Fresher Insights, 
Better Marketing.
BrainJuicer Group PLC Annual Report and Accounts 2008
BrainJuicer Group PLC Annual Report and Accounts 2008
www.brainjuicer.com BrainJuicer Group PLC  Annual Report & Accounts 2008 b
Highlights 01
Business Profile 02
Chairman’s Statement 05 
Chief Executive’s Statement 06 
Business and Financial Review 08 
BrainJuicer Labs 11
Directors  12
Senior Management  13 
Directors’ Report 15 
Corporate Governance Report 16 
Remuneration Report 18 
Statement of Directors’ Responsibilities 20 
Report of the Independent Auditor 21 
Consolidated Income Statement 22 
Consolidated Balance Sheet 23 
Consolidated Cash Flow Statement 24  
Consolidated Statement of  
Changes in Equity  25 
Notes to the Consolidated  
Financial Statements 26
Report of the Independent Auditor 45 
Company Balance Sheet 46
Notes to the Company  
Financial Statements 47
Company Information 49
• INNOVATIVE MARKET RESEARCH
• 140 HOUSEHOLD NAME CLIENTS
• TOP 10 GLOBAL AGENCY AMBITION
BrainJuicer Group PLC is a leading international online 
market research agency.
BrainJuicer
®
 was established in 1999 to reinvent the way 
market research is done, introducing innovative online 
techniques that produce fresher insight and better 
marketing for large multinational clients.
BrainJuicer
®
 has over 140 clients, including 9 of the world’s 
top 20 advertisers, and is regarded as one of the leading 
innovators in the research industry.
BrainJuicer
®
 is focused on assisting clients throughout 
their innovation process by providing better ways to 
understand and predict consumer behaviour and improve 
the success of clients’ marketing spend.
Fresher Insights, 
Better Marketing. 1 BrainJuicer Group PLC  Annual Report & Accounts 2008
Revenue Operating profit Earnings per share
+42%
9.3m
4.6m
6.6m
2.9m
+53%
1.29m
0.47m
0.84m
0.002m
+48%
7.4p
(0.9p)
5p
Highlights
• 49% increase in revenues from our new to the 
world ‘Juicy’ products to £4.3m: Predictive 
Markets, CommScan
TM
, Insight Validation
TM
,
 
 
Creative 6ers
TM 
and Quali-Taxi
TM
• 45% office coverage of potential global 
research market; US, UK, Australia, 
Netherlands, Switzerland [90% geographic 
coverage having researched  in 54 countries & 
38 languages]
• 115 to 140 clients, including 9 of the world’s 
top 20 advertisers [up from 7 in 2007]
• 42% increase in revenue to £9,322,000 (all 
organic) (2007: £6,566,000)
• 53% increase in operating profit to £1,290,000 
(2007: £844,000) [PAT up 46% to £964,000 
from £660,000 in 2007]
• Increase in operating profit margin from 
12.9% to 13.8%
• 48% increase in fully diluted earnings per 
share to 7.4p (2007: 5.0p)
• £1.7m cash and no debt
• 1.0p per share proposed final dividend, 
making 1.5p for the year (2007: nil); plus 
special dividend of 1.7p per share paid in 
October 2008 (2007: nil)
Post year-end
• Expanded into Germany and Canada 
increasing our office coverage of potential 
global research market from 45% to 57%
• Launched the JuicyBrains online Innovation 
Community into the fastest growing market 
research category 
• Slower start to 2009 as clients show 
caution with budgets but also opportunity 
for innovative online providers, as clients 
challenge existing suppliers  
 
HIGHLIGHTS
CommScan™ is innovative, 
insightful & helped us 
significantly improve our global 
brand communication. I’m 
highly impressed by the speed 
& quality of the research. We 
researched in a number of 
countries & had a final global 
debrief within 3 weeks from 
delivering final stimuli”
Michael Price
European Marketing Director
ASICS
FaceTace
TM
“ BrainJuicer Group PLC  Annual Report & Accounts 2008 2
What we do
BUSINESS PROfILE
BrainJuicer Group PLC is a leading 
international online market research agency
ESOMAR 2005 Best 
Methodology Paper
ESOMAR 2007 Best 
Methodology Paper
Awards
“
f reshly squeezed insight & innovation powered 
by award winning tools & researchers
– 70 staff and offices in 7 countries
– 10 years working with multinationals
f or insight
And innovation 
Seek em   tion 
And be creative 
BrainJuicer clearly identified the best pack 
route for our new wine range, using 
their emotional engagement measure & 
rich diagnostics. The international study 
was conducted in quick time. Overall, a 
job well done.”
Jeremy Chard
Marketing Manager Insight & Innovation
Fosters EMEA
We have two categories of product, ‘Juicy’ which are 
new to the world research techniques that challenge 
traditional approaches, and ‘Twist’ which utilise 
industry standard quantitative research methods 
combined with our unique quali-quant diagnostics, 
MindReader
TM
 and FaceTrace
TM
.
Revenue split
46%
54%
– Juicy
– Twist
Great Mind/Research  
Innovator 2008 Gold Award
ISBA 2007 Advertising 
Effectiveness
ESOMAR 2005 Best ESOMAR 2005 Best 
Methodology Paper Methodology Paper
ESOMAR 2007 Best ESOMAR 2007 Best 
Methodology Paper Methodology Paper
Great Mind/Research  Great Mind/Research  
Innovator 2008 Gold Award Innovator 2008 Gold Award
ISBA 2007 Advertising ISBA 2007 Advertising 
Effectiveness Effectiveness BrainJuicer Group PLC  Annual Report & Accounts 2008 3
Quotes
Not only did BrainJuicer deliver top 
quality analysis and consulting (using 
your Predictive Markets solution) – your 
professionalism and proactive customer 
orientation were outstanding.” 
Uta Formeseyn
Senior Manager Business Insights 
Coca-Cola GmbH
BrainJuicer’s CommScan™ provided an 
excellent measure of emotional engagement 
with rich diagnostics on all the options and 
produced an insightful, action-focused 
debrief with clear direction for next steps.” 
Sheela Smail
Consumer & Market Insight Director
Unilever Foods 
FaceTrace™ has been instrumental in 
understanding the emotional power of 
our communication & its influence on 
subsequent consumer behaviour. I am  
not sure it would have been possible  
with ‘traditional’ methods.”
Yvan Goupil
Insights Director
Pepsico International
I was really impressed with the insight  
and accuracy of their Predictive Markets, 
delivered unbelievably fast against some  
very urgent timings.” 
Sion Agami
Senior Scientist
Proctor & Gamble
“
“
“
“
 Predictive Markets
Utilises the wisdom of crowds to more accurately 
screen new concepts & communications.  
Won ESOMAR Best Methodology 2005.
 Insights Validator™
Quantitative testing of client insights to sort wheat 
from chaff and ensure the best consumer hook is 
used and optimized.
 CommScan™
Uses our award winning FaceTrace™ to measure 
emotional engagement of client communications  
& predict their success.
 Creative 6ers™
Gifted creative consumers available online to 
generate ideas for clients’ NPD, promotions, 
communications & packaging.
 JuicyBrains Innovation Community™
A dating site, matching our clients’ need for 
innovation with creative consumers willing  
to help generate ideas.  
Juicy products
858
382
203
74 4500
4000
3500
3000
2500
2000
1500
1000
500
0
34
195
1,568
1,231
359
506
1,805
366
232
930
2006 2007 2008
Predictive Markets
Quali-Taxi
TM
Insights Validator
TM
Creative 6ers
TM
CommScan
TM
FamilyCam
TM
Product growth
140 clients, including 9 of  
the world’s top 20 advertisers BrainJuicer Group PLC  Annual Report & Accounts 2008 4
BUSINESS PROfILE CONTINUED
Where we are
Managing Directors 
London
Jim Rimmer 
London
Evert Bos 
Rotterdam
Mark Johnson 
Lausanne
Jonathan Gable 
Hamburg
Ari Popper 
Los Angeles
Ari Popper 
New York
Rotterdam Lausanne Hamburg
Los Angeles
New York
Melbourne
Toronto
Our offices service 57% of the 
world’s research buying points
Rod Slater 
Melbourne
William Ratcliffe 
Toronto
Research in 54 countries covering over 
90% of the world’s research spend
Partner offices  BrainJuicer’s progress during 
the year has been strong, and 
the Company has continued to 
grow organically with revenues 
up 42% to £9,322,000 (2007: 
£6,566,000) and operating 
profits up 53% to £1,290,000 
(2007: £844,000). The Company  
did not experience softening 
in the market in 2008 and, as 
we have observed in the past, 
research spend from our core 
client base, multi-national 
consumer goods and services 
companies has tended to 
remain relatively stable. The 
research market has continued 
to grow, with the global spend 
on market research reaching 
$28bn (ESOMAR Global 
Market Research Report 2008). 
However, given the current global 
recession, we have to be realistic 
and expect the market in 2009 to 
be flat at best. 
It is innovation that sets 
BrainJuicer apart. We have 
continued to develop our products 
in pioneering directions, for the 
benefit of our existing blue chip 
customers and in order to attract 
new ones. Our new products, 
although quite different from 
the established offerings of our 
competitors, are beginning to be 
adopted within our large clients 
and we are delighted with the 
progress that has been made. 
The Company has expanded its 
geographic footprint with the 
appointment of highly regarded 
country managers in Germany 
and Switzerland and, through 
licensing agreements, in Canada 
and Australia. This expansion 
requires little investment and 
is low risk, as the Company’s 
overseas offices are supported 
by its UK operations technically 
and operationally. The Company 
is deliberately and steadily 
increasing its geographic 
coverage, particularly in the 
largest research markets, to 
further align itself with its large 
multi-national target market. 
The Company is in the mainstream 
of global market research spend 
and, in spite of its small size, is 
competing successfully with the 
major research firms. BrainJuicer 
continues to receive a positive 
reaction to its innovative new 
products and it is in this area 
that we continue to focus our 
efforts. Significant new client 
wins have underpinned a strong 
financial year and have enabled 
ongoing investment in the team 
and BrainJuicer’s technology 
platform. We are pleased with 
the way the Company has further 
strengthened its market position 
and its reputation during 2008.
Ken Ford
Chairman
19 March 2009
CHAIRMAN’S STATEMENT
The Company has expanded its
geographic footprint to align itself 
with its large multi-national clients
Our innovative research continues to be well 
received by our blue chip client-base and we 
have made significant progress in 2008
BrainJuicer Group PLC  Annual Report & Accounts 2008 5 Introduction
The Board is pleased to report 
another year of strong organic 
growth for the Company with 
successful product innovation, 
geographic expansion, and an 
increasing client base of blue chip 
companies further strengthening 
our position in the market. 
Every company has a raison d’être. 
As befits a small company, ours 
is quite simple, but nevertheless 
ambitious: to alter and improve 
the way that major consumer 
companies undertake market 
research and to become one of the 
world’s top ten research groups. 
To achieve this, not only do we 
need to be different and innovative, 
but we must also implement 
effectively. To date, we have been 
successful in this.
We are small compared with 
our competitors, but now work 
with nine of the world’s top 20 
advertisers, up from seven in 2007.  
We have international reach 
and are growing quickly. We are 
profitable and have no debt.
Values and priorities
What excites us is the creative 
process, and designing market 
research tools and techniques 
which can transform our clients’ 
innovation processes. Our clients 
are predominantly in the mass 
consumer market (the largest 
buyers of market research in 
the world) and our products 
are focussed on the difficult 
earlier stages of their innovation 
development. We believe that 
around half of their market 
research spend is applied to these 
stages and this segment appears 
to be significantly underserved by 
our competitors.
To use our jargon, we have two 
categories of products; “Juicy” and 
“Twist”. Juicy products are new to 
the world techniques which are 
entirely different from any available 
elsewhere and which challenge 
traditional approaches. Twist 
products utilise industry standard 
quantitative research methods 
but add our unique quali-quant 
diagnostics; MindReader
TM
 and 
FaceTrace
TM
. Both are important to 
the business and appreciated by 
our clients but we believe it is our 
Juicy Products which will drive the 
long-term growth of the Company. 
The year has seen strong uptake 
of our Juicy Products – Predictive 
Markets, Creative 6ers
TM
, Insight 
Validation
TM
 and CommScan
TM
. 
Increasing by 49%, they now 
account for 46% of the Company’s 
total revenue, contributing £4.3m 
in 2008 (2007: £2.6m). Juicy 
Products are used by all nine 
of our clients in the world’s top 
20 advertisers and by 59 of our 
140 clients. In January 2009, 
BrainJuicer launched its latest Juicy 
Product: the JuicyBrains Innovation 
Community. This is another unique 
tool allowing clients to engage 
with an online community of 
consumers who have a shared 
interest in innovation, and to tap 
into the feedback of more creative 
consumers. 
