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Taylor Nelson Sofres (TNS)

  Print      Mail a friend       Annual reports

Monday 09 September, 2002

Taylor Nelson Sofres

Interim Results

Taylor Nelson Sofres PLC
09 September 2002

                            Taylor Nelson Sofres plc

                      A world leader in market information

                         Strong profit performance

Highlights from the interim results for the six months ended 30 June 2002:

•         Turnover up 9.1% to £296.0m

•         Operating profit up 6.5% to £24.5m, after £2.6m restructuring costs

•         Operating margin before restructuring costs of 9.2% - after costs,
          8.3% (2001 8.5%)

•         Profit before tax up 10.9% to £19.0m

•         Profit before tax after goodwill charges unchanged at £12.8m

•         Earnings per share rise by 7.4% to 3.4p

•         Interim dividend increases by 12.5% to 0.9p per share

•         Outstanding performance in Healthcare sector

Note:      unless otherwise stated, all figures include share of joint ventures
and are before goodwill charges of £6.2m (2001 £4.3m)

Mike Kirkham, Chief Executive, said:

"These results again illustrate the resilience of our market information
business.  Although market conditions have been more challenging than we
expected, the results show that with a global presence and clearly directed
strategy, it has been possible to deliver both turnover and profit growth.

"Given the established seasonality of the industry, with turnover normally
stronger in the second half, we expect to see an improved performance across
most markets for the rest of the year.  Our order book at the beginning of
August accounted for over 80 per cent of anticipated turnover for the year as a
whole, which reflects a similar pattern to last year.
We therefore anticipate achieving expected levels of turnover growth for the
full year."

For further information, please contact:

On 9 September, all enquiries to +44 (0)20 7638 9571


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: [email protected]

A webcast of the results presentation made to analysts will be available on the
Investor Centre of the group's website, at, from 16.00 on
Monday 9 September 2002.

Note to editors

Through its international network of 230 offices in more than 50 countries,
Taylor Nelson Sofres provides market information services in over 100 countries
to national and multi-national organisations.  It is ranked as the fourth
largest market information group in the world.  Further information on Taylor
Nelson Sofres is available from the corporate website:


Taylor Nelson Sofres, a world leader in market information, today announces its
interim results for the six months ended 30 June 2002.


On a reported basis, turnover including joint ventures increased by 9.1 per cent
to £296.0 million (2001 £271.2 million).  With its main markets generally flat,
the group achieved an underlying improvement (excluding the effect of
acquisitions, currency and business closures) of 1.4 per cent.  Acquisitions
contributed a further 8.7 per cent.  Two items had a negative impact on
turnover:  foreign currency translation, 0.6 per cent; reduction in turnover of
those businesses closed in the first half of 2002, 0.4 per cent.

Operating profit and margin

Operating profit including joint ventures and before goodwill charges was up 6.5
per cent to £24.5 million (2001 £23.0 million).  Operating margin reduced from
8.5 per cent to 8.3 per cent, after taking into account restructuring costs of
£2.6 million.  £1.9 million of these costs related to the closure of the group's
loss-making, non-market research consultancy operations in the UK and France and
the UK in-store product testing company.  The remaining £0.7 million was
associated with the integration of the BMC Broadcast Division into TNS Media
Intelligence in the UK.  The benefits of this restructuring are starting to show
through in the second half.

Before these items, the operating margin on continuing activities including
acquisitions was 9.2 per cent, a 70 basis points increase over the corresponding
period in the previous year.  This improvement reflects a number of factors
including the cessation of the loss-making businesses and of some lower margin
activities, together with an increase in continuous/syndicated activities to 50
per cent of group turnover.  In addition, the group has achieved cost savings,
primarily in its customised business.

For the full year, the group maintains its target of improving operating margin
by around 50 basis points, after restructuring costs.

Profit before tax

Profit before tax and goodwill charges grew by 10.9 per cent to £19.0 million
(2001 £17.1 million).  After goodwill charges of £6.2 million (2001 £4.3
million), profit before tax was unchanged at £12.8 million (2001 £12.8 million).

