insight group.

Its strategic goal is to be recognised as the global leader in delivering
value-added information and insights that help its clients make more effective
business decisions.

TNS delivers innovative thinking and excellent service across a network of 80
countries.  Working in partnership with clients, TNS provides high-quality
information, analysis and insight that improves understanding of consumer
behaviour.

TNS is the world's leading provider of customised services, combining sector
knowledge with expertise in the areas of Product Development & Innovation, Brand
& Communications, Stakeholder Management, Retail & Shopper and Customer
Intelligence.  TNS is a major supplier of consumer panel, media intelligence and
audience measurement services.


TNS is the sixth sense of business(TM).


www.tnsglobal.com



CHIEF EXECUTIVE'S STATEMENT


A successful year

2007 was a successful year for TNS. The group reported revenue growth of 6.3 per
cent and improved adjusted operating margin by 60 basis points. Cash generation
was strong, allowing the completion of our share buy back programme. In total,
£100 million has been returned to shareholders, achieving a more efficient
balance sheet. The group continued to make excellent progress against key
strategic objectives. By the end of 2007, TNS was a stronger business, with the
right structure in place to deliver our strategic goal.


Strategy delivering growth

The performance in 2007 validates our strategy to become the global leader in
delivering value-added insights that help our clients make more effective
business decisions. The strategy is based on clear messages from clients and key
industry trends: major accounts seeking global partnerships; the growing
requirement for cost effective, high-quality data collection; and the demand for
informed insights and actionable recommendations.


Good performance in syndicated services

Our major syndicated businesses again performed well, based on their market
leading positions and the strength of their service offering. There were several
key developments and highlights in 2007. For TNS Media, TNS won contracts for
new digital services in TV audience measurement. Based on the innovative
solution we put forward, we also won the prestigious BARB (Broadcasters Audience
Research Board) contract in the UK, which will run from 2010. These contract
wins provide further evidence of TNS' leading position in the audience
measurement field. In Media Intelligence, good progress was made with new
services launched in the US, including strong demand for TNS MI Cymfony, which
provides analysis of new forms of social media. Acquisitions made in the year
have strengthened our European news monitoring offering.


TNS Worldpanel, the group's continuous consumer purchasing business, won major
new contracts in key markets. In Asia, new speciality panels were launched and
in Latin America, the geographic footprint was extended by increasing ownership
of LatinPanel International to 100 per cent in January 2008.


Strong growth in Global Accounts

Global Clients and Sectors, which operates across the custom business, had an
excellent year. Revenue growth from our Global Partnership Accounts was 13 per
cent, which is more than double the rate of the group overall. Our Global
Partnership Accounts are major multinationals that have indicated a desire to
partner with fewer suppliers and therefore offer the potential for a higher
share of their market information spend. They now represent 15 per cent of
custom revenue. This indicates good progress towards achieving our target that
they represent 20 per cent of custom revenue by 2010 - 2012.

The overall global account programme has been extended to 50 clients. We expect
that this will continue to be a key growth driver for the group in 2008, as our
largest clients look to partner with TNS based on the strength of our global
capability. The continued development of the role of the Global Account Director
will contribute to that growth.


Good progress was also made with the Global Sectors within TNS; building their
role to identify trends, set sector strategy, implement processes and
co-ordinate account planning.


Improvements in operations

In 2007, we continued to focus on becoming more cost efficient by making
improvements to our operational infrastructure. A new position, Global Head of
Operations, was created to co-ordinate the drive for standardisation of
operations across the group. This includes the more effective use of call
centres, a significant reduction in the number of delivery platforms and further
increases in levels of off-shoring. In 2007, over 630,000 hours of work was
off-shored to lower cost destinations, representing an increase of over 50 per
cent from 2006.


We continue to reduce unit costs of data collection, including the transition of
more surveys to the internet. In 2007, the amount of business attributable to
data collected using internet access panels grew by 15 per cent. In Europe and
Asia, this growth was over 20 per cent. The proportion of revenue attributed to
online data collection in our custom business is now 25 per cent. This makes TNS
by far the largest global provider of internet research. Our goal is for this
proportion to reach 40 per cent by 2010 - 2012. In 2008, we will continue to
expand internet research coverage in Europe, Asia and Latin America.


Clients are increasingly focused on the need for high-quality data. We believe
TNS' internet access panels are managed to the highest standard in the industry,
with consistent processes and controls in place across the group. In 2007, TNS
continued to be a strong advocate for quality requirements in internet research
in our industry, marketing our differentiation in this area to clients and
chairing a new industry initiative - the Online Research Quality Council for the
Advertising Research Foundation in the US.


Understanding consumer behaviour

Across the business, new services were launched in 2007, with particular
emphasis on the areas of clients' product development, innovation and consumer
engagement. These developments are part of the strategy to deliver more insights
and added-value to clients. A measure of this in the custom business is revenue
growth from Business Solutions, TNS' proprietary products and services that
provide analysis for clients, which was 25 per cent.


Two areas of increasing importance for clients are the significance of the
retail environment and the need to understand consumer behaviour in a digitised
world. In 2007, TNS made good progress in developing new services in these
areas.

TNS built on existing retail and shopper services with the acquisition of three
specialist consultancies; two in the US and one in the UK. The combination of
these businesses with our consumer panel and custom information provides us with
a unique offering that advises retailers and manufacturers on understanding
in-store consumer behaviour.


To take advantage of the substantial opportunities provided by media
fragmentation, TNS has combined its Media Intelligence and iTRAM businesses.
There has been investment, both organically and by acquisition, to provide
clients with new services in the area of digital media. Examples in 2007 include
the acquisition of Cymfony, which assesses the impact of consumer generated
media, and the ongoing progress made with digital TV audience measurement
services in the US and other markets.


