BrainJuicer Group PLC
Annual Report and Accounts 2014
Registered Number 05940040 INDEX
Highlights 1
Chairman’s Statement 2
Chief Executive’s Statement 3
Business and Financial Review 5
5 Year Summary 9
Kudos 10
Strategic Report 12
Directors’ Report 13
Corporate Governance Report 16
Remuneration Report 19
Board of Directors 21 
Statement of Directors’ Responsibilities 22
Independent Auditor’s Report 23
Consolidated Income Statement 24
Consolidated Statement of Comprehensive Income 25
Consolidated Balance Sheet 26
Consolidated Cash Flow Statement 27
Consolidated Statement of Changes in Equity 28
Notes to the Consolidated Financial Statements 29
Company Balance Sheet 48
Notes to the Company Financial Statements 49
Company Information 52
  BrainJuicer Group PLC Annual Report and Accounts 2014 1
GROWTH
  1% revenue growth to £24.65m (2013: £24.46m)
  5% revenue growth in constant currency
  21% growth in operating profit to £4.30m (2013: £3.55m)
  21% increase in profit before tax to £4.29m (2013: £3.56m) 
  14% growth in fully diluted earnings per share to 21.3p (2013: 18.7p)
CASH RETURNED TO SHAREHOLDERS
  Paid special dividend of 12.0p in May 2014 (£1.51m)
  Paid 2013 final dividend of 3.0p in May 2014 (£0.38m)
  Paid 2014 interim dividend of 1.0p in November 2014 (£0.13m) up from 0.9p in 2013
  Returned £1.94m of capital via share buy-backs and cash settled management equity awards
  Propose 3.3p final 2014 dividend (£0.42m) up from 3.0p in 2013
NET CASH
  Cash of £5.35m as at 31 December 2014 (31 December 2013: £6.19m) 
  No debt
Highlights BrainJuicer Group PLC Annual Report and Accounts 2014
Chairman’s Statement
2014 has been another successful year for BrainJuicer in most regards. Although revenue 
increased by only 1%, to £24.65m, the increase at constant exchange rates was 5%. Overheads were well 
controlled, and after a lower bonus pool than in 2013 and a modest charge for share based payments, pre-tax 
profits were 21% up on the prior year at £4.29m. Fully diluted earnings per share increased by 14% to 21.3p. As 
in previous years, this progress resulted entirely from organic growth within the business.
The Board is proposing to pay a final dividend of 3.3p per share, an increase of 10% over the comparable 
2013 payment. This would take the full year ordinary dividend pay-out to 4.3p (£0.54m, an increase of 11%). In 
addition, a special dividend of 12.0p per share was paid to shareholders in May 2014.
In total, we returned over £3.95m of capital during 2014 via dividends, share buy-backs and cash settled 
management equity awards. Reflecting strong cash generation, which has always been a striking feature of our 
business, BrainJuicer ended 2014 with a substantial cash balance of £5.35m, equivalent to 41p per share and 
only £0.84m lower than at the end of 2013. BrainJuicer has no debt.
John Kearon, our Chief Executive or “Chief Juicer”, and James Geddes, our Chief Financial Officer, will 
review BrainJuicer’s progress in 2014 from their perspective in the sections which follow this Chairman’s 
Statement. From my vantage point, and despite modest revenue growth, I have been encouraged to see 
BrainJuicer further strengthening its underlying position within the market research industry.
For example, we once again strengthened our relationship with a number of the world’s largest consumer-
goods companies; revenue from our core (and overwhelmingly “Juicy”) quantitative products increased by 4%; 
and our business in the US (the world’s largest market for market research) grew revenue by 6% (and gross 
profit by 11%). 
We remain fully committed to delivering growth, and creating further value, over the medium and longer 
term. Experience has taught us that winning “mandates”, or “preferred supplier” status, does not always give 
rise to an immediate or significant increase in revenue from the client in question. We will nonetheless continue 
to pursue such opportunities – not least because winning them delivers further valuable endorsement for our 
behavioural science-based methodology. We will try to generate growth from the introduction of new variants 
of some of our established products, and potentially also from acquisitions when we are convinced they will 
create value for BrainJuicer shareholders.
Recent or impending developments within the business have been made with this growth agenda firmly in 
mind. For example, Alex Hunt and Mark Johnson have been appointed to the newly created positions of Head 
of the Americas and Head of UK and Continental Europe respectively; we have introduced a more structured 
graduate recruitment and development programme in the UK and will be doing the same in New York; and we 
are preparing to move our HQ to larger offices in London during 2015.
Finally, and as BrainJuicer celebrates its 15th birthday, I would like to extend my thanks to all of our employ-
ees around the world for their hard work, determination, and camaraderie during what was yet again a good 
year for the business.