BrainJuicer has conducted 
research in 54 countries 
representing 90% of the world’s 
research spend. At the beginning 
of 2008, we had offices in three 
countries, the US, UK and Holland; 
these are the first, second and 
13
th
 largest research markets and 
accounted for 42% of the world’s 
research spend. To materially 
increase the share of spend and 
number of multi-national clients, 
we need to expand the geographic 
office coverage to service the 
regional buying points of multi-
national clients. During 2008, 
we expanded into Switzerland 
where many multi-nationals have 
their European head offices and 
also into Australia, via a licensing 
agreement with a well established 
Australian market research firm, 
bringing our coverage to 45% 
of the world’s research spend. 
Since the year end, BrainJuicer 
has expanded further, with an 
office in Germany and a licensing 
agreement in Canada, the 
third and sixth largest research 
markets, increasing our coverage 
CHIEf ExECUTIVE’S STATEMENT
We have one driving ambition: to 
transform the way the world does 
market research and become a 
top 10 global MR company
6 BrainJuicer Group PLC  Annual Report & Accounts 2008 BrainJuicer Group PLC  Annual Report & Accounts 2008 7
to 57% of the world’s research 
spend (ESOMAR Global Market 
Research Report 2008).  We are 
now well-represented in Europe, 
North America and Australasia  
and will be looking at moving into 
Asia and South America in the 
coming years.
All of our research is online, 
conducted via our proprietary 
software platform and therefore 
scalable. Nevertheless, we do 
also require highly skilled teams 
of market research professionals 
to design each client project, 
to extract the key conclusions 
from the results and to help our 
clients apply them to their product 
development and marketing 
challenges. In 2008, we hired 
15 new people (excluding 
replacements) of whom 80% were 
client facing. The Company is an 
exciting and challenging place to 
work, and we are very pleased 
to have attracted a team of high 
calibre staff to meet these needs.
Profitability,  
growth and risk
We have managed to grow our 
business, while at the same time 
growing profits and remaining 
cash positive. We have also been 
able to start paying dividends 
demonstrating the Company’s 
ability to be both high growth 
as well as dividend yielding. 
Geographic expansion does dilute 
profit margins with the setting up 
of new offices and hiring of people, 
but the investment is small and we 
look to make a profit within three 
years, as previously achieved in 
Holland and the USA. To achieve 
our ambition of becoming a top 
ten global research agency, we 
need to continue our international 
expansion. This inevitably brings 
risks and we will maintain a 
cautious approach to our financial 
arrangements. We intend to 
continue to grow organically, in 
the main, and we will not look to 
borrowings to do so.
Ownership
Our shares are fairly tightly held 
and there is currently only a small 
free-float:
John Kearon: 43.8% • 
Unilever Ventures: 37.8% • 
Management: 4.2% • 
Institutions and private investors: • 
14.2%
I am committed to building 
substantial long-term value for 
shareholders and have every 
intention of retaining a major stake 
in the business for the foreseeable 
future. I am motivated by building 
a business I passionately believe 
can be a top ten global research 
group and building a team capable 
of achieving this.
Unilever Ventures invested in 
2003 and it was their support that 
enabled the Company to develop. 
However, as a venture capital unit, 
they have a need to recycle their 
capital to support new businesses 
and, in due course, they will sell 
their holding. We hope that the 
new shareholders we will acquire 
at the time will be attracted by our 
long-term potential and will stay 
with us for many years.
Prospects
The impact of the global economic 
recession on our clients’ market 
research spend this year, and 
any consequent effect on the 
Company, remains to be seen. 
Nevertheless, in 2008 we 
weathered the downturn well, 
and are expecting to build on last 
year’s achievements and deliver 
further progress in 2009.
John Kearon
Chief Executive Officer
19 March 2009
In 2008, we weathered the downturn well and  
are expecting to build on last year’s achievements 
and deliver further progress in 2009 Operations
The Company achieved strong 
results across all regions with 
revenue growing 34% in the 
UK, 7% in the Netherlands 
and 276% in the US. The UK 
remains the prime business 
generator for the Company, 
with 60% of total revenue from 
a well established mix of large 
domestic and multi-national clients 
(including eight of the world’s 
top 20 advertisers). The Dutch 
office serves our smallest market 
and its results benefited from 
the decline in the value of the 
pound. In local currency terms, 
its revenue declined a little (9%) 
due to a cyclical fall in revenue 
from its largest client. It has 
nevertheless been our beach-
head into Continental Europe, and 
is the office through which we 
have moved into Switzerland and 
Germany. The US is our largest 
and most competitive market, and 
we are encouraged by the way our 
US operation has grown so rapidly. 
Like our Dutch operation, its results 
also benefited from the decline 
in the value of the pound, but still 
grew strongly in local currency 
terms (222%). It has established a 
foothold in 12 large new US-based 
companies, works with six of the 
world’s top 20 advertisers and has 
now moved into profit (in only its 
third full year of operation).
The Company’s client-base 
increased from 115 to 140, and 
BrainJuicer now works with nine 
of the world’s top 20 advertisers 
(AdvertisingAge’s 22nd Global 
Marketers’ Study 2008). Average 
project size increased to £18,644 
(2007: £14,822), indicative of the 
Company’s success in winning 
larger, more international projects 
from clients. 
The Company’s expansion into 
Switzerland in June 2008, and to 
Germany in January 2009, was 
driven by client demand. The 
pay-back period on opening new 
offices is relatively short, and the 
Company’s method of entering a 
new territory in a low-investment 
manner ensures that profit margins 
are only diluted initially. The 
anticipated strategic benefits are 
nevertheless significant. 
The Company entered Australia 
in June 2008, through a licensing 
agreement with Slater Marketing, 
and Canada, where the Company 
signed an agreement with High 
Level Research Inc (‘HIGHLevel’) 
in January 2009. Slater 
Marketing is generating new 
revenues for BrainJuicer and 
has introduced new significant 
clients to the Company’s 
products. It is envisaged that 
these two partners will become 
wholly owned business units of 
BrainJuicer in due course, once 
pre-agreed financial targets have 
been met. 
In order to underpin the Company’s 
organic growth, we continue to 
invest in the team, which has 
increased from, on average, 45 in 
2007 to 59 in 2008. The majority 
of this increase has been in 
client facing roles, which directly 
support the Company’s growth. 
Average revenue per headcount 
increased by 8% to £158,000, 
and average gross profit per 
hour of internal time taken to 
deliver client projects was £198 
(2007: £193). The Company has 
also invested in its operational 
capability and technology platform 
in order to maintain consistency, 
efficiency and quality of delivery 
of its services across its account 
management teams, as it grows 
and expands geographically. The 
Company regularly elicits detailed 
client feedback on its services, 
which has continued to be 
extremely positive.
Financial Performance
The Board was delighted to 
announce a maiden interim dividend 
of 0.5p per share in September 
2008, in addition to a special 
dividend of 1.7p per share, and 
now we propose a final dividend of 
1.0p per share. In spite of being an 
ambitious high growth company, 
we also have a solid balance sheet 
and healthy cash flows, and so are 
planning to maintain a progressive 
dividend policy. We see this as 
testimony to the Company’s 
attractive business model.
BUSINESS AND fINANCIAL REVIEW
The Company achieved strong 
results across all regions
8 BrainJuicer Group PLC  Annual Report & Accounts 2008 BrainJuicer Group PLC  Annual Report & Accounts 2008 9
We have shown strong top-line 
organic growth, with revenue  
up 42% to £9,322,000  
(2007: £6,566,000), and gross 
margin remaining high at 74% 
(74% in 2007). Our administrative 
expenses increased by 40% to 
£5,574,000, due primarily to our 
increase in client facing employee 
numbers. Operating profit 
increased from £844,000 in 2007 
to £1,290,000, an increase of 
53%, and operating margin  
grew to 13.8% (12.9%: 2007). 
Interest income was £82,000 
(2007: £49,000) taking Profit 
before Tax to £1,372,000  
(2007: £893,000). Our effective 
tax rate was 30% (2007: 26%) 
and our Profit after Tax was 
£964,000 (2007: £660,000).
Basic earnings per share was 
7.6p (2007: 5.2p) and diluted 
earnings per share was 7.4p 
(2007: 5.0p). Basic earnings 
per share is calculated as profit 
after tax divided by the weighted 
average number of shares in issue 
during the year (12,610,803 up 
from 12,564,831 in 2007). Diluted 
earnings per share account for 
shares that would be issued 
on exercise of employee stock 
options. The weighted average 
number of shares for our diluted 
earnings per share calculation 
was 13,108,126 shares (2007: 
13,220,878).
The Company generated  
£43,000 of cash flow before 
dividends, interest and  
employee stock option share 
issues after investing £304,000  
in its software technology and 
incurring £389,000 of one- 
off timing differences in  
the payments of VAT and 
Corporation Tax. It paid £277,000 
in dividends (2007: £nil), 
received £82,000 of interest 
(2007: £49,000) and received 
£4,000 from the issue of shares 
on exercise of employee stock 
options (2007: £18,000). The 
Company’s cash balance at year 
end was £1,727,000 (2007: 
£1,875,000), and it had no 
debt. The Company’s trade and 
other receivables balance (its 
biggest asset) was £2,809,000 
at year end (2007: £2,630,000) 
and the debtor payback period 
was 66 days (2007: 86). Its net 
assets were £3,627,000 up from 
£2,752,000 in 2007.
Risks
Loss of a significant client
This is perhaps the biggest risk the 
Company faces. We, therefore, go 
to considerable lengths to monitor 
our service quality. Client feedback 
is sought on many projects from 
a member of staff not connected 
with the project itself. Over the last 
financial year, this independent 
feedback has again revealed high 
levels of client satisfaction.
Loss of key personnel
Whilst the loss of a senior 
member of the team would 
have a negative impact on the 
business, the Board does not 
view the business as being 
overly dependent on any one 
individual. We place considerable 
demands on our people, and 
we are, therefore, at risk of staff 
turnover. However, the work 
environment is stimulating and 
we attempt to ensure that our 
We have shown strong top-line organic 
growth, with revenue up 42% to £9,322,000
In spite of being an ambitious high 
growth company, we also have a solid 
balance sheet and healthy cash flows BrainJuicer Group PLC  Annual Report & Accounts 2008 10
remuneration levels and structure 
encourages loyalty. We offer 
a combination of competitive 
basic salaries, attractive 
performance related bonuses, 
a comprehensive package of 
benefits (commensurate  
with those found in larger 
corporates) and a broad-based 
employee stock option plan.
Material adverse event leading 
to a significant loss of property, 
software, or data, or an adverse 
legal claim
Whilst it is not possible to ensure 
all eventualities are covered, we 
have continued to endeavour to 
protect the business in a sensible 
manner through a combination of:
Comprehensive professional • 
indemnity insurance;
Frequent and multiple back- • 
ups and archiving of data on all 
servers; and
Sufficient focus on legal • 
protections, for example through 
our terms and conditions.
Recession
Like every business, we are  
having to face the potential 
consequences of a difficult and 
uncertain economic backdrop. Our  
multinational consumer goods and  
services client-base have previously  
weathered recessions and 
maintained spending better than 
most. However, we are entering 
into uncharted territory and so it 
is difficult to predict how they will 
react to the current difficulties.  
We are, therefore, adopting a  
more cautious approach to our 
growth plans.
Summary
Ongoing product development and 
geographic expansion continue 
to be the major areas of focus, 
followed closely by operations 
and our technology platform. The 
effects of the recession will have 
a bearing on our business, but the 
Board, nevertheless, believes that 
the Company is well positioned to 
continue to build on its innovative 
portfolio of products, blue chip 
client-base, highly regarded team 
and strong balance sheet.
James Geddes
Chief Financial Officer
19 March 2009
BUSINESS AND fINANCIAL REVIEW
The Company’s client-base 
increased from 115 to 140
Ongoing product development and 
geographic expansion continue to 
be the major areas of focus 11 BrainJuicer Group PLC  Annual Report & Accounts 2008
BRAINJUICER LABS
BrainJuicer Labs – Commitment to Innovation
The only way to keep ahead is 
to experiment...When there’s no 
experimenting, there’s no progress
FamilyCam™
Wire up homes Big-Brother 
style as an inspirational & 
insightful research resource
Me to We Research™
The potential of respondents 
as researchers; mass 
ethnographers, mass 
semioticians & co-creators
Mood Metrics™
New to the world metric, 
created to prove the ability of 
a client’s product to improve 
peoples’ mood 
Mobile Moments of 
Truth™
Real-time research / Insights 
e.g. shopper marketing, ad 
tracking, new launch tracking
Consumer Deep Dives
Consumer deep dives to 
unearth new insights / revisiting 
existing research to pull out 
insights
Shopper Marketing
Using leading-edge research 
design to understand how best 
to maximise in-store sales
“
In FamilyCam™ we had a unique tool to 
help shed a great deal of light from real 
life observation and fed directly into the 
development of global communication 
& products designed to help to change 
consumers’ behaviour for the better.”