TNS has today announced that it has agreed to acquire Compete, Inc., a leading
digital intelligence company in the US. Investment in new services that help
clients understand consumer behaviour, especially in the area of digital media,
will continue to be a priority in 2008.


Market overview

Clients look to market information to help them identify growth opportunities
and support their marketing decisions, especially in times of increasing
competitive pressures. Market information remains a small, but rapidly growing,
proportion of GDP, especially in emerging markets. For TNS, our syndicated
services are typically based on annual contracts and tend to grow steadily
through the economic cycle. In custom research, TNS has a strong franchise and
established market positions in all major markets. In emerging markets such as
Asia, where market growth is anticipated to remain healthy, TNS is the market
leader.


Outlook

Although the near-term macro economic outlook is uncertain, we believe that the
growth potential of the market information industry remains strong. Levels of
new business activity in early 2008 are improved on the previous year. For the
remainder of the year, it is anticipated that growth in syndicated services will
continue to be healthy. In custom research, it is expected that continued growth
will be achieved in Europe and North America, with ALM expected to be strong.
Growth against strategic objectives should also continue to be strong. The group
is, therefore, confident that 2008 will represent another year of good progress.


FINANCE DIRECTOR'S REVIEW


Revenue

Reported revenue increased by 6.3 per cent to £1,067.7 million (2006 £1,004.2
million). Underlying revenue growth was 5.4 per cent. Acquisitions and disposals
had a positive impact of 2.6 per cent. Foreign exchange movements had a negative
impact of 1.7 per cent.


Calculation of underlying revenue growth

The group's calculation of underlying revenue growth remains consistent with
that published in previous years. Underlying revenue growth is calculated by
taking the increase in 2007 revenue over 2006 pro forma revenue, at constant
exchange rates. The pro forma revenue assumes that any acquisitions were owned
and any discontinued operations or disposals excluded, for the comparable period
in the prior year.


Regional reporting

The group reports three regions: Europe (including disclosure of UK, France,
Rest of Europe), North America and Asia Pacific, Latin America and the Middle
East & Africa (ALM). Previously Middle East & Africa was included in Europe and
Latin America was shown as part of the Americas. Prior year comparatives
reflecting this change are shown in the figures below.


Regional revenue performance

                         Year to 31 December                    Change
                      --------  ---    -------      --------  ----      --------
                        2007            2006        Reported         Underlying%
                                      Restated           %
                          £m              £m
                      --------  ---    -------      --------  ----      --------
UK                     161.9           151.1           7.1                 6.1
France                 145.8           145.5           0.2                 3.1
Rest of Europe         380.2           352.6           7.8                 6.7
                      --------         -------
Europe                 687.9           649.2           6.0                 5.8
North America          205.5           209.2          (1.8)                2.4
ALM                    174.3           145.8          19.6                 8.0
                      --------         -------
Total                 1067.7          1004.2           6.3                 5.4
                      --------         -------

Europe

Europe achieved underlying growth of 5.8 per cent, reflecting a good performance
across the region in both the custom and syndicated businesses.


Performance in the UK was ahead of a flat market, with the Technology and
syndicated media sectors especially strong. As anticipated, growth was weighted
to the first half due to the deferral of some project completions in custom from
the prior year.


In France, the custom business continues to be strong, especially in the
Consumer sector, where a greater proportion of surveys has been transitioned to
the internet. The business also benefited from additional polling work for the
French presidential elections in the first half. Syndicated services delivered a
steady performance.


Underlying revenue growth in the Rest of Europe was strong, particularly in
Germany; and also boosted by good performances in Spain, Russia and Eastern
Europe.


North America

Underlying growth in the North America region overall was 2.4 per cent.


2007 was a year of rebuilding for the US custom business. Growth was over 2 per
cent, which is ahead of expectations at the start of the year, driven by good
performance in Global Partnership Accounts. The business is increasingly seeing
the benefits of the changes made to bring it in line with group strategy, to
improve the level of value-added services. This is a process that will continue
and the group is confident about the growth prospects for that business in 2008.


TNS Media Intelligence in the US saw good demand for new services and business
wins from advertisers and media owners.


Asia Pacific, Latin America, Middle East & Africa (ALM)

Strong performance in the ALM region benefited from positive market conditions
and the quality of TNS' regional network. Underlying growth for the region
overall was 8.0 per cent, with growth especially strong in China, Korea,
Australia and Hong Kong. In 2007, ALM represented 16 per cent of group revenues,
against the target of 20 per cent by 2010 - 2012.


Sector revenue performance

                           Year to 31 December                    Change
                      ---------  -----  --------     --------  ---      --------
                         2007             2006       Reported        Underlying%
                           £m               £m            %
                      ---------  -----  --------     --------  ---      --------
Consumer                327.3            313.8          4.3                3.5
Media                   226.2            206.3          9.6                7.5
Business Services       141.1            138.9          1.6                4.6
Technology              117.9            105.5         11.7                7.1
Healthcare              102.4             96.5          6.1                7.7
Other                   152.8            143.2          6.7                4.6
                      ---------         --------
            Total      1067.7           1004.2          6.3                5.4
                      ---------         --------


Consumer

TNS Worldpanel, the group's consumer purchasing panel business, continued to
perform well across all major regions, especially in Asia. In January 2008, the
group increased its ownership of LatinPanel International in Latin America to
100 per cent, reinforcing its international offering. In custom, there was a
strong performance from Consumer Global Accounts, a key part of the growth
strategy for the sector.