KEN FORD
Chairman
19 March 2015
2 Chief Executive’s Statement
15 YEARS OF PIONEERING
The 15th of January 2015 marked BrainJuicer’s 15th birthday and a good moment to take stock of the past and 
explore what the future may hold. 
Since 2000, the research industry has changed more than anyone thought likely and BrainJuicer has been  
at the heart of many of those changes. In 2015, the industry finds itself in a genuine state of flux, from overly- 
rational approaches to more emotional measures and models – a change which BrainJuicer is extremely 
well positioned to take advantage of. And perhaps the biggest change is yet to come. A change from market 
research being merely an insurance policy (preventing marketing follies) to finally becoming an enabling policy 
(driving famous marketing) – a model that BrainJuicer has championed for many years. This change in industry 
purpose, from prevention to promotion, is something BrainJuicer intends to be a major beneficiary of, as  
helping marketers do famous things becomes the norm in years to come. 
Fifteen years ago, BrainJuicer was one of the first online research agencies, at a time when many heads of 
research at major multinationals refused to accept that online would become mainstream. Online now accounts 
for over 60% of all quantitative research worldwide. BrainJuicer was also the first agency to invent, trademark 
and patent a method of capturing qualitative open-ended answers and self-structuring them to show what large 
numbers of people think-and-feel about any subject. The MindReader® is still a vital component in BrainJuicer 
research projects and much loved by our clients.
In 2005, BrainJuicer was the first agency for decades to introduce a wholly new method for predicting the 
success of new product concepts. ‘Predictive Markets’ broke every golden rule of concept testing by utilising 
the wisdom of crowds to better identify winners from losers. It turns out, we’re better at predicting what  
other people will do than we are at predicting our own behaviour. That controversial truth has now successfully 
been applied to over 40,000 new product concepts for many of the world’s largest companies. These compa -
nies have enthusiastically adopted its predictive power and made it BrainJuicer’s biggest selling and Juiciest 
product.
In 2006, BrainJuicer invented, validated and trademarked the first quantitative measure of emotion. 
FaceTrace® is now the world’s most deployed measure of emotion, having been used over 5 million times with 
over 3 million respondents and has joined the MindReader® as a vital component in BrainJuicer research 
projects. Since 2009, it has also been the key measure in BrainJuicer’s emotional advertising testing product, 
ComMotion®. As controversial now as Predictive Markets was when launched, ComMotion® is rapidly gaining a 
reputation for helping clients and agencies produce famous advertising campaigns. In just the last three years, 
ComMotion® has been instrumental in the success of some of the most famous advertising on both sides of 
BrainJuicer Group PLC Annual Report and Accounts 2014 3 BrainJuicer Group PLC Annual Report and Accounts 2014
Chief Executive’s Statement continued
the Atlantic; the John Lewis Christmas adverts, including the most recent blockbuster, Monty the Penguin, 3 
Mobile’s Moonwalking Pony and Singing Kitty and Guinness’ Wheelchair Basketball advert. To highlight our abil-
ity to measure and predict famous advertising, we have launched the Global FeelMore50™ – an annual league 
table of the best adverts from around the world. 
For the last few years, BrainJuicer has been a pioneering and vocal advocate of applying behavioural science 
to marketing and switching clients from over-rational research to our more emotional, intuitive research, that 
better predicts famous marketing. The changes to the way marketing should be practiced and measured are 
profound. Here are just three examples of how it changes current marketing practice: 
  Seduction – not persuasion – is the swiftest route to fame and fortune;
  Penetration – not loyalty – drives growth;
  Universal human truths [UHT’s] not unique selling propositions [USP’s] are the basis of great advertising.
The more poetic versions can be found in the illustrated Birthday booklet we published: The 15 Things Every 
Modern Marketer Should Know About Famous Brand Building.
Our staff are dedicated and bright, our geographic footprint is global, we continue to win mandates from the 
world’s largest companies and we have established a reputation as the ‘Most Innovative’ agency – as voted by 
clients and peers, for the last three years running in the GreenBook GRIT Report.
Our revenue growth in 2014 was disappointing, but changing habits and beliefs takes time. With vision, skill, 
patience and creativity, it’s possible and it’s happening at some of the world’s largest companies. Where they 
lead, others will follow. 
The more we help clients achieve famous marketing and accelerate their brand growth, the faster research 
habits will change and the more we’ll find our services in demand around the world. 