Alexander Harrison
Global Consumer & Market Insight Manager 
Unilever Oral Care 12 BrainJuicer Group PLC  Annual Report & Accounts 2008
Ken Ford
Chairman
Ken was previously Chief Executive 
of Teather & Greenwood, the 
investment bank, becoming 
Deputy Chairman and Chairman of 
Corporate Finance in 2004, and 
brings 36 years City experience to 
the Company, including a strong 
understanding of shareholder 
value, strategic planning and 
corporate transactions. Ken was 
Chairman of the UK Society of 
Investment Analysts between 
1985 –1987, Chairman of the 
Quoted Company’s Alliance 
(QCA) in 2003-2004 and is a 
former member of the EU Advisory 
Committee to the Corporation 
of London. Ken’s previous 
directorships include Aberdeen 
Asset Management, Morgan 
Grenfell and Wedd Durlacher.
John Kearon
Chief Executive Officer 
John is responsible for overall 
strategic direction and commercial 
development of the Group. John’s 
role in establishing and developing 
the BrainJuicer business made 
him Ernst & Young’s “Emerging 
Entrepreneur of the Year” in 2007. 
Prior to founding BrainJuicer, John 
founded innovation agency, Brand 
Genetics Limited, which invented 
new products and services for FT500 
companies. Before this, John had 
been Planning Director of one of the 
UK’s leading advertising agencies. 
John started his career over 20 
years ago as a graduate of Unilever’s 
management programme, rising to 
be a senior marketer at Elida Gibbs 
before moving into advertising.
James Geddes
Chief Finance Officer
James is responsible for the finance 
and administrative functions within 
the Group. James is a Chartered 
Accountant, holds a Diploma in 
Corporate Treasury Management 
and is graduate of Harvard 
Business School’s executive 
programme. He has over 20 years 
of financial management experience 
and was previously Assistant 
Treasurer of Fosters Brewing 
Group Limited, Executive Director, 
International Corporate Finance at 
MediaOne Group and CFO of Iobox 
Oy (backed by Morgan Stanley 
Capital and sold to Telefonica). 
James has been BrainJuicer’s CFO 
since the Unilever UK Holdings’ 
investment in January 2003.
Mark Muth
Non-executive director
Mark is one of the three directors 
of Unilever Ventures and 
negotiated Unilever UK Holdings’ 
investment in BrainJuicer in January 
2003. He has over 20 years of 
experience in banking and venture 
capital. Unilever Ventures leads 
and manages investments in start-
up and early stage companies, 
drawing on the Unilever Group 
of companies’ expertise in food, 
home and personal care consumer 
products to bring value to its 
portfolio companies. 
Simon Godfrey
Non-executive director
Simon has over 30 years’ 
experience in the quantitative 
research industry. Simon was 
a director of Research Bureau 
Limited (now Research International 
UK Limited) until 1985 when he 
founded Simon Godfrey Associates 
(“SGA”). SGA was one of the 
largest UK research suppliers when 
acquired by WPP Plc in 1998. 
Simon has been a non-executive 
director of BrainJuicer UK since the 
Unilever UK Holdings’ investment in 
January 2003.
DIRECTORS BrainJuicer Group PLC  Annual Report & Accounts 2008 13
Jim Rimmer
United Kingdom  
Managing Director
Jim joined BrainJuicer during 
2006 as UK Managing Director 
and is a member of the 
international management team. 
He was previously General 
Manager of SGA Research 
International Limited and Head 
of Virtual Expert Community on 
Concept Testing and Volume 
Estimates. Jim is a highly 
experienced researcher with over 
20 years’ experience in Consumer 
Insights, specialising in the 
packaged goods sector.
Evert Bos
Netherlands  
Managing Director
Evert has been with BrainJuicer 
since the end of 2004 as 
Netherlands Managing Director. 
Evert has twelve years’ marketing 
and research experience with the 
Unilever Group of companies in 
the Netherlands. He managed the 
Dutch integration of Bestfood’s 
Knorr and Conimex brands and 
was Head of Market Research 
at Bestfood before joining 
BrainJuicer.
Mark Johnson
Switzerland  
Managing Director 
Mark started his career as a 
strategic planner working for 
market research, innovation and 
branding consultancies – first in 
London, then in Paris. In these 
roles, he has advised more than 
30 companies in a broad range 
of categories and sectors. Before 
joining BrainJuicer, Mark was 
responsible for market research 
studies linked to innovation at 
Cereal Partners Worldwide (the 
joint venture between Nestlé 
and General Mills). Mark has a 
degree in Political Science from 
the University of Geneva and 
a Masters in Communications 
from the University of Stirling, 
Scotland. 
Ari Popper 
North America  
Managing Director
Ari joined BrainJuicer in January 
2007 and now leads our 
North American Team. Ari was 
previously a Vice President at 
Millward Brown and Senior 
Manager of its Los Angeles 
Office. Ari’s areas of specialism 
include consumer segmentation, 
early creative development, 
brand strategy and marketing 
communication effectiveness.
Susan Griffin 
Vice President of Marketing and 
Business Development 
With over 20 years of experience, 
Susan comes to BrainJuicer with a 
keen understanding of the research 
industry as a client as well as a 
consultant. Most recently at vendors 
like GMI, Material ConneXion 
and Aberdeen Group, at Thomas 
Publishing and at entrepreneurial 
start ups like SoftWatch, and 
Voyager on the client side, 
Susan established herself as a 
highly successful marketeer and 
business development professional. 
Susan’s domain expertise extends 
to consumer and industrial products 
development, supply chain 
management, healthcare informatics, 
and financial services, having started 
her career at the American Stock 
Exchange where she rose to the 
rank of Vice President.
Jonathan Gable
Germany  
Managing Director 
Jonathan has broad international 
experience in FMCG marketing 
and research, and has worked at 
both start-ups and well established 
blue chip companies such as 
Colgate-Palmolive, General Mills, 
and Dunkin’ Brands. His experience 
as both a buyer and supplier 
of quantitative and qualitative 
research has given him a strong 
understanding of clients’ research 
and business needs, especially 
in the German market. Jonathan 
comes from Southern California but 
has lived and worked in Germany 
for the past 20 years. 
SENIOR MANAGEMENT 14 BrainJuicer Group PLC  Annual Report & Accounts 2008
Directors’ Report 15 
Corporate Governance Report 16 
Remuneration Report 18 
Statement of Directors’ Responsibilities 20 
Report of the Independent Auditor 21 
Consolidated Income Statement 22 
Consolidated Balance Sheet 23 
Consolidated Cash Flow Statement 24  
Consolidated Statement of  
Changes in Equity  25 
Notes to the Consolidated  
Financial Statements 26
BrainJuicer Group PLC  Annual Report & Accounts 2008
Consolidated FinanCial statements BrainJuicer Group PLC  Annual Report & Accounts 2008 15
direC tors’ report
The directors present the annual report and audited financial statements of BrainJuicer Group PLC for the year ended  
31 December 2008.
Principal activities and business review
We are a full service quantitative market research agency.
The Group made a profit after tax of £964,000 for the year ended 31 December 2008 (2007: £660,000). The Group 
paid an interim dividend of £63,073 and a special dividend of £214,447. The directors recommend paying a final 
dividend of 1.0 p per share. 
A further review of the business and likely future developments of the Group is given in the Chief Executive’s Statement 
on pages 6 and 7 and in the Business and financial review on pages 8 to 10.
The directors and their interests
The present membership of the Board is set out below. All directors served throughout the year. 
John Kearon
James Geddes
Ken Ford
Simon Godfrey
Mark Muth
Directors’ interests in the Ordinary Shares of the Company and in share options are disclosed in the Remuneration report.
Payments to suppliers
The Group aims to settle invoices within agreed payment terms, provided the relevant services or goods have been 
received in accordance with the agreed terms and conditions. At 31 December 2008, trade payables represent 67 days 
of average purchases of the Group (2007: 37 days).
Donations
There were no donations to political parties or charitable organisations (2007: £nil).
Share capital
Details of changes in the share capital of the Company during the year are given in note 11 to the financial statements. 
As at 28 February 2009, the Company was aware of the following interests in 3% or more of the ordinary issued share 
capital of the Company.
Substantial shareholdings
At 28 February 2009 
Number %
John Kearon 5,660,187 43.8
Unilever UK Holdings Limited 4,883,643 37.8
Chase Nominees Limited 431,507 3.3
Employment policies
The Group is committed to following the applicable employment laws in each territory in which it operates. The Group 
is committed to fair employment practices, including the prohibition of all forms of discrimination and attempts as far as 
possible to give equal access and fair treatment to all employees on the basis of merit. Wherever possible we provide the 
same opportunities for disabled people as for others. If employees become disabled we would make every effort to keep 
them in our employment, with appropriate training where necessary.
Health and safety policies
The Group is committed to conducting its business in a manner which ensures high standards of health and safety for its 
employees, visitors and the general public.
Auditor
A resolution to re-appoint Grant Thornton UK LLP as auditor for the ensuing year will be proposed at the annual general 
meeting in accordance with section 385 of the Companies Act 1985.
BY ORDER OF THE BOARD
James Geddes
Chief Financial Officer 
19 March 2009 16 BrainJuicer Group PLC  Annual Report & Accounts 2008
Introduction
The Board of BrainJuicer Group PLC is committed to high standards of corporate governance, which it considers a pre-
requisite to support the growth and ambitions of the Group. Whilst it is not a requirement for companies listed on the 
Alternative Investment Market (“AiM”) to comply with all the provisions in the Combined Code, the Board takes the Code 
seriously. The Group also places particular importance on the guidelines issued by the Quoted Companies Alliance for 
AiM Companies. 
There are areas where the Group is not in compliance with the Combined Code but the directors believe that full 
compliance is not practicable for a group of BrainJuicer’s size and at its stage of development. This report sets out the 
procedures and systems currently in place at BrainJuicer and explains why the Board considers them effective. The Board 
has committed to reviewing compliance with the Code regularly.
The Board
The Board comprises two executive directors and three non-executive directors. Their biographical details are presented 
on page 12.
The Board meets formally on a monthly basis and each of the directors attended all 12 meetings during the year. The 
Board discharges its responsibilities through both monthly management team meetings which are attended by the 
executive directors and the five country managers and regular informal meetings as would be expected in a Group of 
BrainJuicer’s size.
Ken Ford is Chairman of the Group and John Kearon its Chief Executive Officer. John is also the founder of BrainJuicer 
and a significant shareholder. His role centres on formulating the Group’s strategy and driving its commercial 
development. The Board’s three non-executive directors act as a sounding board and challenge the executive directors 
both at monthly Board meetings and on a regular and informal basis. Matters referred to the Board are considered by the 
Board as a whole and no one individual has unrestricted powers of decision. There are procedures and controls, including 
a schedule of matters that require the Board’s specific approval. This schedule includes:
Approval of the Group’s strategy, long-term objectives and business plan; • 
Approval of the extension of the Group’s activities into new territories; • 
Approval of significant capital expenditure beyond that budgeted; • 
 Changes relating to the Group’s capital structure, including debt-raising, reduction of capital, share issues and  • 
buy backs;
 Ensuring that the Group has effective reporting and internal control systems and an adequate risk assessment • 
procedure;
 Nominations for Board and Committee appointments; and • 
Consideration of key senior management appointments. • 
Where directors have concerns which cannot be resolved in connection with the running of the Group or a proposed 
action, their concerns would be recorded in the Board Minutes. This course of action has not been required to date.
The directors can obtain independent professional advice at the Company’s own expense in performance of their duties 
as directors.
Each year at the Annual General Meeting, one-third of directors are required to retire by rotation, provided all directors are 
subject to re-election at intervals of no more than three years. This year, James Geddes is scheduled to retire by rotation and 
has confirmed his willingness to be put forward for re-election at the Annual General Meeting to be held on 13 May 2009.
Non-executive directors
The non-executive directors are considered by the Board to be independent of management. The guidance in the 
Combined Code indicates that the non-executive directors’ independence might be impaired as Mark Muth represents 
a significant shareholder, Unilever UK Holdings Limited, and Simon Godfrey participates in the Group’s share option 
scheme. However, the Board consider both Mark and Simon to have acted in an independent manner, and that they at 
all times have endeavoured to act in the interests of all shareholders. Moreover, neither Mark nor Simon have a material 
economic interest in BrainJuicer given each of their net worth.
The terms and conditions of the non-executive directors’ appointments are available for inspection at the Company’s 
registered office.
Remuneration Committee
The membership and a summary of the terms of reference of the Remuneration Committee can be found on page 18.
Corporate GovernanCe report BrainJuicer Group PLC  Annual Report & Accounts 2008 17
Audit Committee
The Audit Committee, comprising Mark Muth (Chairman), Simon Godfrey and Ken Ford, the three non-executive directors, 
was established on 17th November 2006.
The Board considers that Mark Muth has recent and relevant financial experience. He has built a career in banking and 
venture capitalism and is a member of the Board of several small, entrepreneurial companies. If required, the committee is 
entitled to request independent advice at the Company’s expense in order for it to effectively discharge its responsibilities.