Media

Growth in television and radio audience measurement has been strong and the
group continues to win contracts across the world, based on its expertise in
this area and the introduction of new digital services. TNS won the BARB
contract in the UK (commencing in 2010), as well as tenders in Denmark and
Norway. Digital audience measurement contracts were also won in the US and South
Africa. TNS Media Intelligence performed well. The group announced acquisitions
in the UK, Poland and Germany in 2007, and Ireland in 2008, enhancing its Media
Intelligence offering in Europe.


Business Services

Business Services performed well, with good growth in Financial Services,
particularly in Europe and Asia.


Technology

Technology is one of the faster growing parts of the market information industry
and an important part of TNS' sector growth strategy. Good underlying growth in
Technology for the group overall was driven by Asia and North America. In 2008,
TNS will build on existing syndicated services in the sector, with the launch of
a continuous measurement service for the consumer mobile market.


Healthcare

The strategy to focus on more consumer-related research continues to work well.
Underlying growth in the Healthcare sector was strong, driven by a good
performance in Europe.


Other

Growth in the Automotive sector was strong, especially in Europe, where the
group has continued to win major contracts with the large manufacturers. The
good performance in the Political and Social sector was boosted by elections in
France, as well as further project wins with the European Union and other
international organisations.


Income statement

Definition of adjusted results

To assist understanding of the underlying performance of the business, operating
profit, profit before tax and earnings per share are disclosed on an adjusted
basis. Adjusted operating profit and adjusted profit before tax exclude
restructuring costs and amortisation of acquired intangible assets. Adjusted
earnings per share also excludes deferred tax on goodwill (see Taxation below).


Operating profit and margin

Adjusted operating profit increased by 12.3 per cent to £111.7 million (2006
£99.5 million). Adjusted operating margin was 10.5 per cent, up from 9.9 per
cent. Reported operating profit increased by 38.0 per cent to £102.7 million
(2006 £74.4 million).


Restructuring costs

The restructuring charge for the year was £6.9 million, primarily related to the
review of operational processes undertaken in the European custom business and
the reorganisation of TNS Media Intelligence and TNS iTRAM into a combined
business unit, TNS Media.


Amortisation of intangible assets

Under IFRS, the value of acquired intangible assets is amortised and disclosed
separately in the income statement. In 2007, this was £2.1 million (2006 £0.9
million) due to recent acquisitions.


Interest

Net interest was £19.9 million (2006 £15.4 million), reflecting higher interest
rates, funding costs for the share repurchase programme and acquisition
activity. Interest cover against adjusted EBITDA, excluding other finance
charges, was 7.0x (2006 8.2x), calculated on an adjusted EBITDA of £139.3
million (2006 £126.4 million). Adjusted EBITDA is calculated as profit for the
year, adding back tax, interest, depreciation, amortisation and restructuring
costs.


Profit before tax

Adjusted profit before tax increased by 9.1 per cent to £92.2 million (2006
£84.5 million). Reported profit before tax increased by 40.1 per cent to £83.2
million (2006 £59.4 million).


Taxation

Excluding deferred tax on goodwill, the tax charge was £22.8 million (2006 £19.6
million), representing an underlying tax rate of 27.5 per cent (2006 30.0 per
cent). Under IFRS, where goodwill is deductible against tax, a deferred tax
liability is recognised, even if such a liability would only unwind on the
eventual sale or impairment of the business in question. This has led to a
charge for deductible goodwill of £1.9 million for 2007 (2006 credit of £0.1
million). Including this item, the total reported tax charge was £24.7 million
(2006 £19.5 million).


Earnings and dividend per share

Based on a weighted average of 419.5 million shares, adjusted earnings per share
increased by 21.3 per cent to 15.4 pence (2006 12.7 pence). Based on a fully
diluted weighted average of 428.7 million shares, adjusted earnings per share on
a fully diluted basis were 15.1 pence (2006 12.4 pence). Reported earnings per
share were 13.4 pence (2006 8.4 pence), an increase of 59.5 per cent. See note
4.


The board remains confident about the future prospects of the group and
accordingly is recommending an increase of 21.9 per cent in the final dividend
per share, to 3.9 pence (2006 3.2 pence), giving an increase in total dividend
of 19.6 per cent to 5.5 pence (2006 4.6 pence). Dividend cover remains strong,
with the total dividend covered by 2.8x adjusted earnings per share.

The final dividend will be paid on 4 July 2008 to shareholders on the register
at 23 May 2008.


Cash flow statement

Cash flow

Operating cash flow was £132.3 million (2006 £119.6 million). The movement in
working capital generated an inflow of £3.2 million (2006 outflow of £5.4
million). Capital expenditure was £33.8 million (2006 £26.9 million); the
increase primarily due to investment in equipment for TV audience measurement
contracts. In 2008, it is expected that there will be additional working capital
and capital expenditure of around £15 million in total, related to the BARB
contract. Acquisitions and earn out payments were £40.4 million (2006 £14.6
million).


Share buy back

The group completed its programme to repurchase £100 million of its own shares
in December 2007. In 2007, the group repurchased 28.4 million of its own shares
for a value of £65.2 million.


Net debt

Net debt at 31 December 2007 was £353.6 million, compared with £321.9 million at
30 June 2007 and £278.5 million at 31 December 2006, reflecting the funding of
acquisitions and the share buy back programme.


Net debt to adjusted EBITDA at 31 December 2007 was 2.5x (2006 2.2x), based on
adjusted EBITDA of £139.3 million (2006 £126.4 million). Net debt is defined as
borrowings net of arrangement fees and the fair value of interest rate swaps,
and obligations under finance leases, less cash.