Earnings and dividend per share

Earnings per share before goodwill charges were 3.4p (2001 3.1p), an improvement
of 7.4 per cent.  Earnings per share after goodwill charges were 1.8p (2001

The board has declared an interim dividend of 0.9p per share (2001 0.8p), an
increase of 12.5 per cent.


Net debt at 30 June 2002 increased to £221.9 million from £209.2 million at 31
December 2001.  The group's operating cash flow was £16.8 million (2001 £18.8
million) and £17.1 million was spent on acquisitions in the period.  The net
interest charge fell by 9.5 per cent to £5.1 million (2001 £5.6 million).
Interest cover against EBITDA, excluding other finance charges, was 6.8x (2001
5.8x).  Other finance charges of £0.5 million include notional interest of £0.4
million (2001 £0.3 million).

The group's effective tax rate before goodwill charges was 30.6 per cent (2001
30.8 per cent) and is expected to remain at a similar rate for the year as a

Commenting on the six months' results and the future, Chief Executive Mike
Kirkham said:

"These results again illustrate the resilience of our market information
business.  Although market conditions have been more challenging than we
expected, the results show that with a global presence and clearly directed
strategy, it has been possible to deliver both turnover and profit growth.  Our
performance indicates that market information remains valuable to clients even
in a time of economic downturn.

Reaping the benefits of the global network

"With our presence in all the world's major markets through offices in 53
countries, and the ability to conduct research in over 100 countries, the group
has a distinct competitive advantage.  Our outstanding performance in the
Healthcare sector in the first half of this year, with its underlying growth of
27.8 per cent, is a clear indicator of this benefit; we have gained share
through our ability to undertake the multi-national research demanded by major
pharmaceutical companies.  The network also allows us to take expertise
developed in one part of the group to another.  Our Healthcare operations in the
UK have been particularly successful in developing and selling new syndicated
services.  We are now poised to extend this expertise into the US, with the
introduction of Prime, a consumer panel that monitors individuals for the
incidence and treatment of illness.

"The network was further strengthened in July 2002, when we filled one of the
few remaining gaps with the acquisition of Svenska Gallup in Sweden.  We were
already the leading market information company in Norway, Denmark and Finland
and are now ideally positioned to offer pan-Nordic solutions to our clients.
This ability to provide regional information is another of the key benefits we
derive from having one of the strongest global networks in the industry.

Reinforcing group's position in the US

"Acquisitions made earlier in the year focused on our US activities, where we
already have a proven record of successfully integrating complementary
businesses and expertise into the group.  TNS Intersearch saw two interesting
developments in the first half.  In April, we acquired Elrick & Lavidge
Marketing Research (E&L), a US customised market information company with a
highly-skilled management team.  The company has strong client relationships in
many of our specialist sectors, particularly FMCG - an area in which previously
the group has been underweight in the US.  E&L has been performing ahead of
expectations in its first few months as part of TNS Intersearch.

"The use of the internet for data collection in the US is increasing rapidly and
this year is expected to account for around 20 per cent of the customised
market.  In response to this development, the group acquired the custom research
division of Greenfield Online, a web-based business conducting hundreds of
studies each year for blue chip clients.  This brought into the group one of the
most experienced teams in the US, in the design and execution of internet
research and custom panel building.  It also gives us preferential access to the
1.2 million respondents who comprise the Greenfield online research panel.
Since the acquisition, we have reinforced the relationship with Greenfield
Online's client base by offering them the full range of services we provide in
the US, both online and off-line.  We are already seeing the benefit of the
integration in new business wins, such as a large online panel study we won
recently for an international information provider.

"A further move in the US to strengthen our online capabilities was the
acquisition of Evaliant, a leading international provider of online advertising
data and analysis tools.  This business has been combined with TNS CMR's online
adtracking division, enhancing the group's strong position in this dynamic
market.  We will use the geographic spread of our Media Intelligence sector to
offer this technology to clients around the world.


"In probably the most difficult trading environment we have encountered for the
past ten years, our major regional markets were relatively flat or in slight
decline in the first half of 2002.  Against that background the group performed
well, once again illustrating the benefits we derive from our geographic and
sector spread and balanced business mix.