The Committee’s main role and responsibilities are to:
Monitor the integrity of the financial statements of the Group; • 
Review the Group’s internal financial controls and risk management systems; • 
Make recommendations to the Board, for it to put to the shareholders for their approval in relation to the appointment of • 
the external auditor and to approve the remuneration and terms of reference of the external auditor;
Discussion of the nature, extent and timing of the external auditor’s procedures and discussion of external auditor’s findings; • 
Review and monitor the external auditor’s independence and objectivity and the effectiveness of the audit process; • 
Develop and implement policy on the engagement of the external auditor to supply non-audit services; • 
Report to the Board, identifying any matters in respect of which it considers that action or improvement is required; and • 
Ensure a formal channel is available for employees and other stakeholders to express any complaints in respect of • 
financial accounting and reporting. 
The Committee is scheduled to meet twice in each financial year and at other times if necessary.
The Group does not currently have an internal audit function, which the Board considers appropriate for a Group of BrainJuicer’s 
size. The Audit Committee will review risk assessments and the need for an internal audit function on a periodic basis.
Internal control procedures
The Board is responsible for the Group’s system of internal controls and risk management, and for reviewing the 
effectiveness of these systems. These systems are designed to manage, rather than eliminate, the risk of failure to achieve 
business objectives, and to provide reasonable, but not absolute assurance against material misstatement or loss.
The key features of the Group’s internal controls are described below:
A clearly defined organisational structure with appropriate delegation of authority; • 
The approval by the Board of a one year budget, including monthly income statements, balance sheets and cash flow • 
statements. The budget is prepared in conjunction with Country Managers to ensure targets are feasible;
The business plan is updated on a periodic basis to take into account the most recent forecasts. On a monthly basis, • 
actual results are compared to the budget and to the latest forecast and presented to the Board on a timely basis;
Regular reviews by the Board and by the senior management team of key performance indicators; • 
A limited number of directors and senior executives are able to sign cheques and authorise payments. Payments are not • 
permitted without an approved invoice; and
Reconciliations of key balance sheet accounts are performed and independently reviewed by the finance team. • 
The Board in conjunction with the Audit Committee keeps under review the Group’s internal control system on a periodic 
basis. The Board acknowledges that there is room to improve procedures and intends to ensure risk assessment 
procedures and responses are continuously improved.
Communications with shareholders
The Board recognises the importance of regular and effective communication with shareholders. The primary forms of 
communication are:
The annual and interim statutory financial reports and associated investor and analyst presentations and reports; • 
Announcements relating to trading or business updates released to the London Stock Exchange; and • 
The Annual General Meeting provides shareholders with an opportunity to meet the Board of directors and to ask • 
questions relating to the business.
Going concern
After making enquiries, at the time of approving the financial statements the directors have a reasonable expectation that 
the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. For 
this reason, the directors continue to adopt the going concern basis in preparing the financial statements.  18 BrainJuicer Group PLC  Annual Report & Accounts 2008
Remuneration Committee
The Group has established a Remuneration Committee, comprising the three non-executive directors, Ken Ford, Simon 
Godfrey and Mark Muth.
The Committee’s main role and responsibilities are as follows:
To review, and determine on behalf of the Board, the specific remuneration and incentive packages for each of the • 
Company’s executive directors;
To review, and approve on behalf of the Board, the remuneration and benefits of senior management; • 
To review, and make recommendations to the Board in respect of, the design of remuneration structures and levels of • 
pay and other incentives for employees of the Group, including share option awards and any adjustments to the terms 
of share ownership and share option schemes;
To be responsible for reporting to the Group’s shareholders in relation to remuneration policies applicable to the • 
Group’s executive directors.
The Committee may invite the Chief Executive Officer and Chief Finance Officer to attend meetings of the Remuneration 
Committee. The Chief Executive Officer is consulted on proposals relating to the remuneration of the Chief Finance 
Officer and of other senior executives of the Group. The Chief Executive Officer is not involved in setting his own 
remuneration.
The Committee may use remuneration consultants to advise it in setting remuneration structures and policies. The 
Committee is exclusively responsible for appointing such consultants and for setting their terms of reference.
The Committee’s terms of reference are reviewed and approved by the Board. These are available for inspection at the 
Company’s registered office.
Remuneration policy
The Group’s policy on remuneration is to provide a package of benefits, including salary, performance-related bonuses 
and share options, which reward success and individual contributions to the Group’s overall performance appropriately, 
while avoiding paying more than is necessary for this purpose. The Group’s Articles of Association do not permit directors’ 
remuneration to exceed £750,000 per annum in aggregate. In addition, the Remuneration Committee takes into account 
remuneration packages of comparable companies when making recommendations to the Board. 
Performance-related elements of remuneration are designed to align the interests of executive directors with those of 
shareholders and accordingly are set as a significant proportion of total remuneration.
Stock options
The Group considers that active participation in a share option plan is an effective means of incentivising and retaining 
high quality people. Directors and employees are eligible to participate in the scheme. Further details of the option plan 
and outstanding options as at 31 December 2008 are given in note 11 to the financial statements.
Service agreements
The executive directors entered into service agreements with BrainJuicer Limited, a wholly owned subsidiary of the 
Company on 22 January 2003. The agreements include restrictive covenants which apply during employment and for a 
period of twelve months after termination. 
John’s agreement can be terminated on six month’s notice in writing by either the Company or by John. James’ agreement 
can be terminated on twelve months notice in writing by the Company and six months’ notice by James.
Non-executive directors
The remuneration of the non-executive directors is determined by the executive directors.
Ken, Mark and Simon’s appointments can be terminated on six months’ notice in writing by either the Company or by the 
non-executive director. However, the Company has entered into an agreement not to exercise its right to terminate Mark’s 
appointment while for so long as Unilever UK Holdings Limited remains the registered holder of not less than 10 per cent 
of the issued share capital of the Company.
remuneration report BrainJuicer Group PLC  Annual Report & Accounts 2008 19
Directors’ emoluments
Remuneration in respect of the directors was as follows:
2008 
£ 
2007 
£
Aggregate emoluments 375,264 362,300
Money purchase pension contributions 14,908 –
390,172 362,300
Emoluments of highest paid director:
2008 
£
2007 
£ 
Aggregate emoluments 178,025 173,244
Money purchase pension contributions 8,118 –
186,143 173,244
Two of the directors (2007: Nil) participated in a money purchase pension scheme operated by the Company.
Directors’ interests 
Directors’ interests in Ordinary Shares of 1p each as at 31 December 2008 are shown below:
Number of 1p ordinary shares
31 Dec 2008 1 Jan 2008
John Kearon 5,660,187 5,660,187
James Geddes 144,515 144,515
Ken Ford 10,000 10,000
The following directors held share options over 1p ordinary shares in the Company as at 31 December 2008:
Date of grant
Earliest 
exercise 
date Expiry date
Exercise 
price (p)
Number at  
1 Jan 2008
Granted 
in year
Exercised 
in year
Number 
at 31 Dec 
2008
John Kearon
19/01/2007 01/01/2008 18/01/2017 162.5p 60,213 – – 60,213
James Geddes
15/09/2003 01/01/2004 14/01/2013 11.4p 228,810 – – 228,810
19/01/2007 01/01/2008 18/01/2017 162.5p 60,213 – – 60,213
289,023 – – 289,023
Simon Godfrey
21/01/2003 01/01/2004 20/01/2013 11.4p 84,298 – – 84,298
No director exercised rights to share options during the year.
An option will normally vest as to one third on 1 January following the date of grant and a further third on the next 
1 January and the remaining third on the following 1 January so that the option will be fully vested from the second 
anniversary of 1 January following the date of grant. It is then exercisable until the tenth anniversary of the date of grant. 
The exercise price at grant date is equal to the Company’s share price at the date of grant.
Simon Godfrey
Chairman of the Remuneration Committee 
19 March 2009  20 BrainJuicer Group PLC  Annual Report & Accounts 2008
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable 
law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law, the directors 
have prepared the group financial statements in accordance with International Financial Reporting Standards (IFRSs) 
as adopted by the European Union and have chosen to prepare the parent company financial statements in accordance 
with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The financial 
statements are required by law to give a true and fair view of the state of affairs of the Company and the Group and of the 
profit or loss of the Group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently; • 
make judgments and estimates that are reasonable and prudent; • 
state that the Group financial statements comply with IFRS as adopted by the European Union and that the parent • 
company financial statements have been prepared in accordance with United Kingdom Accounting Standards (United 
Kingdom Generally Accepted Accounting Practice); and
prepare the Group financial statements and those of the parent company on the going concern basis unless it is • 
inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time 
the financial position of the Company and the Group and to enable them to ensure that the financial statements comply 
with the Companies Act 1985. They are also responsible for safeguarding the assets of the Company and the Group and 
hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the directors are aware:
there is no relevant audit information of which the Company’s auditors are unaware; and • 
the directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit • 
information and to establish that the auditors are aware of that information.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on 
the Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial 
statements may differ from legislation in other jurisdictions.
James Geddes
Company Secretary and Chief Financial Officer 
19 March 2009
 
statement oF direC tors’ responsibilities BrainJuicer Group PLC  Annual Report & Accounts 2008 21
report oF the independent auditor 
to the members oF brainJuiCer Group pl C 
We have audited the Group financial statements (the ‘’financial statements’’) of BrainJuicer Group PLC for the year ended 
31 December 2008 which include the consolidated balance sheet, the consolidated income statement, the consolidated 
cash flow statement, the consolidated statement of changes in equity and notes 1 to 24. These financial statements have 
been prepared under the accounting policies set out therein.
We have reported separately on the parent company financial statements of BrainJuicer Group PLC for the year ended  
31 December 2008.
This report is made solely to the Company’s members, as a body, in accordance with Section 235 of the Companies 
Act 1985. Our audit work has been undertaken so that we might state to the Company’s members those matters we are 
required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not 
accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit 
work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
The directors’ responsibilities for preparing the Annual Report and the financial statements in accordance with applicable 
law and International Financial Reporting Standards (IFRSs) as adopted for use in the European Union are set out in the 
Statement of Directors’ Responsibilities.
Our responsibility is to audit the Group financial statements in accordance with relevant legal and regulatory requirements 
and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a true and fair view and whether the financial 
statements have been properly prepared in accordance with the Companies Act 1985. We also report to you whether 
in our opinion the information given in the Directors’ Report is consistent with the financial statements. The information 
given in the Directors’ Report includes that specific information presented in the Business and Financial Review section as 
cross-referred from the business review section of the Directors’ Report.
In addition we report to you if, in our opinion, the Company has not kept proper accounting records, if we have not 
received all the information and explanations we require for our audit, or if information specified by law regarding directors’ 
remuneration and other transactions is not disclosed. 
We read other information contained in the Annual Report and consider whether it is consistent with the audited financial 
statements. The other information comprises only the Highlights, the Chairman’s Statement, The Chief Executive’s 
Statement, the Business and Financial Review, the Directors’ Report, the Corporate Governance Report and the 
Remuneration Report. We consider the implications for our report if we become aware of any apparent misstatements or 
material inconsistencies with the financial statements. Our responsibilities do not extend to any other information.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing 
Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in 
the Group financial statements. It also includes an assessment of the significant estimates and judgments made by the 
directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the 
Group’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary 
in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from 
material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the 
overall adequacy of the presentation of information in the financial statements.
Opinion
In our opinion:
the Group financial statements give a true and fair view, in accordance with IFRSs as adopted by the European Union, • 
of the state of the Group’s affairs as at 31 December 2008 and of its profit for the year then ended;
the Group financial statements have been properly prepared in accordance with the Companies Act 1985; and • 
the information given in the Directors’ Report is consistent with the financial statements. • 
Grant Thornton UK LLP
Registered Auditor 
Chartered Accountants 
Milton Keynes 
19 March 2009 22 BrainJuicer Group PLC  Annual Report & Accounts 2008
Note
2008 
£’000
2007 
£’000
Revenue 4 9,322 6,566
Cost of sales (2,458) (1,727)
Gross profit 6,864 4,839
Administrative expenses (5,574) (3,995)
Operating profit 4 1,290 844
Investment income 17 82 49
Finance costs – –
Profit before taxation 1,372 893
Income tax expense 18 (408) (233)
Profit for the financial year 964 660
Attributable to equity holders of the Company 964 660
Earnings per share for profit attributable  
to the equity holders of the Company
Basic earnings per share 20 7.6p 5.2p
Diluted earnings per share 20 7.4p 5.0p
All of the activities of the Group are classed as continuing.
The notes on pages 26 to 43 are an integral part of these consolidated financial statements.