Financing

In July 2007, the group significantly diversified its debt financing, with the
completion of a private placement of £162.7 million of sterling, euro and US
dollar denominated fixed and floating rate senior unsecured notes. The notes
have maturities of 5, 7 and 10 years and the proceeds have been used to
refinance existing bank borrowings. The fixed rate notes carry coupon interest
rates between 6.22 per cent and 6.51 per cent. The floating rate notes carry
margins between 56 and 62 basis points over LIBOR.



Ends


Consolidated income statement
For the year ended 31 December
                                                               2007       2006
Continuing operations                                            £m         £m
----------------------------------                            -------    -------
Revenue (note 2)                                            1,067.7    1,004.2
Direct costs                                                 (299.0)    (283.9)
----------------------------------                            -------    -------
Gross profit                                                  768.7      720.3
Administrative expenses                                      (666.0)    (645.9)
----------------------------------                            -------    -------
----------------------------------                            -------    -------
Operating profit before exceptional items (note 3)            111.7       99.5
Restructuring costs                                            (6.9)     (17.8)
Goodwill impairment                                               -       (6.4)
Amortisation of intangibles identified on acquisitions         (2.1)      (0.9)
----------------------------------                            -------    -------
Operating profit (note 2)                                     102.7       74.4
Finance income                                                  4.9        1.2
Finance costs                                                 (24.8)     (16.6)
Share of post tax profit of associates                          0.4        0.4
----------------------------------                            -------    -------
Profit before taxation                                         83.2       59.4
----------------------------------                            -------    -------
Taxation - excluding deferred tax on goodwill                 (22.8)     (19.6)
Taxation - deferred tax on goodwill                            (1.9)       0.1
----------------------------------                            -------    -------
Taxation                                                      (24.7)     (19.5)
----------------------------------                            -------    -------
Profit for the year                                            58.5       39.9
----------------------------------                            -------    -------
Attributable to:
Equity holders of the parent company                           56.3       37.1
Minority interests                                              2.2        2.8
----------------------------------                            -------    -------
                                                               58.5       39.9
----------------------------------                            -------    -------
Basic earnings per share attributable to equity holders of
the company (note 4)                                           13.4p       8.4p
----------------------------------                            -------    -------
----------------------------------                            -------    -------
Diluted earnings per share attributable to equity holders of                    
the company (note 4)                                           13.1p       8.2p
----------------------------------                            -------    -------
Dividends proposed for the year were £22.8m (2006 £20.4m). Dividends paid in the
year were £20.1m (2006 £18.4m).


Consolidated balance sheet
At 31 December
                                                                2007      2006
                                                                  £m        £m
----------------------------------                             -------   -------
Assets
Non-current assets
Goodwill                                                       437.1     378.1
Intangible assets                                               22.2      16.2
Property, plant and equipment                                   82.7      68.8
Investments in associates                                        4.5       2.9
Other financial assets                                          10.6       0.4
Deferred tax assets                                             38.6      32.4
----------------------------------                             -------   -------
                                                               595.7     498.8
----------------------------------                             -------   -------
Current assets
Inventories                                                     55.5      48.8
Trade and other receivables                                    291.5     256.2
Current tax receivable                                           4.6       3.7
Other financial assets                                           0.6       0.3
Cash and cash equivalents                                       90.2      61.8
----------------------------------                             -------   -------
Total current assets                                           442.4     370.8
----------------------------------                             -------   -------
Total assets                                                 1,038.1     869.6
----------------------------------                             -------   -------
Liabilities
Current liabilities
Borrowings                                                     (51.2)    (23.3)
Trade and other payables                                      (338.1)   (293.3)
Current tax payable                                            (33.2)    (32.2)
Provisions                                                     (15.7)    (16.8)
----------------------------------                             -------   -------
Total current liabilities                                     (438.2)   (365.6)
----------------------------------                             -------   -------
Net current assets                                               4.2       5.2
----------------------------------                             -------   -------
Non-current liabilities
Borrowings                                                    (400.9)   (316.9)
Trade and other payables                                        (9.2)     (1.9)
Deferred tax liabilities                                       (32.7)    (25.7)
Retirement benefit obligations                                 (15.7)    (12.9)
Provisions                                                     (26.3)    (19.5)
----------------------------------                             -------   -------
Total non-current liabilities                                 (484.8)   (376.9)
----------------------------------                             -------   -------
Total liabilities                                             (923.0)   (742.5)
----------------------------------                             -------   -------
Total net assets                                               115.1     127.1
----------------------------------                             -------   -------
Equity
Issued share capital (note 8)                                   21.5      22.1
Share premium                                                  141.5     134.2
Other reserves                                                   1.3       0.4
Retained earnings                                              (57.0)    (37.8)
----------------------------------                             -------   -------
Total parent shareholders' equity                              107.3     118.9
Minority interests in equity                                     7.8       8.2
Total equity (note 7)                                          115.1     127.1
----------------------------------                             -------   -------