"Given the established seasonality of the industry, with turnover normally
stronger in the second half, we expect to see an improved performance across
most markets for the rest of the year.  Our order book at the beginning of
August accounted for over 80 per cent of anticipated turnover for the year as a
whole, which reflects a similar pattern to last year.  We therefore anticipate
achieving expected levels of turnover growth for the full year.

"Looking further ahead, we believe that the long-term drivers for growth in the
market information industry remain in place, although the rate of advance in the
market will depend on the timing and speed of economic recovery.  With our
strategic focus unchanged, we expect to continue to increase the proportion of
our business represented by continuous and syndicated services and to achieve
further operational improvements, leading to ongoing margin growth."



In the first six months of 2002, turnover grew by 9.1 per cent to £296.0
million, with underlying growth (excluding the effect of acquisitions, currency
and business closures) of 1.4 per cent.  The full period impact of acquisitions
made in 2001, together with those made in the first half of 2002, added 8.7 per
cent of growth to the group.  Two items had a negative impact on turnover:
foreign currency translation, 0.6 per cent; reduction in turnover of those
businesses closed in the first half of 2002, 0.4 per cent.

Geographic spread provides resilience

                                               6 months to 30 June                     Change
                                               2002             2001          Reported       Underlying
                                                 £m               £m                 %                %
     UK                                        61.0             63.1             (3.4)            (4.7)
     France                                    53.6             51.9              3.4              5.6
     Rest of Europe                            85.2             77.6              9.7              3.5
Europe                                        199.8            192.6              3.7              1.4
Americas                                       70.5             58.3             20.9             (1.5)
Asia Pacific                                   25.7             20.3             26.3             10.2
Total                                         296.0            271.2              9.1              1.4

In the UK, consumer panels performed well and Media Intelligence benefited from
the acquisition of BMC in April.  Healthcare had an excellent first half.  The
UK market as a whole saw a slight decline in the first six months of 2002 and
the group's other UK customised operations were affected by these difficult
market conditions.  Despite this, the underlying decline in UK turnover of 4.7
per cent can be almost entirely attributed to the loss of the BARB TV audience
measurement contract, which terminated at the end of 2001.  Although there are
signs of improvement in the UK market for the second half, it is not anticipated
that this will be strong enough to mitigate the effect of the contract loss.

France performed well, with underlying growth of 5.6 per cent achieved in a
market that is estimated to have shown little growth.  This resulted from good
performances in consumer panels, Media Intelligence and IT/Telecoms in
particular, as well as the polling activity associated with the presidential and
parliamentary elections.  Without the benefit of elections in the second half, a
slightly slower growth rate is expected for the year as a whole.

Markets across the Rest of Europe were generally slow, particularly in
Scandinavia, Benelux, Spain and Italy.  The group's underlying growth of 3.5 per
cent in this area was fuelled primarily by Russia, Central Europe and Germany.
New business wins included a major readership survey for the newspaper and
magazine publishing industry in the Netherlands.  Markets in these areas are
expected to remain at similar levels for the rest of the year.


The group's presence in the Americas region was again reinforced during the
period and acquisitions were made to strengthen both of the key US operations,
TNS Intersearch and TNS CMR.  These acquisitions, together with those made last
year, contributed to a 21 per cent increase in turnover for the region compared
with the previous year.  TNS Intersearch, one of the leading custom research
companies in the US, reported an underlying turnover increase of over 4 per
cent, again significantly out-performing the US custom market, which is thought
to have remained flat at best.  Healthcare primary research continued to be a
growth area and the company also benefited from a return to pre-launch programme
testing by the major TV networks.  The use of the internet for data collection
is increasing in the US, particularly among IT companies.  The acquisition of
Greenfield Online, a leading supplier of internet-based custom research, has
played an important part in the good performance achieved in that sector.  TNS
Telecoms (previously Indetec and now run as part of TNS Intersearch) is focusing
entirely on its syndicated services - while this change of direction has
affected the turnover comparative for the first half, it should contribute to
longer term growth and improved margin.