Consolidated inC ome statement For the Year ended 31 deCember 2008 BrainJuicer Group PLC  Annual Report & Accounts 2008 23
Note
2008
£’000 
2007 
£’000
ASSETS
Non-current assets
Property, plant and equipment 5 157 119
Intangible assets 6 625 328
Financial assets – available-for-sale investments 7 90 –
Deferred tax asset 19 61 222
933 669
Current assets
Inventories 9 14 16
Trade and other receivables 10 3,206 2,630
Cash and cash equivalents 1,727 1,875
4,947 4,521
Total assets 5,880 5,190
EQUITY
Capital and reserves attributable to equity holders 
of the Company
Share capital 11 126 126
Share premium account 1,412 1,408
Merger reserve 477 477
Foreign currency translation reserve 214 51
Other reserve 290 278
Retained earnings 1,108 412
Total equity 3,627 2,752
LIABILITIES
Current liabilities
Trade and other payables 12 2,122 2,092
Current income tax liabilities 131 346
Total liabilities 2,253 2,438
Total equity and liabilities 5,880 5,190
These financial statements were approved by the directors on 19 March 2009 and are signed on their behalf by:
John Kearon James Geddes
Director Director
The notes on pages 26 to 43 are an integral part of these consolidated financial statements.
Consolidated balanCe sheet
as at 31 deCember 2008 24 BrainJuicer Group PLC  Annual Report & Accounts 2008
Note
2008 
£’000 
2007 
£’000
Net cash generated from operations 23 1,138 1,173
Tax paid (545) (77)
Net cash generated from operating activities 593 1,096
Cash flows from investing activities
Purchases of property, plant and equipment (124) (83)
Purchase of intangible assets (336) (330)
Purchase of available-for-sale financial assets (90) –
Interest received 82 49
Net cash used by investing activities (468) (364)
Cash flows from financing activities
Proceeds from other issuance of Ordinary Shares 4 18
Repayment of financial liabilities – (108)
Dividend paid (277) –
Net cash used by financing activities (273) (90)
Net (decrease)/increase in cash and cash equivalents (148) 642
Cash and cash equivalents at beginning of year 1,875 1,233
Cash and cash equivalents at end of year 1,727 1,875
The notes on pages 26 to 43 are an integral part of these consolidated financial statements.
Consolidated C ash Flow statement For the Year ended 31 deCember 2008 BrainJuicer Group PLC  Annual Report & Accounts 2008 25
Consolidated statement oF ChanGes in equitY
For the Year ended 31 deCember 2008
Share 
capital 
£’000
Share 
premium 
account 
£’000
Merger 
reserve 
£’000
Foreign 
currency 
translation 
reserve 
£’000
Other 
reserve 
£’000
Retained 
earnings 
£’000
Total 
£’000
At 1 January 2007 126 1,390 477 (5) 255 (277) 1,966
Exchange differences on 
consolidation – – – 56 – – 56
Profit for the financial year – – – – – 660 660
Total income/(expense)  
recognised for 2007 – – – 56 – 660 716
Exercise of share options – 18 – – (6) 6 18
Unwinding of deferred tax on 
exercise of share options – – – – 2 23 25
Share-based payment charge – – – – 54 – 54
Deferred tax debited to equity – – – – (27) – (27)
– 18 – – 23 29 70
At 31 December 2007 126 1,408 477 51 278 412 2,752
Exchange differences on 
consolidation – – – 163 – – 163
Profit for the financial year – – – – – 964 964
Total income/(expense)  
recognised for 2008 – – – 163 – 964 1,127
Exercise of share options – 4 – – – – 4
Dividend paid on ordinary shares – – – – – (277) (277)
Unwinding of deferred tax on 
exercise of share options – – – – – 9 9
Share-based payment charge – – – – 105 – 105
Deferred tax debited to equity – – – – (93) – (93)
– 4 – – 12 (268) (252)
At 31 December 2008 126 1,412 477 214 290 1,108 3,627
     
The notes on pages 26 to 43 are an integral part of these consolidated financial statements. 26 BrainJuicer Group PLC  Annual Report & Accounts 2008
1 General information
BrainJuicer Group PLC (“the Company”) was incorporated on 19 September 2006 in the United Kingdom. The Company 
is United Kingdom resident. The address of the registered office of the Company, which is also its principal place of 
business, is given on page 49. The Company’s shares are listed on the Alternative Investment Market of the London Stock 
Exchange (“AiM”). 
The Company and its subsidiaries (together “the Group”) provide on-line market research services. Further detail of the 
Group’s operations and its principal activity is set out in the Directors’ Report on page 15.
The financial statements for the year ended 31 December 2008 (including the comparatives for the year ended  
31 December 2007) were approved by the Board of directors on 17 March 2009.
2 Basis of Preparation
The Group has prepared its Annual Report in accordance with International Financial Reporting Standards (“IFRSs”) as 
adopted in the European Union and as applied in accordance with the provisions of the Companies Act 1985.
The consolidated financial statements have been prepared under the historical cost convention.
The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting estimates. 
It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The 
areas involving a high degree of judgement or complexity, or areas where assumptions and estimates are significant to the 
consolidated financial statements are disclosed in note 3.
Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary 
economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are 
presented in Pounds Sterling (GBP), which is the Company’s functional and presentation currency. 
3 Principal accounting policies
The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. 
These policies have been consistently applied to all the years presented, unless otherwise stated.
Standards, amendments and interpretations in issue but not yet effective
The following standards, amendments and interpretations to existing standards have been published and are mandatory 
for the Group’s accounting periods beginning on or after 1 January 2009 or later periods, but the Group has not adopted 
them early:
IAS 1 (Revised 2007), ‘Presentation of Financial Statements’ (effective from 1 January 2009)
The revised standard will result in changes to the presentation of the Group’s financial statements as the format currently 
adopted for the Statement of Changes in Equity will no longer be permitted. Instead, the Group will present a Statement 
of Comprehensive Income combining the existing Income Statement with other income and expenses currently presented 
as part of the Statement of Changes in Equity. In addition, the Group will present a separate Statement of Changes in 
Equity showing owner changes in equity.
IAS 23 (Amendment), ‘Borrowing costs’ (effective from 1 January 2009) 
IAS 23 requires an entity to capitalise borrowing costs directly attributable to the acquisition, construction or production 
of a qualifying asset (one that takes a substantial period of time to get ready for use or sale) as part of the cost of 
that asset. The option of immediately expensing those borrowing costs will be removed. The Group will apply IAS 23 
(Amended) from 1 January 2009, but it is currently not applicable to the Group as there are no qualifying assets.
IFRS 8, ‘Operating segments’ (effective from 1 January 2009)
IFRS 8 replaces IAS 14 and requires segment information to be presented on the same basis as that used for internal 
reporting purposes. The adoption of this standard is unlikely to have a significant impact upon the accounts as the internal 
reporting provided to the chief operating decision-maker is consistent with that presented in these accounts.
IFRS 3, (Revised 2008) ‘Business Combinations’ (effective from 1 July 2009)
The revised standard will apply to any future business combinations that the Group may undertake once it is in force. The 
Group has no plans to adopt the revised standard in advance of its mandatory implementation date and it is not possible 
to quantify the effect of the standard on future business combinations until and unless those combinations take place.
notes to the C onsolidated FinanCial statements For the Year ended 31 deCember 2008 BrainJuicer Group PLC  Annual Report & Accounts 2008 27
3 Principal accounting policies continued
Basis of consolidation
The Group financial statements consolidate those of the Company and all of its subsidiary undertaking drawn up to  
31 December 2008. Subsidiaries are entities over which the Group has the power to control the financial and operating 
policies so as to obtain benefits from its activities. The Group obtains and exercises control through voting rights.
Unrealised gains on transactions between the Group and its subsidiaries are eliminated. Unrealised losses are also 
eliminated unless the transaction provides evidence of an impairment of the asset transferred. Amounts reported in the 
financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting 
policies adopted by the Group.
Acquisitions of subsidiaries are dealt with by the purchase method. The purchase method involves the recognition at 
fair value of all identifiable assets and liabilities, including contingent liabilities of the subsidiary, at the acquisition date, 
regardless of whether or not they were recorded in the financial statements of the subsidiary prior to acquisition. On 
initial recognition, the assets and liabilities of the subsidiary are included in the consolidated balance sheet at their fair 
values, which are also used as the bases for subsequent measurement in accordance with the Group accounting policies. 
Goodwill is stated after separating out identifiable intangible assets. Goodwill represents the excess of acquisition cost 
over the fair value of the Group’s share of the identifiable net assets of the acquired subsidiary at the date of acquisition.
To date, the only business combination has been a Group reconstruction upon the incorporation and listing of the parent 
company in 2006 that was accounted for as a common control transaction.
Property, plant and equipment
Property, plant and equipment are stated at historical cost less accumulated depreciation and accumulated impairment 
losses. Depreciation is provided to write off the cost of all property, plant and equipment to their residual value on a 
straight-line basis over their expected useful economic lives, which are as follows:
Furniture, fittings and equipment  5 years
Computer hardware  2 to 3 years
The residual value and useful life of each asset is reviewed and adjusted, if appropriate, at each balance sheet date. 
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. 
Acquired computer software licenses are capitalised at the cost of acquisition. These costs are amortised on a straight-
line basis over their estimated useful economic life of two years.
Costs incurred in the development of identifiable and unique software products controlled by the Group, and that will 
probably generate economic benefits exceeding costs beyond one year, are recognised as intangible assets. Costs 
include professional fees and incremental employee costs required to bring the software into working condition. Non-
incremental costs are expensed under the relevant income statement heading.
Furthermore, internally-generated software is recognised as an intangible asset only if the Group can demonstrate all of 
the following conditions:
the technical feasibility of completing the intangible asset so that it will be available for use or sale; (a) 
its intention to complete the intangible asset and use or sell it; (b) 
its ability to use or sell the intangible asset; (c) 
how the intangible asset will generate probable future economic benefits. Among other things, the Group can (d) 
demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or, if it is to 
be used internally, the usefulness of the intangible asset;
the availability of adequate technical, financial and other resources to complete the development and to use or sell (e) 
the intangible asset; and
its ability to measure reliably the expenditure attributable to the intangible asset during its development. (f) 
Internally-generated intangible assets are amortised on a straight-line basis over their useful economic lives. Where no 
internally-generated intangible asset can be recognised, development expenditure is recognised as an expense in the 
period in which it is incurred.
Once completed, and available for use in the business, internally developed software is amortised on a straight line basis 
over its useful economic life which varies between 2 and 4 years. 28 BrainJuicer Group PLC  Annual Report & Accounts 2008
notes to the C onsolidated FinanCial statements (Continued)
For the Year ended 31 deCember 2008
3 Principal accounting policies continued
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and bank deposits available on demand.
Inventories – work in progress
Work in progress comprises directly attributable costs on incomplete market research projects and is held in the balance 
sheet at the lower of cost and net realisable value.
Income taxes
Current income tax liabilities comprise those obligations to fiscal authorities relating to the current or prior reporting 
period, that are unpaid at the balance sheet date. They are calculated according to the tax rates and tax laws applicable 
to the fiscal periods to which they relate, based on the taxable profit for the year. All changes to current tax assets or 
liabilities are recognised as a component of tax expense in the income statement, except where it relates to items charged 
or credited directly to equity.
Deferred income taxes are calculated using the liability method on temporary differences. This involves the comparison 
of the carrying amounts of assets and liabilities in the consolidated financial statements with their respective tax bases. 
In addition, tax losses available to be carried forward as well as other income tax credits to the Group are assessed for 
recognition as deferred tax assets.
Deferred tax liabilities are always provided for in full. Deferred tax assets are recognised to the extent that it is probable 
that the underlying deductible temporary differences will be able to be offset against future taxable income. Deferred tax 
assets and liabilities are calculated, without discounting, at tax rates that are expected to apply to their respective period 
of realisation, provided they are enacted or substantively enacted at the balance sheet date.
Deferred tax is recognised as a component of tax expense in the income statement, except where it relates to items 
charged or credited directly to equity.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor 
are charged to the income statement net of any incentives received from the lessor on a straight-line basis over the period 
of the lease.
Revenue recognition
Revenue is recognised only after the final written debrief has been delivered to the client, except on the rare occasion that 
a large project straddles a financial period end, and that project can be sub-divided into separate discrete deliverables; in 
such circumstances revenue is recognised on delivery of each separate deliverable.
Employee benefits
All accumulating employee-compensated absences that are unused at the balance sheet date are recognised as a liability.
Share-based payment transactions
The Group issues equity settled share-based compensation to certain employees (including directors). Equity settled 
share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date of 
the equity-settled share-based payment is expensed on a straight-line basis over the vesting period, together with a 
corresponding increase in equity, based upon the Group’s estimate of the shares that will eventually vest. These estimates 
are subsequently revised if there is any indication that the number of options expected to vest differs from previous 
estimates. Any cumulative adjustment prior to vesting is recognised in the current period. No adjustment is made to any 
expense recognised in prior periods.
Fair value is measured using the Hull-White option pricing model. The expected life used in the model has been adjusted, 
based on management’s best estimate, for the effects of non-transferability, exercise restrictions and behavioural 
considerations.
Foreign currencies
Items included in the financial statements of each of the Group’s subsidiaries are measured using the currency of the 
primary economic environment in which the subsidiary operates (‘the functional currency’). The consolidated financial 
statements are presented in Sterling (‘GBP’), which is the Company’s functional and presentation currency.