Consolidated cash flow statement
For the year ended 31 December
                                                                2007      2006
                                                                  £m        £m
----------------------------------                             -------   -------
Cash flows from operating activities
Cash generated from operations (note 6)                        132.3     119.6
Income tax paid                                                (26.0)    (21.3)
----------------------------------                             -------   -------
Net cash generated from operating activities                   106.3      98.3
----------------------------------                             -------   -------
Cash flows from investing activities
Acquisition of subsidiaries (net of cash acquired) (note 5)    (36.9)    (16.7)
Sale of subsidiaries (net of cash disposed)                        -       1.6
Purchase of associates and investments                          (3.5)        -
Sale of associates and investments                                 -       0.5
Purchase of property, plant and equipment                      (30.9)    (21.0)
Purchase of intangible assets                                   (5.9)     (6.6)
Proceeds from sale of property, plant and equipment              3.7       0.7
Interest received                                                4.9       1.2
Dividends received                                               0.5         -
----------------------------------                             -------   -------
Net cash used in investing activities                          (68.1)    (40.3)
----------------------------------                             -------   -------
Cash flows from financing activities
Net proceeds from issue of ordinary share capital                8.1       5.7
Dividends paid to company's shareholders                       (20.1)    (18.4)
Dividends paid to minority interests                            (1.9)     (2.7)
Arrangement fee paid on restructuring group finance             (0.8)        -
Proceeds from issue of senior unsecured loan notes             162.7         -
(Decrease)/increase in other debt                              (95.8)      1.8
Interest paid                                                  (25.0)    (16.4)
Purchase of company shares                                     (65.2)    (34.8)
----------------------------------                             -------   -------
Net cash used in financing activities                          (38.0)    (64.8)
----------------------------------                             -------   -------
Net increase/(decrease) in cash, cash equivalents and
overdrafts                                                       0.2      (6.8)
Cash, cash equivalents and overdrafts at the beginning of
the year                                                        38.5      45.3
Exchange gain on cash, cash equivalents and overdrafts           0.3         -
----------------------------------                             -------   -------
Cash, cash equivalents and overdrafts at the end of the year    39.0      38.5
----------------------------------                             -------   -------
Net debt* (note 6)                                             353.6     278.5
----------------------------------                             -------   -------

* Net debt is defined as borrowings net of arrangement fees and the fair value
of interest rate swaps, and obligations under finance leases, less cash.


Consolidated statement of recognised income and expense
For the year ended 31 December

                                                                2007      2006
                                                                  £m        £m
----------------------------------                             -------   -------
Profit for the year                                             58.5      39.9
----------------------------------                             -------   -------
Actuarial (losses)/gains on pensions                            (2.9)      1.3
Tax on actuarial (losses)/gains on pensions                      0.8      (0.2)
Loss in fair value of financial instruments                     (0.4)     (0.3)
Translation differences on foreign currency net investments
less translation differences on foreign currency loans taken
out to fund those investments                                   11.4     (10.6)
----------------------------------                             -------   -------
Net gains and losses not recognised in the income statement      8.9      (9.8)
----------------------------------                             -------   -------
Total recognised income and expense relating to the year        67.4      30.1
----------------------------------                             -------   -------
Attributable to:
Equity holders of the parent company                            64.8      27.2
Minority interests                                               2.6       2.9
----------------------------------                             -------   -------
                                                                67.4      30.1
----------------------------------                             -------   -------

1         Basis of preparation

These financial statements have been prepared in accordance with International
Financial Reporting Standards (IFRS) and International Financial Reporting
Interpretations Committee (IFRIC) interpretations endorsed by the European Union
(EU) and with those parts of the Companies Act 1985 applicable to companies
reporting under IFRS. The financial statements have been prepared under the
historical cost convention as modified by the revaluation of available for sale
investments, financial assets and liabilities held for trading.


Changes in accounting policy

The principal accounting policies adopted in the preparation of these financial
statements published on the group's website, www.tnsglobal.com, on 3 March 2008,
have been consistently applied for all years presented.


2 Segmental reporting
Primary reporting format - geographic segments
                                               Europe     North   ALM     Total
                                                        America
Year ended 31 December 2007                        £m        £m    £m        £m
------------------------------                 -------   ------- ------  -------
Revenue                                         687.9     205.5  174.3  1,067.7
------------------------------                 -------   ------- ------  -------
Segment operating result
before exceptional items                         87.3       5.3   19.1    111.7
------------------------------                 -------   ------- ------  -------
Restructuring costs                              (6.0)     (0.9)     -     (6.9)
Goodwill impairment                                 -         -      -        -
Amortisation of intangibles
identified on acquisitions                       (0.8)     (0.5)  (0.8)    (2.1)
------------------------------                 -------   ------- ------  -------
Total exceptional items                          (6.8)     (1.4)  (0.8)    (9.0)
------------------------------                 -------   ------- ------  -------
Segment operating result                         80.5       3.9   18.3    102.7
------------------------------                 -------   ------- ------  -------

                                               Europe     North    ALM    Total
                                                        America
Year ended 31 December 2006 - restated             £m        £m     £m       £m
------------------------------                 -------   ------- ------  -------
Revenue                                         649.2     209.2  145.8  1,004.2
------------------------------                 -------   ------- ------  -------
Segment operating result
before exceptional items                         78.7       4.9   15.9     99.5
------------------------------                 -------   ------- ------  -------
Restructuring costs                              (8.6)     (9.2)     -    (17.8)
Goodwill impairment                                 -      (6.4)     -     (6.4)
Amortisation of intangibles
identified on acquisitions                       (0.7)     (0.1)  (0.1)    (0.9)
------------------------------                 -------   ------- ------  -------
Total exceptional items                          (9.3)    (15.7)  (0.1)   (25.1)
------------------------------                 -------   ------- ------  -------
Segment operating result                         69.4     (10.8)  15.8     74.4
------------------------------                 -------   ------- ------  -------

3 Exceptional items

During the year the group concluded a program of global restructuring to
streamline its organisational structure and improve operational processes,
including the replacement of senior employees.  In addition, one-off
restructuring costs relating to the reorganisation of the Media Intelligence and
iTRAM businesses into a combined business unit were also incurred in the year as
part of the group's strategy to take advantage of growth opportunities arising
from developments in digital media.  Total restructuring costs incurred in the
year totalled £6.9m (2006 £17.8m).


Amortisation of intangible assets identified separately from goodwill on
acquisitions under IFRS of £2.1m (2006 £0.9m) has also been highlighted
separately in the income statement.