The group continues to develop the operations of TNS CMR, both through
acquisition and the introduction of new services.  The company offers strategic
advertising and marketing communications information to advertising agencies,
advertisers, broadcasters and publishers.  The agency sector has been affected
by industry consolidation and the loss of some clients through company failure,
following the sharp fall in advertising spend.  While the level of new business
in the broadcast sector is improving, this has not been sufficient to compensate
and TNS CMR recorded a slight decline in turnover in the first six months of
2002.  With the introduction of new services, additions to the number of media
covered and the successful integration of recent acquisitions, the company
should start to benefit as the advertising market begins to pick up.

The business in Mexico is already benefiting from having access to both the
global network and the group's range of Branded Solutions, since its acquisition
last year.  In the short term, however, the company's turnover has been affected
by Mexico's move into recession.  With the continued unstable environment in
Argentina, turnover for Latin America as a whole is down.

Following an underlying decline of 1.5 per cent in the period, the Americas
region is expected to see an improved turnover performance in the second half of

Asia Pacific

The group recorded another six months of good underlying improvement in this
region, up 10.2 per cent.  Korea benefited from an upturn in activities related
to the World Cup, as well as polling for the senate elections.  China, Thailand
and the Philippines also had an encouraging six months and the area benefited
from the award of regional contracts.  Australia had a difficult first half but,
with a new managing director in place, is now seeing an increase in new business
wins.  The region is expected to maintain good underlying growth in the second
half of 2002.

Winning share in the Healthcare market

                                           6 months to 30 June                        Change
                                               2002             2001          Reported       Underlying

                                                 £m               £m                 %                %
Consumer                                       90.5             89.1               1.5            (2.2)
Media                                          78.1             69.7              11.9            (3.0)
Business Services                              40.6             36.3              11.8             1.6
IT/Telecoms                                    31.6             27.4              15.2             2.7
Healthcare                                     23.3             17.6              32.3            27.8
Other activities                               31.9             31.1               2.8             6.2
Total                                         296.0            271.2               9.1             1.4

Consumer panels performed well across all regions and contract renewals are
following their normal pattern.  In the UK, where the group operates the largest
household panel together with several individual and usage panels, the increase
in turnover was comfortably ahead of the market.  The introduction of a number
of new services, including mobile phone, entertainment and baby panels, has
supplemented a strong first half in areas such as FashionTrak.  The performance
of tvSPAN, the single source panel linking consumer behaviour with television
audience measurement, was enhanced by a significant contract win with a major
fmcg multi-national.  Further operational improvements supported the household
panel in France and the group continued to benefit from its regional leadership
position in Asia.  This position is being reinforced by the establishment of a
panel in Vietnam and the potential offered by operations in China.

On an underlying basis, the sector as a whole declined by 2.2 per cent, due to
the termination of the NetValue contract and the more difficult trading
conditions being encountered in all geographies by the group's consumer
customised operations.  Emphasis has been and will continue to be placed on
lowering costs in line with reduced demand.  Consumer customised operations are
forecast to have a better second half and overall performance for the year
should improve.


Turnover in this sector was affected by the ending of the UK TV contract and
declined by 3.0 per cent.  Excluding this, the Media sector would have seen
slight underlying growth.  With the contract loss affecting the year as a whole,
a similar level of performance for this sector is expected in the second half.

With the continued pressure on advertising expenditure, the group's Media
Intelligence activities were relatively flat in the first half of 2002.  On a
regional basis, the European companies generally recorded reasonable progress
and the UK operation was strengthened by the acquisition of BMC in April.  The
integration of BMC has been successfully completed and the benefits of the cost
savings are starting to show through in the second half.  The performance of TNS
CMR is referred to above, in the commentary under the Americas region.  The
group continues to move ahead in the developing markets of China, Russia and the
Baltic States, where it has a significant presence.