Transactions in foreign currencies are translated into the functional currency at the exchange rates prevailing at the dates 
of the transactions. Foreign exchange gains and losses arising from the settlement of such transactions and from the 
translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised 
in profit or loss. BrainJuicer Group PLC  Annual Report & Accounts 2008 29
3 Principal accounting policies continued
Foreign currencies continued
The results and financial position of all Group companies that have a functional currency different from the presentation 
currency are translated into the presentation currency as follows:
assets and liabilities for each balance sheet presented are translated at the closing rate at the balance sheet date; (a) 
 income and expenses for each income statement are translated at average exchange rates; and (b) 
 all resulting exchange differences are recognised as a separate component of equity. (c) 
On consolidation, exchange differences arising from the translation of the net investment in foreign operations are taken to 
shareholders’ equity. When a foreign operation is partially disposed of or sold, exchange differences that were recorded in 
equity are recognised in the income statement as part of the gain or loss on sale.
Segment reporting
A segment is a distinguishable component of the Group that is engaged in providing products or services within a 
particular economic environment (geographical segment).
Financial instruments
Financial assets
The Group classifies its financial assets into the following categories: loans and receivables, available-for-sale, at fair 
value through profit or loss. However, at present, only the first two of these categories are relevant for the Group. The 
classification is determined by management at initial recognition, being dependent upon the purpose for which the 
financial assets were acquired.
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in 
an active market. They are included in current assets. The Group’s loans and receivables comprise trade and other 
receivables and cash and cash equivalents in the balance sheet. 
Available-for-sale financial assets
Available-for-sale financial assets include all financial assets other than derivatives, loans and receivables. They are 
classified as non-current unless management intend to dispose of the investment within 12 months of the balance 
sheet date. 
Investments are initially recorded in the balance sheet at fair value plus transaction costs, unless the asset is held for 
trading, in which case the transaction cost is expensed in the income statement. Financial assets are derecognised when 
the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred 
substantially all risks and rewards of ownership. Available-for-sale financial assets are subsequently carried at fair value.
The fair values of quoted investments are based on current bid prices. If the market for a financial asset is not active (or 
the financial asset is an unlisted security), the Group establishes fair value by reference to other recent comparable arm’s 
length transactions or other quoted instruments that are substantially the same, and, or, by discounted cash flow analysis.
Investments in equity instruments that do not have a quoted market price in an active market and whose fair value 
cannot be reliably measured and derivatives that are linked to, and must be settled by delivery of such unquoted equity 
instruments, are measured at cost.
The Group assesses at each balance sheet date whether there is objective evidence that a financial asset or a group 
of financial assets is impaired. In the case of equity securities classified as available-for-sale, a significant or prolonged 
decline in the fair value of the security below its cost is considered as an indicator that the securities are impaired. If any 
such evidence exists for available-for-sale financial assets, the cumulative loss – measured as the difference between the 
acquisition cost and the current fair value – is removed from equity and recognised in the income statement. Impairment 
losses recognised in the income statement on equity instruments are not reversed through the income statement.
Financial liabilities
Financial liabilities are initially recognised at fair value and subsequently carried at cost using the effective interest  
rate method.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements 
entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after 
deducting all of its financial liabilities. 30 BrainJuicer Group PLC  Annual Report & Accounts 2008
notes to the C onsolidated FinanCial statements (Continued)
For the Year ended 31 deCember 2008
3 Principal accounting policies continued
Financial instruments continued
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt 
instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the 
balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the income statement. 
Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is 
classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Trade receivables
Trade receivables are initially recorded at fair value, but subsequently at amortised cost using the effective interest rate 
method. Provision against trade receivables is made when there is objective evidence that the Group will not be able to 
collect all amounts due to it in accordance with the original terms of those receivables. The amount of the write-down is 
determined as the difference between the asset’s carrying amount and the present value of estimated future cash flows.
Trade payables
Trade payables are initially recorded at fair value, but subsequently at amortised cost using the effective interest  
rate method.
Impairment of property, plant and equipment and intangible assets
At each balance sheet date the Group reviews the carrying amount of its property, plant and equipment and intangible 
assets for any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable 
amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Intangible assets not 
available for use are tested for impairment on at least an annual basis. The recoverable amount is the higher of the fair 
value less costs to sell and value in use. 
Share capital
Ordinary shares are classified as equity. Equity instruments issued by the Company are recorded at the proceeds 
received, net of direct issue costs.
Share premium 
Share premium represents the excess over nominal value of the fair value of consideration received for equity shares, net 
of expenses of the share issue.
Other reserve
The other reserve represents equity-settled share-based employee remuneration until such share options are exercised 
and deferred tax taken directly to equity in respect of such options.
Merger reserve
The merger reserve represents the difference between the parent company’s cost of investment and a subsidiary’s 
share capital and share premium. The merger reserve in these accounts has arisen from a group reconstruction upon 
the incorporation and listing of the parent company that was accounted for as a common control transaction. Common 
control transactions are accounted for using merger accounting rather than the acquisition method.
Foreign currency translation reserve 
The foreign currency translation reserve represents the differences arising from translation of investments in overseas 
subsidiaries.
Significant accounting estimates and judgements
Share options
Share options are granted on a discretionary basis and vest evenly over a three year period. The fair value of options 
granted is determined using the Hull-White option valuation model, which requires a number of estimates and 
assumptions. The significant inputs into the model are share price at grant date, exercise price, historic exercise multiples, 
expected volatility and the risk free rate. Volatility is measured at the standard deviation of expected share prices returns 
based on statistical analysis of historical share prices. BrainJuicer Group PLC  Annual Report & Accounts 2008 31
3 Principal accounting policies continued
Significant accounting estimates and judgements continued
Financial instruments
As explained in Note 7, during the year the Group acquired an interest in an unlisted company, Slater Marketing Group 
Pty Limited. Under the terms of the share purchase agreement, cash consideration of AUD$1,120,000 and a variable 
number of ordinary shares to the value of AUD$1,000,000 become payable on or before 31 December 2012 subject to 
certain performance conditions being met by Slater Marketing Group Pty Limited. On the last working day of February, 
May, August and November in each of 2009, 2010, 2011 and 2012, the Group has the option to acquire Slater 
Marketing Group Pty Limited whether or not the performance conditions have been satisfied.
Because there is no active market for the shares of Slater Marketing Group Pty Limited and given the range of possible 
outcomes, no reliable method of valuation, the investment and associated derivatives in respect of the share purchase 
agreement for the acquisition of Slater Marketing Group Pty Limited have been recorded at cost.
If it were possible to reliably value the investment and related derivatives the investment would be recorded at fair value, 
with changes in fair value taken to equity and the derivatives would categorised as financial instruments at fair value 
through profit or loss with any changes in their fair value being recorded in the income statement.
Consolidation
The share purchase agreement for the acquisition of Slater Marketing Pty Group Limited has not been accounted for as 
an acquisition as control has not passed to the Group. 
As explained above, the Group has a call option over the share capital of Slater Marketing Group Pty Limited. In some 
circumstances the existence of a call option would require consolidation. However, given that the call option is not 
exercisable at the balance sheet date and then only exercisable at discrete time intervals, in our view it would not be 
appropriate to consolidate the assets and liabilities of Slater Marketing Group Pty Limited in these accounts as control 
cannot be demonstrated.
Deferred tax
A deferred tax asset is recognised where the Group considers it probable that a tax credit will be received in the future. 
This specifically applies to tax losses and to outstanding vested share options at the balance sheet date. The Group 
estimates what proportion of those outstanding share options are likely to be exercised and a related tax credit received in 
the future. The asset recognised is also dependent on the year end share price.
4 Segment information
The Group operates in one business segment, that of market research. Whilst there are a number of products within 
the business segment, management reporting is principally based on location of service delivery. Accordingly the Group 
presents its primary segment analysis on this basis:
Year ended 31 December 2008
United 
Kingdom 
£’000
Europe 
£’000
United 
States 
£’000
Group 
£’000
Total 
£’000
Total segment revenue 5,613 2,097 1,612 – 9,322
Inter segment revenue – – – – –
Segment revenue 5,613 2,097 1,612 – 9,322
Segment result 2,755 713 465 (2,643) 1,290
Investment income 82
Profit before taxation 1,372
Taxation (408)
Profit for the financial year 964
Segment assets 1,942 680 678 2,580 5,880
Segment liabilities (1,372) (313) (437) (131) (2,253)
Net assets 570 367 241 2,449 3,627
Capital expenditure 25 14 8 413 460
Depreciation 30 21 7 80 138
Group costs include directors’ remuneration and central project costs which are not directly attributable to geographic segments.
Group assets include centrally held cash at bank, intangible assets, central computer hardware and deferred tax assets. 
Group liabilities include income tax liabilities.  32 BrainJuicer Group PLC  Annual Report & Accounts 2008
notes to the C onsolidated FinanCial statements (Continued)
For the Year ended 31 deCember 2008
4 Segment information continued
Year ended 31 December 2007
United 
Kingdom 
£’000
Europe 
£’000
United 
States 
£’000
Group 
£’000
Total 
£’000
Total segment revenue 4,209 1,955 429 – 6,593
Inter segment revenue (27) – – – (27)
Segment revenue 4,182 1,955 429 – 6,566
Segment result 1,431 966 (194) (1,359) 844
Investment income 49
Profit before taxation 893
Taxation (233)
Profit for the financial year 660
Segment assets 1,728 918 167 2,377 5,190
Segment liabilities (1,471) (498) (122) (347) (2,438)
Net assets 257 420 45 2,030 2,752
Capital expenditure 86 37 10 280 413
Depreciation 39 3 3 – 45
    
Group costs include directors’ remuneration and central project costs which are not directly attributable to geographic 
segments.
Group assets include centrally held cash at bank and deferred tax assets. Group liabilities include income tax liabilities.
5 Property, plant and equipment
For the year ended 31 December 2008
Furniture, fittings 
and equipment 
£’000
Computer 
hardware 
£’000
Total 
£’000
At 1 January 2008
Cost 80 94 174
Accumulated depreciation (22) (33) (55)
Net book amount 58 61 119
Year ended 31 December 2008
Opening net book amount 58 61 119
Additions 22 102 124
Disposals – (4) (4)
Depreciation charge for the year (20) (74) (94)
Eliminated on disposal – 3 3
Foreign exchange 4 5 9
Closing net book amount 64 93 157
At 31 December 2008
Cost 107 201 308
Accumulated depreciation (43) (108) (151)
Net book amount 64 93 157 BrainJuicer Group PLC  Annual Report & Accounts 2008 33
5 Property, plant and equipment continued
For the year ended 31 December 2007
Furniture, fittings 
and equipment 
£’000
Computer 
hardware 
£’000
Total 
£’000
At 1 January 2007
Cost 60 32 92
Accumulated depreciation (7) (7) (14)
Net book amount 53 25 78
Year ended 31 December 2007
Opening net book amount 53 25 78
Additions 19 64 83
Depreciation charge for the year (15) (26) (41)
Foreign exchange 1 (2) (1)
Closing net book amount 58 61 119
At 31 December 2007
Cost 80 94 174
Accumulated depreciation (22) (33) (55)
Net book amount 58 61 119
6 Intangible assets
Software 
licenses
£’000
Internally 
generated 
software
£’000
Software 
development in 
progress
£’000
Total 
£’000
At 1 January 2008
Cost 52 – 280 332
Accumulated amortisation (4) – – (4)
Net book amount 48 – 280 328
Year ended 31 December 2008
Opening net book amount 48 – 280 328
Additions 32 68 236 336
Amortisation charge for the year (36) (8) – (44)
Foreign exchange 5 – – 5
Closing net book amount 49 60 516 625
At 31 December 2008
Cost 91 68 516 675
Accumulated depreciation (42) (8) – (50)
Net book amount 49 60 516 625
The additions to software development in progress during the year relate to capitalized software development costs for 
the cost of building a brand new software platform for delivering our research. Additions to internally generated software 
represent work completed in respect of our JuicyBrains Innovation Community. 34 BrainJuicer Group PLC  Annual Report & Accounts 2008
notes to the C onsolidated FinanCial statements (Continued)
For the Year ended 31 deCember 2008
6 Intangible assets continued
Software 
licenses 
£’000
Internally 
generated 
software
£’000
Software 
development in 
progress
£’000
Total 
£’000
At 1 January 2007
Cost – – – –
Accumulated amortisation – – – –
Net book amount – – – –
Year ended 31 December 2007
Opening net book amount – – – –
Additions 50 – 280 330
Amortisation charge for the year (4) – – (4)
Foreign exchange 2 – – 2
Closing net book amount 48 – 280 328
At 31 December 2007
Cost 52 – 280 332
Accumulated depreciation (4) – – (4)
Net book amount 48 – 280 328
7 Financial assets – available-for-sale investments
During the year, the Group acquired an interest of 3.64% in Slater Marketing Group Pty Limited, an unlisted company 
incorporated in Australia, for cash consideration of £40,000 plus transaction costs of £50,000.