4 Earnings per share

Basic earnings per share of 13.4p (2006 8.4p) have been calculated on the profit
for the year attributable to equity holders of the parent company of £56.3m
(2006 £37.1m) and on 419.5 million shares (2006 442.4 million), 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 of 13.1p (2006 8.2p) have been calculated in accordance with the
provisions of IAS 33, 'Earnings Per Share', 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 weighted average number
of ordinary shares in issue during the year for the purpose of these
calculations is as follows:
                                                             2007         2006
                                                           millions     millions
----------------          --------  --------  --------     --------     --------
Share capital                                               439.0        450.7
Shares held in Treasury                                     (14.7)        (3.5)
Shares held by ESOP                                          (0.2)        (0.2)
Shares held by EBT                                           (4.6)        (4.6)
----------------------------------                         --------     --------
Basic earnings per share denominator                        419.5        442.4
Dilutive effect of share options                              9.2         10.4
----------------------------------                         --------     --------
Diluted earnings per share denominator                      428.7        452.8
----------------------------------                         --------     --------


An adjusted earnings per share using an adjusted profit for the year
attributable to equity holders of the parent company is also presented, as the
directors believe that this assists in understanding the underlying performance
of the group. The adjusted earnings per share is based on the profit as adjusted
for the items shown below.
                                                                2007      2006
                                                                  £m        £m
----------------      --------  --------  --------  --------  --------  --------
Profit for the year attributable to equity
holders of the parent company                                   56.3      37.1
Adjusted for exceptional items:
Restructuring costs                                              6.9      17.8
Goodwill impairment                                                -       6.4
Amortisation of intangibles identified
on acquisitions                                                  2.1       0.9
---------------------------------------                       --------  --------  
                                                                 9.0      25.1
Tax on exceptional items at 27.5%                               (2.5)     (5.9)
Deferred tax on goodwill                                         1.9      (0.1)
----------------      --------  --------  --------  --------  --------  --------
                                                                 8.4      19.1
---------------------------------------                       --------  --------
Adjusted profit for the year attributable to
equity holders of the parent company                            64.7      56.2
---------------------------------------                       --------  --------

Adjusted earnings per share                                     15.4      12.7


                     Profit used for      Weighted average
                        EPS purposes      number of shares   Earnings per share
                        2007      2006      2007      2006      2007      2006
                          £m        £m    millions  millions     pence     pence
    ----------------  --------  --------  --------  --------  --------  --------
Basic                   56.3      37.1     419.5     442.4      13.4       8.4
Diluted                 56.3      37.1     428.7     452.8      13.1       8.2
Adjusted                64.7      56.2     419.5     442.4      15.4      12.7
----------------      --------  --------  --------  --------  --------  --------

5 Acquisitions
-----------------       ------- ----------    ------------     ---------    ----
Name                            %   Date          Business               Country
                         acquired   acquired in
                                    2007              
-----------------       ------- ----------    ------------     ---------    ----                                   
Research Surveys (Pty) Ltd     55   12 January    Custom research   South Africa
Sorensen Associates           100   12 February   Custom research             US
Cymfony, Inc.                 100   23 February   Media Intelligence          US
Expert Monitor                 67   7 March       Media Intelligence      Poland
Retail Forward, Inc.          100   7 March       Custom research             US
Conversa Global               100   6 July        Custom research    New Zealand
Presswatch GmbH               100   31 July       Media Intelligence     Germany
I D Magasin                   100   30 September  Custom research             UK
Landis Strategy &
Innovation LLC                100   6 December    Custom research             US


These acquisitions contributed revenues of £24.4m and operating profit of £1.7m
to the group for the year to 31 December 2007. If all acquisitions had occurred
on 1 January 2007, group revenue would have been £1,077.9m and group operating
profit would have been £104.4m.

                        Carrying  Provisional        Total    Adjustments  Total
                      values pre   fair value         2007  to prior year
                     acquisition   adjustment acquisitions   acquisitions
                                        
                                     
Net assets acquired          £m          £m            £m             £m     £m
and goodwill arising     -------    --------     ---------       --------  -----
---------------------
Non-current assets
Property,plant and
equipment                   1.4         (0.2)         1.2              -    1.2
Intangibleassets            0.6          7.3          7.9            0.6    8.5
---------------------    -------     --------    ---------       --------  -----
                            2.0          7.1           9.1           0.6    9.7
Current assets
Inventories                 2.3            -           2.3             -    2.3
Trade and other
receivables                 5.8         (0.1)          5.7             -    5.7
Cash and cash equivalents   2.1            -           2.1             -    2.1
---------------------    -------     --------     ---------       -------- -----
                           10.2         (0.1)         10.1             -   10.1
---------------------    -------     --------     ---------       -------- -----
Total assets               12.2          7.0          19.2          0.6    19.8
Liabilities
Trade and other payables  (13.6)        (2.3)        (15.9)           -   (15.9)
Minority interest in
acquired net assets        (0.6)           -          (0.6)         0.5    (0.1)
---------------------    -------     --------     ---------      --------  -----
Fair value of net assets
acquired                   (2.0)         4.7           2.7          1.1     3.8
Minority interests 
purchased                   1.2            -           1.2            -     1.2
Goodwill                   48.2         (4.7)         43.5          0.3    43.8
---------------------    -------     --------     ---------      --------  -----
Consideration              47.4            -          47.4          1.4    48.8
---------------------    -------     --------     ---------      --------  -----
Consideration satisfied by:
Cash                                                  38.6          0.4    39.0
Deferred consideration - contingent                    8.8          1.0     9.8
---------------------    -------     --------     ---------      --------  -----
                                                      47.4          1.4    48.8
---------------------    -------     --------     ---------      --------  -----

The provisional fair value adjustment to intangible assets of £7.3m relates to
the recognition of customer related assets and brands separately from goodwill
under acquisition accounting rules, which were previously not recognised in the
acquisition balance sheets. For certain acquisitions, deferred consideration
only becomes payable if significant performance improvements are achieved in the
future.  Until these future performance improvements become more certain, no
liabilities have been recognised.  The maximum contingent consideration payable
is £48.1m but it is considered unlikely that actual payments will approach this
level.