Use of the group's PeopleMeter television audience measurement (TAM) systems is
being extended in a number of countries; either through new contract wins using
TNS technology or through increased panel size.  In China, for example, the
number of cities with PeopleMeters has increased from nine to 11.  In Spain, the
company has won the contract to track the development of digital TV services and
will be monitoring 500 households by the end of the year.  In addition, the
group continues to win business with its highly successful value added analysis
system, InfoSysTV.  The system was launched in the UK at the start of 2002 and
has swiftly established a market leading position.  It is due to be launched in
Australia in the autumn, with one of the main TV channels already committed.  A
new TV Planning and Optimisation module, to go live in the autumn, will
reinforce the positioning of InfoSysTV, especially with advertising agencies.
Testing of Portable People Meters (PPMs), in association with Arbitron,
continues in Europe and will be extended into further countries later in the
year.  The group's partner in Canada, BBM, is soon to introduce PPMs into its
Quebec province service and TNS is supplying the panel management and processing

Business Services

With pressure on the financial and business services markets in general, this
sector saw very little growth in the first six months of the year, although it
is expected to pick up in the second half, following major business wins such as
a Conversion Model study for Visa in the US.


The IT market continues to be depressed but the group is benefiting from its
strong client relationships in Europe, the US and Asia and its ability to
provide interactive solutions, enhanced by the acquisition of Greenfield Online.
  Brand and advertising tracking and customer satisfaction are key areas for
this sector and the group's range of Branded Solutions positions it well to win
this business.  It also benefits from having the international presence to
provide consistent data on a global basis to its multi-national clients.  By
taking full advantage of these key strengths, the group has seen good growth in
its IT business, which should be sustainable through the year.

The Telecoms market faces comparable challenges to IT and the group is similarly
well positioned.  This is illustrated by the win of new brand awareness tracking
and customer satisfaction contracts with Motorola, Sony Ericsson and country
operators.  A focus on key account management and operational effectiveness is
leading to increased business with major clients and margin improvement.
Inevitably, however, turnover levels have been affected by the demise of clients
such as WorldCom.  In April, the group's mobile phone panel was extended across
the Nordic region.

Underlying growth in the sector overall has been held back to 2.7 per cent by
the refocusing of the US TNS Telecoms business.  Some improvement is expected in
the second half.


The group's Healthcare activities focus principally on primary research and, in
particular, on new product development.  The market continues to be buoyant
overall and the group's excellent performance in the first half of 2002 was due
to an improvement in all the main areas of its business:  international,
domestic UK and domestic US, as well as areas where it has smaller operations,
such as Germany.  The benefits of the improved levels of client service provided
by the Princeton office are showing through strongly with, for example, a
quadrupling of turnover with one of the major pharmaceutical companies within
the space of a year.  Internet-related business is a growth area in this sector,
with the internet doctor panels performing well.  The UK operation has also
performed well across the entire service range.  The emphasis has been on the
development of the transact syndicated services portfolio, which is gaining
market share and attracting additional revenue streams by providing new forms of
data analysis.  Over the past two years, the number of clients taking the
transact data range has risen to over 30.  This, along with an expansion of
custom and Omnibus services, has led to significant growth.

This sector had a strong order book coming into the year, leading to a very good
first half.  It is anticipated that the business will continue to perform well
though the rest of the year but against a stronger second half comparative.

Other activities

The principal driver for improvement was an increase in polling activities,
particularly in France, the Netherlands, Germany and Denmark, together with



The interim dividend will be paid on 9 December 2002 to shareholders on the
register on 8 November 2002.


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

Investor relations

For investor enquiries, please contact the Head of Investor Relations
Tel + 44 (0)20 8967 1584
Fax +44 (0)20 8967 1386
Email: [email protected]

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


                                                                                    Unaudited          Audited
                                                                          6 months to 30 June        Full year
                                                                           2002          2001             2001
                                                                             £m            £m               £m

Continuing activities                                                     291.6         271.2            582.7
Acquisitions                                                                4.4             -                -
Turnover (note 2)                                                         296.0         271.2            582.7
Less share of joint ventures                                              (7.8)         (3.4)            (7.6)
Turnover excluding joint ventures                                         288.2         267.8            575.1
Cost of sales                                                            (98.9)        (94.2)          (206.0)

Gross profit                                                              189.3         173.6            369.1
Administrative expenses                                                 (171.5)       (155.3)          (328.6)