Under the terms of the share purchase agreement, cash consideration of AUD$1,120,000 and a variable number of 
ordinary shares to the value of AUD$1,000,000 become payable on or before 31 December 2012 subject to certain 
performance conditions being met by Slater Marketing Group Pty Limited. On the last working day of February, May, 
August and November in each of 2009, 2010, 2011 and 2012, the Group has the option to acquire Slater Marketing 
Group Pty Limited whether or not the performance conditions have been satisfied.
The investment has been classified as an available-for-sale financial asset and measured at cost.
As stated in our principal accounting policies note, investments in equity instruments that do not have a quoted market 
price in an active market and whose fair value cannot be reliably measured and derivatives that are linked to, and must be 
settled by delivery of such unquoted equity instruments, are measured at cost.
There is no active market for the shares of Slater Marketing Group Pty Limited and given the range of possible outcomes, 
no reliable method of valuation, the investment and associated derivatives in respect of the share purchase agreement for 
the acquisition of Slater Marketing Group Pty Limited have been recorded at a cost of £90,000 and £nil respectively. In 
the opinion of the directors no reliable fair value information can be disclosed for these financial instruments. BrainJuicer Group PLC  Annual Report & Accounts 2008 35
8 Financial risk management
The Group’s activities expose it to some financial risks. The Group monitors these risks but does not consider it necessary 
to use any derivative financial instruments to hedge them.
Credit risk
Credit risk arising from credit exposures to outstanding receivables and cash and cash equivalents is managed on a 
Group basis.
Management regularly monitor receivables reports on a Group basis. Since the vast majority of the Group’s clients are 
large blue-chip organisations, the Group has only ever suffered minimal bad debts.
The Group has concentrations of credit risk as follows:
2008 
£’000
2007 
£’000
Cash and cash equivalents
HSBC Bank PLC 1,727 1,875
Trade receivables
Related parties (Note 22) 471 152
 
Market risk – Foreign exchange risk
The Group operates in the United States and in the Netherlands and is exposed to currency movements impacting future 
commercial transactions and net investments in those countries.
Management believe that both foreign currency transaction and translation risk are not material to the financial 
performance of the Group. Management monitors foreign exchange gains and losses on a monthly basis and reviews the 
foreign exchange policy regularly.
As at 31 December 2008, with all other variables held constant, the effect of a change in currency rates against Sterling 
would be as follows:
Equity (foreign exchange  
translation reserve) 
Increase/(decrease)
Post tax profits 
Increase/(decrease)
2008
£’000
2007
£’000
2008
£’000
2007
£’000
If there was a 30%  
strengthening of the US dollar 3 (59) 25 11
If there was a 30%  
weakening of the US dollar (2) 46 (19) (8)
If there was a 30%  
strengthening of the Euro 326 211 97 52
If there was a 30%  
weakening of the Euro (251) (163) (75) (40)
Liquidity risk
The Group forecasts cashflows as part of its business planning procedures and monitors progress against forecasts on a 
monthly basis. Cash is not invested on a long-term basis in order to prudently manage liquidity risk. At present, the Group 
has no overdraft or similar borrowing facilities. 36 BrainJuicer Group PLC  Annual Report & Accounts 2008
notes to the C onsolidated FinanCial statements (Continued)
For the Year ended 31 deCember 2008
8 Financial risk management continued
Financial instruments by category
At the balance sheet date, the Group held the following financial instruments by category: 
Assets as per balance sheet 
2008 
£’000
2007 
£’000
Loans and receivables
Trade and other receivables 3,206 2,630
Cash and cash equivalents 1,727 1,875
Available-for-sale
Available-for-sale financial assets 90 –
5,023 4,505
Liabilities as per balance sheet 
2008 
£’000
2007 
£’000
Other Financial liabilities carried at amortised cost
Trade payables 728 310
Accruals 1,248 1,533
1,976 1,843
The table below analyses the Group’s financial instruments which will be settled on a gross basis into relevant maturity 
groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts 
disclosed in the table are the contractual undiscounted cash flows.
Less than 
1 year
£’000
Between 1 and 
2 years
£’000
Between 2 and 
5 years
£’000
Other Financial liabilities carried at amortised cost 1,976 – –
Contingent consideration (Note 7) – 50 600
1,976 50 600
These cash outflows will be financed from existing cash reserves and operating cash flows. 
9 Inventory
2008 
£’000 
2007 
£’000
Work in progress 14 16
10 Trade and other receivables
2008 
£’000 
2007 
£’000
Trade receivables 2,809 2,129
Other receivables 40 47
Prepayments and accrued income 357 454
3,206 2,630
Trade and other receivables are due within one year and are non-interest bearing. 
The maximum exposure to credit risk at the balance sheet date is the carrying amount of each class of receivable detailed 
above. The Group does not hold any collateral as security. 
The directors do not believe that there is a significant concentration of credit risk within the trade receivables balance.  BrainJuicer Group PLC  Annual Report & Accounts 2008 37
10 Trade and other receivables continued
Trade receivables that are less than three months past due are not considered to be impaired. As of 31 December 2008, 
trade receivables of £398,000 (2007: 431,000) were past due but not impaired.
The ageing analysis of these trade receivables is as follows:
2008 
£’000 
2007 
£’000
Up to 3 months 398 370
3 to 6 months – 61
398 431
As of 31 December 2008, trade receivables of £Nil (2007: £Nil) were impaired.
The carrying amount of the Group’s trade and other receivables are denominated in the following currencies: 
2008 
£’000 
2007 
£’000
Sterling 1,523 1,383
Euro 1,027 1,045
US dollar 646 202
Australian Dollar 10 -
3,206 2,630 
11 Share capital
Authorised share capital:
2008 
£’000 
2007 
£’000
36,000,000 (2007: 36,000,000) Ordinary Shares of 1p each 360 360
Allotted, called up and fully paid:
Ordinary shares
Number £’000
At 1 January 2007 12,550,613 126
Exercise of share options 38,905 –
At 31 December 2007 12,589,518 126
Exercise of share options 27,008 –
At 31 December 2008 12,616,526 126
Share options
The Group issues share options to directors and to employees under an HM Revenue and Customs approved Enterprise 
Management Incentive (EMI) scheme. Employees resident overseas are eligible to participate in the scheme but their 
options do not qualify as HM Revenue and Customs approved. 
The grant price for share options is equal to the average quoted market price of the Company’s shares on the date of 
grant. Options vest evenly over a period of one to three years following grant date. If share options remain unexercised 
after a period of ten years from the date of grant, the options expire. Share options are forfeited if the employee leaves the 
Group before the options vest. 38 BrainJuicer Group PLC  Annual Report & Accounts 2008
notes to the C onsolidated FinanCial statements (Continued)
For the Year ended 31 deCember 2008
11 Share capital continued
Share options continued
Movements in the number of share options outstanding and their related weighted average exercise prices are as follows:
2008 2007
Average 
exercise 
price per 
share
Pence
Options
Number
Average 
exercise 
price per 
share
Pence
Options
Number
Outstanding at 1 January 62.7 1,033,854 29.4 828,086
Granted 147.5 222,635 162.5 290,529
Lapsed 141.4 (27,095) 105.0 (45,858)
Exercised 15.2 (27,008) 49.2 (38,903)
Outstanding at 31 December 77.8 1,202,386 62.7 1,033,854
Exercisable at 31 December 41.6 794,093 22.6 673,140
The weighted average share price at date of exercise of options exercised during the year was 131.8p (2007: 117.2p). 
The weighted average fair value of options granted in the year was 68.5p (2007: 48.5p).
The total charge for the year relating to employee share-based payment plans was £105,000 (2007: £54,000), all of 
which related to equity-settled share-based payment transactions.
The fair value of options granted outstanding was determined using the Hull-White valuation model. 
Significant inputs into the model include a weighted average share price of 147.5p (2007: 162.5p) at the grant date, the 
exercise prices shown above, weighted average volatility of 40.9% (2007: 35.0%), dividend yield of Nil (2007: Nil), an 
expected option life derived from historic exercise multiples and an annual risk-free interest rate of 4.5% (2007: 5.5%).
The expected volatility inputs to the model were calculated using historic daily share prices of companies operating in 
similar industry sectors to the Group. The period from date of grant to date of exercise was used in determining volatility 
for each tranche of options.
At 31 December, the Group had the following outstanding options and exercise prices:
2008 2007
Expiry date
Average 
exercise 
price per 
share
Pence
Options
Number
Weighted 
average 
remaining 
contractual 
life
Months
Average 
exercise 
price per 
share
Pence
Options
Number
Weighted 
average 
remaining 
contractual 
life
Months
2013 11.4 461,312 53.0 11.4 486,312 64.8
2014 43.3 105,673 68.9 43.3 105,673 80.9
2015 62.3 72,556 75.0 62.3 72,556 87.0
2016 62.3 93,337 90.3 62.3 98,354 102.1
2017 162.5 270,959 97.0 162.5 270,959 109.0
2018 147.5 198,549 111.0 – – –
At 31 December 77.8 1,202,386 78.1 62.7 1,033,854 83.1 BrainJuicer Group PLC  Annual Report & Accounts 2008 39
12 Trade and other payables
2008 
£’000 
2007 
£’000
Trade payables 728 310
Social security and other taxes 146 249
Accruals and deferred income 1,248 1,533
2,122 2,092
Trade and other payables are due within one year and are non-interest bearing. The contractual terms for the payment of 
trade payables are generally 30 days from receipt of invoice.
13 Commitments 
The Group leases offices under non-cancellable operating leases for which the future aggregate minimum lease payments 
are as follows:
2008 
£’000 
2007 
£’000
No later than 1 year 122 106
Later than 1 but no later than 5 years 71 163
193 269
Included within the amounts disclosed above, the Group has the benefit of nine months rent free for the first three years 
of a lease with an annual rental commitment of £66,360. At the balance sheet date no rent free months were outstanding 
(2007: two). The benefit of the rent free months has been spread over the term of the lease.
14 Expenses by nature
2008 
£’000 
2007 
£’000
Changes in work in progress (2) 29
Employee benefit expense 3,528 2,586
Depreciation and amortisation 138 45
Net foreign exchange losses (158) (26)
Other expenses 4,526 3,088
8,032 5,722
Analysed as:
Cost of sales 2,458 1,727
Administrative expenses 5,574 3,995
8,032 5,722 40 BrainJuicer Group PLC  Annual Report & Accounts 2008
notes to the C onsolidated FinanCial statements (Continued)
For the Year ended 31 deCember 2008
15 Profit before taxation
Profit before taxation is stated after charging/(crediting):
2008 
£’000 
2007 
£’000
Auditor’s remuneration:
Audit fees 25 24
Taxation services 8 7
Other services supplied pursuant to such legislation 7 6
Other services 15 3
Operating lease expenses:
Land and buildings 161 152
Depreciation and amortisation 138 45
Net/(gain) loss on foreign currency translation (158) (26)
16 Employee benefit expense
The average number of staff employed by the Group during the financial year amounted to:
2008 
Number
2007 
Number
Number of administrative staff 59 45
The aggregate payroll costs of the above were:
2008 
£’000 
2007 
£’000
Wages and salaries 3,026 2,303
Social security costs 302 229
Other pension costs 95 –
Share-based remuneration 105 54
3,528 2,586
The directors have identified 10 (2007: 8) key management personnel, including directors. Compensation to key 
management is set out below:
2008 
£’000 
2007 
£’000
Wages and salaries 773 723
Social security costs 79 67
Other pension costs 21 –
Share-based remuneration 50 37
923 827
Details of directors emoluments are given in the Remuneration Report on page 19.
17 Investment income
2008 
£’000 
2007 
£’000
Bank interest receivable 82 49 BrainJuicer Group PLC  Annual Report & Accounts 2008 41
18 Income tax expense
2008 
£’000 
2007 
£’000
Current tax 330 269
Deferred tax 78 (36)
408 233
Income tax expense for the year differs from the standard rate of taxation as follows: 
Profit on ordinary activities before taxation 1,373 893
Profit on ordinary activities multiplied by standard  
rate of tax of 28% (2007: 30%) 384 268
Difference between tax rates applied to Group’s subsidiaries 19 (28)
UK corporation tax at 30% for portion of year 5 –
Expenses not deductible for tax purposes 45 21
Other temporary differences 16 4
Re-measurement of deferred tax – change in UK tax rate – (14)
Utilisation of previously unrecognised tax losses (41) –
Adjustment to current tax in respect of prior years (20) (18)
Total tax 408 233
19 Deferred tax
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets 
against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. The offset amounts 
are as follows:
2008 
£’000 
2007 
£’000
Deferred tax assets:
– Deferred tax assets to be recovered after more than 12 months 119 202
Deferred tax liabilities:
– Deferred tax liability to be recovered within 12 months (58) (38)
Deferred tax asset (net): 61 164
Other amounts not offset are as follows:
Deferred tax asset – recoverable after more than 12 months
– Overseas tax losses – 58
61 222
The gross movement in deferred tax is as follows:
2008 
£’000 
2007 
£’000
At 1 January 222 213
Income statement (charge)/credit (78) 36
Tax charged directly to equity (83) (27)
At 31 December 61 222 42 BrainJuicer Group PLC  Annual Report & Accounts 2008
notes to the C onsolidated FinanCial statements (Continued)
For the Year ended 31 deCember 2008
19 Deferred tax continued
The movement in deferred income tax assets and liabilities during the year, without taking into consideration the offsetting 
of balances within the same tax jurisdiction, is as follows:
Deferred tax assets
Share option 
scheme 
£’000
Trading losses
£’000
Total
£’000
At 1 January 2008 202 58 260
Charged to income statement – (58) (58)
Charged directly to equity (83) – (83)
At 31 December 2008 119 – 119
Deferred tax liabilities
Accelerated 
capital 
allowances
£’000
Total
£’000
At 1 January 2008 (38) (38)
Charged to income statement (20) (20)
At 31 December 2008 (58) (58)
There are no unrecognised deferred tax assets. 