During the year, provisional fair values recognised in the prior year have been
adjusted as the fair value process was completed. Prior year balances have not
been restated as the adjustments are not significant to the group. Goodwill
arising on the acquisitions represents the value of assembled workforces and
synergies available to the group. All intangible assets acquired with the
businesses have been recognised at their respective fair values separately from
goodwill. Each 2007 acquisition is considered to be a separate cash generating
unit for the purpose of impairment reviews.

6 Cash flow
                                                              2007      2006
Reconciliation of operating profit to cash generated from       £m        £m
operations                                                   -------  --------
----------------------------------------
Operating profit                                             102.7      74.4
Amortisation of intangible assets                              7.7       6.4
Impairment of goodwill                                           -       6.4
Depreciation of property, plant and equipment                 21.6      21.4
(Profit)/loss on sale of property, plant and equipment        (1.9)      0.1
Share based payments                                           5.2       5.0
(Increase)/decrease in inventories                            (0.7)      3.0
(Increase) in trade and other receivables                    (10.0)     (9.0)
Increase in trade and other payables                          13.9       0.6
(Decrease) in pension liabilities                             (1.0)     (0.4)
(Decrease)/increase in provisions                             (5.2)     11.7
----------------------------------------                     -------  --------
Cash generated from operations                               132.3     119.6
----------------------------------------                     -------  --------


Cash generated from operations includes an outflow of £9.1m (2006 £9.5m)
relating to restructuring costs.
                                                                          2007
Reconciliation of net cash flow to movement in net debt                     £m                                    
-----------------------------               -------  -------  --------   -------
Decrease in cash, cash equivalents and bank
overdrafts in the year                                                     0.2
Cash inflow from issue of senior unsecured loan notes                   (162.7)
Cash outflow from decrease in other debt                                  95.8
-----------------------------               -------  -------  --------   -------
Change in net debt resulting from cash flows                             (66.7)
Translation difference                                                    (9.0)
Non-cash movement                                                          0.6
-------------------       -------  -------  -------  -------  --------   -------
Movement in net debt in the year                                         (75.1)
At 1 January 2007                                                       (278.5)
-------------------       -------  -------  -------  -------  --------   -------
At 31 December 2007                                                     (353.6)
-------------------       -------  -------  -------  -------  --------   -------

                                 At 1  Cash flow Exchange    Non-cash     At 31
                              January            Movement   Movements  December                  
                                 2007                                      2007
Analysis of net debt               £m        £m       £m          £m         £m
-------------------          ---------    -------  -------    -------  ---------
Cash and cash
equivalents                      61.8       28.1     0.3           -       90.2
Bank overdrafts                 (23.3)     (27.9)      -           -      (51.2)
Bank loans repayable
after more than 1 year         (316.9)      95.8    (7.1)        0.3     (227.9)
Senior unsecured
loan notes                          -     (162.7)   (2.2)       (8.1)    (173.0)
Interest rate swap
at fair value                       -          -       -         8.4        8.4
Obligations under
finance leases                   (0.1)         -       -           -       (0.1)
------------------           ---------    ------- -------     -------  ---------
                               (278.5)     (66.7)   (9.0)        0.6     (353.6)
------------------           ---------    ------- -------     -------  ---------


The net non-cash movement represents the amortisation of arrangement fees of
£0.3m (2006 £0.2m) and movements in the fair value of financial instruments of
£0.3m (2006 £0.3m).
                                                                          2007
Analysis of the net cash outflow in respect of the purchase of              £m
subsidiary undertakings and businesses                                   -------
----------------------------------------------
Cash consideration
prior year acquisitions                                                   (0.4)
2007 acquisitions                                                        (38.6)
-------------------        -------  -------  -------  -------  --------  -------
                                                                         (39.0)
Net cash acquired                                                          2.1
-------------------        -------  -------  -------  -------  --------  -------
Net cash outflow in respect of the purchase of
subsidiary undertakings and businesses                                   (36.9)
----------------------------------------------                           -------


7 Statement of changes in shareholders' equity
                   Share    Share    Other   Retained  Total  Minority   Total 
                 capital  premium reserves   earnings        interests  equity
Group - parent       £m       £m       £m         £m     £m        £m      £m
shareholders'     ------  -------  -------    ------- ------    ------   ------
equity
------------------
At 1 January 2006  22.4    126.7     1.8       (18.6) 132.3       10.0   142.3
Profit for the      
year                 -        -       -        37.1   37.1        2.8     39.9                                  
Actuarial gains on
pensions net
of tax               -        -       -         1.1    1.1          -      1.1
Currency translation
differences
net of tax           -        -       -       (10.7) (10.7)        0.1   (10.6)
Marked-to-market 
gain in fair value of
financial 
instruments          -        -       -         0.3    0.3           -     0.3
Financial instrument
fair value taken to
income
statement            -        -       -        (0.6)  (0.6)          -    (0.6)
Minority interests in
acquisitions         -        -       -           -      -         0.6     0.6
Minority interests
purchased            -        -       -           -      -        (2.6)   (2.6)
Minority interest
dividends            -        -       -           -      -        (2.7)   (2.7)
New share
capital issued
net of expenses    0.2      7.5       -           -    7.7           -     7.7
Purchase of
own shares           -        -       -       (34.8) (34.8)          -   (34.8)
Treasury shares
cancelled         (0.5)       -     0.5           -      -           -       -
Net proceeds
on exercise of
options              -        -   (1.9)        1.8    (0.1)          -    (0.1)
Share based
payments             -        -      -         5.0     5.0           -     5.0
Equity
dividends            -        -      -       (18.4)  (18.4)          -   (18.4)
-----------------------  ------ -------     -------  ------      ------  ------
At 31 December
2006              22.1    134.2    0.4       (37.8)  118.9         8.2   127.1
                                                                              