Operating profit
Continuing activities (after goodwill charges of £5.7m, 2001 £4.2m,        18.5          18.3             40.5
 full year 2001 £13.7m)
Acquisitions (after goodwill charges of £0.2m, 2001 nil)                  (0.7)             -                -

Operating profit before joint ventures and associates                      17.8          18.3             40.5
Share of operating profit of joint ventures (after goodwill charges         0.5           0.4              0.8
of £0.3m,
 2001 £0.1m, full year 2001 £0.2m)

Operating profit including joint ventures (before goodwill charges         24.5          23.0             55.2
and associates)
Share of operating profit of associates                                     0.1           0.2                -

Profit on ordinary activities before interest                              18.4          18.9             41.3
Interest receivable and similar income                                      0.4           0.3              0.6
Interest payable and similar charges                                      (5.5)         (5.9)           (11.4)
Other finance charges                                                     (0.5)         (0.5)            (0.9)

Profit on ordinary activities before taxation                              12.8          12.8             29.6
Taxation on ordinary activities (note 3)                                  (5.8)         (5.3)           (13.3)

Profit on ordinary activities after taxation                                  7           7.5             16.3
Minority interests                                                        (0.3)         (0.1)            (0.4)

Profit for the period                                                       6.7           7.4             15.9
Dividends                                                                 (3.5)         (3.0)            (9.0)

Retained profit for the period                                              3.2           4.4              6.9

Adjusted earnings per share before goodwill charges (note 4)               3.4p          3.1p             8.0p

Basic earnings per share (note 4)                                          1.8p          2.0p             4.3p

Diluted earnings per share (note 4)                                        1.7p          1.9p             4.1p

Dividend per sharep                                                        0.9p          0.8p             2.4p


                                                                                        Unaudited      Audited At
                                                                                       At 30 June          31 Dec
                                                                                2002           2001            2001
                                                                                  £m             £m              £m
Fixed assets
Intangible assets                                                              200.2          172.3           202.0
Tangible assets                                                                 57.1           56.8            58.3
      Share of gross assets of joint ventures                                   25.4            6.7            19.2
      Share of gross liabilities of joint ventures                             (7.0)          (1.8)           (2.1)
                                                                                18.4            4.9            17.1
      Associates                                                                 0.8            1.1             0.7
      Other                                                                      6.5           11.6             7.9

                                                                                25.7           17.6            25.7

                                                                               283.0          246.7           286.0

Current assets
Stocks and work-in-progress                                                     41.3           37.7            34.0
Debtors                                                                        153.0          144.1           144.4
Cash at bank and in hand                                                        22.0           15.1            24.1
                                                                               216.3          196.9           202.5

Creditors:  amounts falling due within one year                              (203.0)        (190.4)         (192.6)

Net current assets                                                              13.3            6.5             9.9

Total assets less current liabilities                                          296.3          253.2           295.9
Creditors:  amounts falling due after more than one year                     (226.2)        (189.7)         (220.6)
Provisions for liabilities and charges                                        (28.4)         (19.6)          (32.3)

Net assets                                                                      41.7           43.9            43.0

Capital and reserves
Called up share capital                                                         19.5           19.4            19.5
Share premium                                                                  104.9          102.1           102.7
Other reserves                                                                   1.1            0.4             0.9
Profit and loss account                                                       (88.9)         (82.8)          (85.2)

Equity shareholders' funds                                                      36.6           39.1            37.9
Minority interests                                                               5.1            4.8             5.1

                                                                                41.7           43.9            43.0

The press release was approved by the board on 9 September 2002.