Deferred tax assets are recognised only to the extent that their recoverability is considered probable. 
The deferred tax asset in respect of the Company’s share option scheme relates to corporate tax deductions available on 
exercise of HM Revenue and Customs approved share options. 
20 Earnings per share
(a) Basic
Basic earnings per share are calculated by dividing the profit attributable to equity holders of the Company by the 
weighted average number of ordinary shares in issue during the year.
2008 
£’000 
2007 
£’000
Profit attributable to equity holders of the Company 964 660
Weighted average number of ordinary shares in issue 12,610,803 12,564,831
Basic earnings per share 7.6p 5.2p
In January 2009, 316,119 employee share options were exercised and the Group entered into a share purchase 
agreement to acquire High Level Research Inc. subject to certain performance conditions being met. Part of the 
consideration for the acquisition consists of a variable number of contingently issuable ordinary shares to the value of 
400,000 Canadian Dollars. 
(b) Diluted
Diluted earnings per share is calculated by adjusting the weighted average number of shares outstanding to assume conversion 
of all dilutive potential ordinary shares. For share options, a calculation is made in order to determine the number of shares 
that could have been acquired at fair value (determined as the average annual market share price of the Company’s shares) 
based on the monetary value of the subscription rights attached to outstanding share options. The number of shares calculated 
in this way is compared with the number of shares that would have been issued assuming the exercise of the share options.
2008 
£’000 
2007 
£’000
Profit attributable to equity holders of the Company  
and profit used to determine diluted earnings per share 964 660
Weighted average number of ordinary shares in issue 12,610,803 12,564,831
Share options 497,323 656,047
Weighted average number of ordinary shares for diluted earnings per share 13,108,126 13,220,878
Diluted earnings per share 7.4p 5.0p BrainJuicer Group PLC  Annual Report & Accounts 2008 43
21 Dividends per share
The dividends paid in 2008 and 2007 were £277,519 (0.5p interim and 1.7p per share special) and £Nil respectively.  
A dividend in respect of the year ended 31 December 2008 of 1.0p per share is to be proposed at the AGM on  
13 May 2009. These financial statements do not reflect this dividend payable.
22 Related party transactions
The Group made sales to companies connected to Unilever UK Holdings Limited, a significant shareholder, during the 
year totalling £1,063,525 (2007: £630,330). The balance outstanding at the year end was £471,145 (2007: £152,235).
Services are sold to related parties on an arm’s length basis at prices available to third parties.
The wife of Mark Muth, a director of the Company, provided services for the Group totalling £18,181 (2007: £7,696). 
There was no balance outstanding at the year end.
The wife of John Kearon, a director of the Company, provided services for the Group totalling £Nil (2007: £17,810). 
There was no balance outstanding at the year-end.
23 Cash generated from operations
2008 
£’000 
2007 
£’000
Profit before taxation 1,372 893
Depreciation 94 45
Amortisation 44 –
Interest received (82) (49)
Share-based payment expense 105 54
Decrease in inventory 2 29
Increase in receivables (576) (1,018)
Increase in payables 30 1,148
Exchange differences 149 71
Net cash generated from operations 1,138 1,173
24 Post balance sheet events
Subsequent to the year-end the Group entered into a share purchase agreement to acquire the entire issued share capital 
of High Level Research Inc., a company incorporated in Canada, subject to certain performance conditions being met. 
The contingent consideration for the acquisition comprises cash of C$450,000 and a variable number of ordinary shares 
to the value of C$450,000. 44 BrainJuicer Group PLC  Annual Report & Accounts 2008
Report of the Independent Auditor 45 
Company Balance Sheet 46
Notes to the Company 
Financial Statements 47
Company Information 49
BrainJuicer Group PLC  Annual Report & Accounts 2008
CompanY FinanCial statements BrainJuicer Group PLC  Annual Report & Accounts 2008 45
We have audited the parent company financial statements of BrainJuicer Group PLC for the year ended 31 December 2008  
which include the principal accounting policies, the balance sheet and notes 1 to 7. These parent company financial 
statements have been prepared under the accounting policies set out therein. 
We have reported separately on the Group financial statements of BrainJuicer Group PLC for the year ended  
31 December 2008.
This report is made solely to the Company’s members, as a body, in accordance with Section 235 of the Companies 
Act 1985. Our audit work has been undertaken so that we might state to the Company’s members those matters we are 
required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not 
accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit 
work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
The directors’ responsibilities for preparing the Annual Report and parent company financial statements in accordance 
with United Kingdom law and Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set 
out in the Statement of Directors’ Responsibilities.
Our responsibility is to audit the parent Company financial statements in accordance with relevant legal and regulatory 
requirements and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the parent company financial statements give a true and fair view and are 
properly prepared in accordance with the Companies Act 1985. We also report to you whether in our opinion the 
information given in the Directors’ Report is consistent with the parent company financial statements. The information 
given in the Directors’ Report includes that specific information presented in the Business and Financial Review as cross-
referred from the business review section of the Directors’ Report.
In addition we report to you if, in our opinion, the Company has not kept proper accounting records, if we have not 
received all the information and explanations we require for our audit, or if information specified by law regarding directors’ 
remuneration and other transactions is not disclosed.
We read other information contained in the Annual Report, and consider whether it is consistent with the audited parent 
company financial statements. This other information comprises only the Highlights, the Chairman’s Statement, the Chief 
Executive’s Statement, the Business and Financial Review, the Directors’ Report, the Corporate Governance Report and 
the Remuneration Report. 
We consider the implications for our report if we become aware of any apparent misstatements or material 
inconsistencies with the parent company financial statements. Our responsibilities do not extend to any other information.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing 
Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in 
the parent company financial statements. It also includes an assessment of the significant estimates and judgements 
made by the directors in the preparation of the parent company financial statements, and of whether the accounting 
policies are appropriate to the Company’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary 
in order to provide us with sufficient evidence to give reasonable assurance that the parent company financial statements 
are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also 
evaluated the overall adequacy of the presentation of information in the parent company financial statements.
Opinion
In our opinion:
The parent company financial statements give a true and fair view, in accordance with United Kingdom Generally • 
Accepted Accounting Practice, of the state of the Company’s affairs as at 31 December 2008; 
the parent company financial statements have been properly prepared in accordance with the Companies Act 1985; and • 
the information given in the Directors’ Report is consistent with the parent company financial statements. • 
Grant Thornton UK LLP
Registered Auditor 
Chartered Accountants 
Milton Keynes 
19 March 2009
report oF the independent auditor 
to the members oF brainJuiCer Group pl C 46 BrainJuicer Group PLC  Annual Report & Accounts 2008
Note
2008
£’000
2007
£’000
Fixed assets
Investments 4 408 213
408 213
Current assets
Debtors due within one year 5 1,338 1,070
1,338 1,070
Total assets 1,746 1,283
Capital and reserves
Share capital 6 126 126
Share premium account 7 1,413 1,409
Other reserve 7 207 102
Retained earnings 7 – (354)
Equity shareholders’ funds 1,746 1,283
These financial statements were approved by the directors on 19 March 2009 and are signed on their behalf by:
John Kearon James Geddes
Director Director
CompanY balanCe sheet
as at 31 deCember 2008 BrainJuicer Group PLC  Annual Report & Accounts 2008 47
1 Accounting policies
Basis of accounting
The separate financial statements of the Company are presented as required by the Companies Act 1985. They have 
been prepared under the historical cost convention and in accordance with applicable United Kingdom accounting 
standards and law.
The principal accounting policies are summarised below. They have all been applied consistently throughout the year.
Investments
Fixed asset investments are shown at cost less provision for impairment.
Debtors
Debtors are stated at nominal value reduced by estimated irrecoverable amounts. 
Cash flow statement
The Company has made use of the exemption as permitted by FRS1 (Revised) and has not presented a cash flow 
statement. The cash flow statement has been prepared in the Group financial statements.
Related party transactions
In accordance with Financial Reporting Standard Number 8: Related Party Disclosures, the Company is exempt 
from disclosing transactions with entities that are part of the BrainJuicer Group as it is a parent company publishing 
consolidated financial statements.
2 Profit for the year
The Company has made full use of the exemptions as permitted by Section 230(1) of the Companies Act 1985 and 
accordingly the profit and loss account of the Company is not presented as part of the accounts. The parent company 
profit for the year to 31 December 2008 of £631,000 (2007: £Nil) is included in the Group profit for the financial year.
The auditors’ remuneration for audit services to the Company was borne entirely by BrainJuicer Limited, a wholly owned 
subsidiary of the Group. 
Details of executive and non-executive directors’ emoluments and their interest in shares and options of the Company are 
shown within the directors’ remuneration report.
3 Staff costs
The average number of staff employed by the Company, including directors, was five. Staff costs were borne entirely by 
BrainJuicer Limited, a wholly owned subsidiary of the Group.
4 Investments
Other 
Investments
£’000
Group 
companies
£’000
Total
£’000
Cost
At 1 January 2008 – 213 213
Additions 90 – 90
Share-based payment charge in respect of subsidiaries – 105 105
At 31 December 2008 90 318 408
Net book amount
At 31 December 2008 90 318 408
At 31 December 2007 – 213 213
notes to the C ompanY FinanCial statements For the Year ended 31 deCember 2008 48 BrainJuicer Group PLC  Annual Report & Accounts 2008
4 Investments continued
Subsidiary undertakings
Details of subsidiary undertakings at 31 December 2008 are as follows:
Activity
Interest in issued 
share capital
Country of 
incorporation
BrainJuicer Limited Provision of online market research services 100% UK
BrainJuicer BV* Provision of online market research services 100% Netherlands
BrainJuicer Inc* Provision of online market research services 100% USA
BrainJuicer Sarl* Provision of online market research services 100% Switzerland
* BrainJuicer BV, BrainJuicer Inc and BrainJuicer Sarl are subsidiaries of BrainJuicer Limited.
5 Debtors
2008 
£’000 
2007 
£’000
Amounts due from Group undertakings 1,338 1,070
6 Share capital
Authorised share capital:
2008 
£’000 
2007 
£’000
36,000,000 (2007: 36,000,000) Ordinary Shares of 1p each 360 360
Allotted, called up and fully paid:
2008
Number £’000 
At 1 January 2008 12,589,518 126
Exercise of share options 27,008 –
At 31 December 2008 12,616,526 126
2007
Number £’000 
At 1 January 2007 12,550,613 126
Exercise of share options 38,905 –
At 31 December 2007 12,589,518 126
7 Reserves
Share capital 
£’000 
Share premium 
£’000 
Other reserve 
£’000 
Retained losses 
£’000 
At 1 January 2008 126 1,409 102 (354)
Share-based remuneration charge – – 105 –
Profit for the financial year – – – 631
Dividend paid – – – (277)
Share options exercised – 4 – –
At 31 December 2008 126 1,413 207 –
    
notes to the C ompanY FinanCial statements (Continued)
For the Year ended 31 deCember 2008 Company Secretary 
James Geddes
Registered Office 
13-14 Margaret Street 
London 
W1W 8RN
Registered Number
5940040
Solicitors 
Barlow Lyde & Gilbert LLP
7th Floor
Beaufort House
15 St Botolph Street
London
EC3A 7NJ
Independent auditor
Grant Thornton UK LLP
Chartered Accountants and 
Registered Auditors
202 Silbury Boulevard
Central Milton Keynes
MK9 1LW
 
Registrars
Capita plc
34 Beckenham Road
Beckenham
Kent
BR3 4TU
Stockbrokers
Canaccord Adams Limited 
Cardinal Place
80 Victoria Street
7th Floor
London
SW1E 5JL
UK
CompanY inF ormation 49 Fresher Insights, 
Better Marketing.
BrainJuicer Group PLC Annual Report and Accounts 2008
BrainJuicer Group PLC Annual Report and Accounts 2008
www.brainjuicer.com