Profit for the
year                 -        -      -        56.3    56.3         2.2    58.5
Actuarial losses on
pensions net
of tax               -        -      -        (2.1)   (2.1)          -    (2.1)
Currency translation
differences
net of tax           -        -      -        11.0    11.0         0.4    11.4
Marked-to-market loss in
fair value of financial
instruments          -        -      -        (0.8)   (0.8)          -    (0.8)
Financial instrument
fair value taken to
income
statement            -        -      -        0.4      0.4           -     0.4
Minority
interests in
acquisitions         -        -      -          -        -         0.1     0.1
Minority
interests
purchased            -        -      -          -        -        (1.2)   (1.2)
Minority
interest
dividends            -        -      -          -        -        (1.9)   (1.9)
Potential
acquisition of
minority
interests            -        -      -        (4.4)   (4.4)          -    (4.4)
New share
capital issued
net of
expenses           0.2      7.3      -          -      7.5           -     7.5
Purchase of
own shares           -        -      -      (65.2)   (65.2)          -   (65.2)
Treasury shares
cancelled         (0.8)       -    0.8         -         -           -       -
Net proceeds
on exercise of
options              -        -    0.1       0.5       0.6           -     0.6
Share based
payments             -        -      -       5.2       5.2           -     5.2
Equity
dividends            -        -      -     (20.1)    (20.1)          -   (20.1)
-----------------------   ------ ------   -------    ------      ------  ------
At 31 December
2007              21.5    141.5    1.3     (57.0)    107.3         7.8    115.1
-----------------------  ------- ------   -------    ------      ------  ------


7 Statement of changes in shareholders' equity continued
                                                At 1    Movements          At 31
                                             January  in the year  December 2007
                                              2007
Cumulative amounts included within              £m           £m             £m
retained earnings                   
------------------------------      -------  -------     --------        -------
Currency translation                         
differences                                  (12.6)        11.0           (1.6)
Financial instrument fair value                
adjustments                                    0.2         (0.4)          (0.2)
Potential acquisition of
minority interests                               -         (4.4)          (4.4)
Pension valuation gains
and losses                                    (6.9)        (2.9)          (9.8)
Own shares held in
treasury and                                 
Trust                                        (40.2)       (64.6)        (104.8)
Share based payment                           
charges                                       12.1          5.2           17.3
--------------------------  ------  -------  -------     --------        -------


Goodwill arising on consolidation prior to 1 January 1998 of £144.7m (2006
£144.7m) has been eliminated against reserves.


Other reserves include amounts transferred from share capital on the
cancellation of shares, and gains and losses recognised on the utilisation of
own shares held at cost to satisfy exercised options. A merger reserve in the
company which arose in prior years on the issue of shares as consideration for
acquisitions has been offset against the retained earnings on consolidation.


8 Share capital
-------------------------          ----------      ---------   -------  --------
                                       2007           2006      2007      2006
                                 No of shares   No of shares    £000      £000
-------------------------          ----------      ---------   -------  --------
Authorised
Ordinary shares of 5p each      600,000,000    600,000,000    30,000    30,000
-------------------------          ----------      ---------   -------  --------

Allotted, called up and fully paid
At 1 January                    442,827,989    447,934,240    22,141    22,397
Acquisitions                              -        820,312         -        41
Share options exercised during
year
Executive Share Plans             3,742,066      3,387,802       187       169
Savings Related Share Plans               -         41,368         -         2
WESP                                356,532        644,267        18        32
Shares held in treasury
cancelled                       (17,663,105)   (10,000,000)     (883)     (500)
-------------------------          ----------      ---------   -------  --------
At 31 December                  429,263,482    442,827,989    21,463    22,141
-------------------------          ----------      ---------   -------  --------


The company issued 820,312 shares during 2006 to satisfy £2.1m of deferred
consideration in relation to the purchase of Area Investigacion, a subsidiary in
Spain. No similar issue was made in 2007. Since 31 December 2007, nil shares
have been issued to employees on the exercise of options granted under the
Executive Share Option Scheme, and 57,425 shares have been issued to employees
on the exercise of options under the WESP.


During the year, the company purchased 28,444,805 of its own shares from the
market for cash consideration of £65.2m (2006 16,758,689 shares for £34.8m). Of
these, 17,663,105 shares were cancelled and the remaining 10,781,700 are held as
treasury shares at 31 December 2007 (2006 6,758,689). In total, the company held
17,540,389 (2006 6,758,689) of its own shares in treasury at 31 December 2007.


9   Currency conversion

The 2007 consolidated unaudited income statement has been prepared using, among
other currencies, an average exchange rate of US$2.0017 to the pound (period
ended 30 June 2007 US$1.9706; year ended 31 December 2006 US$1.8437) and €1.4608
to the pound (period ended 30 June 2007 €1.4820; year ended 31 December 2006
€1.4663).


The 2007 consolidated unaudited balance sheet as at 31 December 2007 has been
prepared using the exchange rate on that day of US$1.9847 to the pound (30 June
2007 US$2.0092; 31 December 2006 US$1.9588) and €1.3606 to the pound (30 June
2007 €1.4828; 31 December 2006 €1.4833).



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