                                                                                        Unaudited      Audited At
                                                                                       At 30 June          31 Dec
                                                                                2002           2001            2001
                                                                                  £m             £m              £m
Cash flow from operating activities (note 5)
Net cash inflow from continuing operating activities                            16.8           18.8            72.7

Dividends from associated undertakings                                             -              -             0.1

Returns on investments and servicing of finance
Dividends received from joint ventures                                           0.1              -               -
Interest received                                                                0.4            0.2             0.5
Interest paid                                                                  (4.8)          (7.1)          (12.0)
Dividends paid to minority interests                                           (0.2)              -               -

Net cash outflow from returns on investments and servicing of finance          (4.5)          (6.9)          (11.5)

Taxation paid                                                                  (4.8)          (3.8)          (11.6)

Capital expenditure and financial investment
Purchase of tangible fixed assets                                              (7.1)          (9.5)          (19.8)
Purchase of intangible fixed assets                                            (0.1)          (0.3)           (0.2)
Purchase of investments                                                            -              -           (0.1)
Sale of tangible fixed assets                                                    0.5            0.6             1.0

Net cash outflow from capital expenditure and financial investment             (6.7)          (9.2)          (19.1)

Purchase of subsidiary undertakings                                           (17.0)         (43.4)          (73.7)
Net cash acquired with subsidiary undertakings                                     -            2.5             0.6
Purchase of joint ventures and associates                                      (0.1)              -          (12.1)

Net cash outflow from acquisitions                                            (17.1)         (40.9)          (85.2)

Dividends paid                                                                     -              -           (8.5)

Cash outflow before financing                                                 (16.3)         (42.0)          (63.1)

Issue of ordinary share capital                                                  1.3            0.2               -
Proceeds on exercise of share options                                            1.8              -             4.8
Increase in debt                                                                10.9           37.1            63.1

(Decrease)/increase in cash in the period (note 5)                             (2.3)          (4.7)             4.8


                                                                                       Unaudited       Audited
                                                                             6 months to 30 June     Full year
                                                                            2002          2001            2001
                                                                              £m            £m              £m
Profit for the period                                                        6.7           7.4            15.9
Amounts arising on the exercise of share options                             0.2             -             0.5
Translation differences on foreign currency net investments less
translation differences on foreign currency loans taken out to fund 
those investments                                                          (5.8)           2.0           (2.5)
Tax on losses on foreign currency borrowings hedging foreign               (0.1)         (0.3)           (0.5)

Total recognised gains and losses relating to the period                     1.0           9.1            13.4


                                                                                       Unaudited        Audited
                                                                             6 months to 30 June      Full year
                                                                              2002            2001            2001
                                                                                £m              £m              £m
Profit for the period                                                          6.7             7.4            15.9
Dividends                                                                    (3.5)           (3.0)           (9.0)

                                                                               3.2             4.4             6.9
Amounts deducted in respect of shares issued to a qualifying employee
 ownership trust                                                             (1.0)           (0.8)           (1.0)
Amounts arising on the exercise of share options                               0.2               -             0.5
Share of former associates                                                       -           (0.4)           (0.4)
Other recognised gains and losses (net of taxation)                          (5.9)             1.7           (3.0)
New share capital issued (including share premium)                             2.2             1.0             1.7

Net (reduction)/addition to shareholders' funds                              (1.3)             5.9             4.7
Opening shareholders' funds                                                   37.9            33.2            33.2

Closing shareholders' funds                                                   36.6            39.1            37.9

Share of former associates in 2001 represents the group's share of the profits
of TNS Mode and Demoscopia during the period between the group's acquisition of
a holding in those companies as associates and the date they became group
subsidiaries, in accordance with the Companies Act 1985.


1.      Basis of accounting

The financial statements have been prepared on the basis of the accounting
policies set out in the group's 2001 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 9 September 2002,
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 2001 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.

The group has adopted the provisions of FRS 19 'Deferred tax'.  This has not had
a material impact on the 2002 or 2001 results.

2.      Geographic analysis of turnover

                                                                             6 months to 30 June
                                                                              2002           2001
                                 Continuing        Acquisitions              Total          Total
                                         £m                  £m                 £m             £m
Sales by origin
       group                          198.4                 0.2              198.6          192.0
       joint ventures                   1.2                   -                1.2            0.6
       group                           65.3                 4.2               69.5           57.2
       joint ventures                   1.0                   -                1.0            1.1
Asia Pacific
        group                          20.1                   -               20.1           18.6
        joint ventures                  5.6                   -                5.6            1.7
Total                                 291.6                 4.4              296.0          271.2
       group                          283.8                 4.4              288.2          267.8
       joint ventures                   7.8                   -                7.8            3.4

3.          Taxation

The tax charge of £5.8 million (2001 £5.3 million) includes £6.0 million (2001
£5.9 million) relating to overseas taxation.  The net tax credit in the UK
arises primarily from movements in deferred tax.

4.      Earnings per share

Earnings per share have been calculated on the profit after taxation and
minority interests of £6.7 million (2001 £7.4 million) and on 379.6 million
shares (2001 371.3 million), being the weighted average number of shares in
issue fully ranking for dividends in the period.  This excludes shares held in
trust for employee share schemes, as it is considered that the dividend waiver
of all but 0.001p per share constitutes a full waiver for these purposes.  The
fully diluted earnings per share have been calculated in accordance with the
provisions of FRS 14 after assuming the conversion of all outstanding share
options.  The fully diluted average number of shares in issue was 388.3 million
(2001 386.7 million).

Adjusted earnings per share before goodwill charges have been calculated on the
profit after taxation and minority interests of £12.9 million (2001 £11.7
million) which excludes goodwill charges of £6.2 million (2001 £4.3 million).

5.      Consolidated statement of cash flow

a.    Reconciliation of operating profit to net cash inflow from operating

                                                                               Unaudited        Audited
                                                                     6 months to 30 June      Full year
                                                                      2002          2001           2001
                                                                        £m            £m             £m
Operating profit                                                      17.8          18.3           40.5
Amortisation and impairment of intangible
fixed                                                                  6.4           4.6           14.4
 assets including goodwill
Depreciation of tangible fixed assets                                  9.5           9.2           18.4
Profit on sale of fixed assets                                       (0.2)             -              -
(Increase)/decrease in stocks and                                    (6.4)           4.0            6.7
(Increase)/decrease in debtors                                       (5.9)         (3.6)            6.0
Decrease in creditors                                                (5.3)        (13.7)         (14.6)
Increase in provisions                                                 0.9             -            1.3
Net cash inflow from continuing
 operating activities                                                 16.8          18.8           72.7

b.    Analysis of net debt

                    At 1 Jan                      Exchange                           Non-cash     At 30 June
                        2002      Cash flow       movement       Acquisitions       movements           2002
                          £m             £m             £m                 £m              £m             £m
Cash at bank            24.1          (2.3)            0.2                  -               -           22.0
and in hand
Loans                 (17.6)          (4.1)            0.5                  -               -         (21.2)
within 1
Loans                (215.4)          (6.9)          (0.1)                  -           (0.1)        (222.5)
after more
than 1 year
Obligations            (0.3)            0.1              -                  -               -          (0.2)
                     (209.2)         (13.2)            0.6                  -           (0.1)        (221.9)

Non-cash movements represent the amortisation of arrangement fees.

                                                                               Unaudited        Audited
                                                                     6 months to 30 June      Full year
                                                                      2002          2001           2001
                                                                        £m            £m             £m
Analysed in balance sheet
Cash at bank and in hand                                              22.0          15.1           24.1
Bank loans repayable within 1 year                                  (21.2)        (22.1)         (17.6)
Bank loans repayable after more than 1 year                        (222.5)       (185.6)        (215.4)
Finance leases repayable within 1 year                               (0.2)         (0.5)          (0.3)
Finance leases repayable after more than 1                               -         (0.4)              -
                                                                   (221.9)       (193.5)        (209.2)

6         Acquisitions

Acquisitions in the year to the date of this report include:

Business                     Month        Principal country Sector                    2001 Net assets
                                          of operation                            turnover acquired
Greenfield Online            January      US                Cross-sector             $7.0m            -
Elrick & Lavidge             April        US                Cross-sector            $22.9m        $2.6m
BMC                          April        UK                Media Intelligence       £1.9m        £0.3m
Evaliant Media Resources     June         US                Media Intelligence       $2.3m        $0.9m
Svenska Gallup               August       Sweden            Cross-sector             £1.9m        £0.1m

Net assets acquired may be adjusted when fair value reviews have been completed.

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

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