JOHN KEARON
Chief Juicer
19 March 2015
 
4 BrainJuicer Group PLC Annual Report and Accounts 2014
We have continued to develop the business, and despite the modest growth in revenue, have also 
generated strong profit growth and cash flow. Revenue grew 1% in 2014 over the prior year (5% in constant 
currency), but profit before tax increased 21% and the business turned more than 100% of its profit after tax 
into operating cash flow. We returned over £3.95m of capital in dividends, share buy-backs, and cash settled 
management equity awards, and still ended the year with cash of £5.35m (compared to £6.19m at the end  
of 2013) and we continue to have no debt.
We have previously claimed that, unusually, our business has both high growth and strong cash flow charac-
teristics. This claim is based on a large addressable market within our multinational client base, our relatively 
unique positioning, simple and efficient operational processes which we can scale, and only minimal capital 
investment requirements.
IN 2014 WE GENERATED PLENTY OF CASH. WHAT ABOUT THE REVENUE GROWTH?
Firstly, we did grow. Revenue from our core quantitative services, making up 88% of our business, grew 4% (8% 
in constant currency). It is these services that we can scale and that we are relying on for our on-going growth, 
and which therefore provide the best indicator of progress. Juice Generation services, making up 10% of our 
business is more volatile and they declined 28%, which reduced our overall revenue growth to the 1% level.
Juice Generation projects are often interesting and strategically important for clients, and the size of 
individual projects can be large. The flow of work is however particularly lumpy. Sometimes that works in our 
favour, but in 2014 it didn’t. Nevertheless, the revenue from Juice Generation isn’t a particularly good indicator 
of the value of this part of our business. Its main purpose is to forge deeper relationships with senior marketing 
people within client organisations and, obliquely at least, support the growth of our more scalable and higher 
margin quantitative services.
Secondly, we made inroads into some very large clients. One of our main objectives over the last few years 
has been to win mandated and preferred supplier positions within our large clients. A mandate is where a client 
nominates one or more suppliers to do all of a certain type of its research on an on-going basis and they can  
be worth several million pounds in revenue per year, if not more. During 2014, we won two such opportunities, 
one of which was for one of the very largest buyers of market research and advertising in the world.
However in neither case have we yet experienced the increase in revenue we were anticipating. Neverthe-
less, we value the endorsement from these wins and we still expect the accounts to grow, but perhaps not with 
the immediacy that we had previously assumed. So we will continue to seek them but will not rely on them.
5
Business and Financial Review
REVENUE (£m)
For the Year Ended 31 December
OPERATING PROFIT (£m)
For the Year Ended 31 December
30
25
20
15
10
5
2009 2010 2011 2012 2014 2009 2010 2011 2012 2013
11.8
16.4
20.7 20.8
24.6
2013
24.5
1.65
2.22
2.76
1.51
3.55
2014
4.30
5
4
3
2
1 BrainJuicer Group PLC Annual Report and Accounts 2014
Business and Financial Review continued
HOW THEN DO WE VIEW OUR PROSPECTS?
Notwithstanding continued forward momentum, our revenue growth has slowed of late. Rather than high 
growth and strong cash flow, we should perhaps re-articulate our business as one with moderate growth, strong 
cash flow, and high optionality potential.
We have few weak links: client feedback continues to be positive, our distinctive behavioural science based 
offerings continue to gain credence, and our staff feedback continues to indicate high levels of satisfaction.  
We have what we believe is one of the largest normative databases of emotional metrics in the world. These 
databases are what research firms use to calibrate the results of their surveys, and they take many years  
to build and have significant value. We are also continuing to evolve our Juicy products, by making them more 
robust and accessible through lower cost, more automated variants.
In this way, we envisage continuing to grow steadily and at the same time we remain confident that at some 
point we will break through in a more substantial way within some of our large clients.
THREATS
The main foreseeable threat to our business is the risk of large competitors embracing the new thinking from 
behavioural science. In our view this would require some radical changes, as, for example, it would negate the 
current advantage of their extensive normative databases of existing measures. Copy-cat challenges to Brain-
Juicer are more likely to come from smaller agencies. However, it would be hard to replicate our techniques, 
given the need to copy our question types (which, in some cases, have copyright protections), develop the algo-
rithms which translate respondent feedback into meaningful scores, validate the scores, populate the norma-
tive databases, and then explain to clients why the techniques are the same as a competitor’s.
Historically, the industry has tended to be slow to adopt change and we are able to move quickly, by virtue 
of our innovative culture and relatively small size. We are continuing to invest in our product development 
(Labs) function, behavioural science unit and Juice Generation team, all of which will continue to fuel our  
on-going developments. We are also finding organisations emerging with interesting techniques, and may con-
sider acquisition targets where they complement our offerings.
So whilst we respect the size, geographic coverage and professionalism of our competitors, we remain confi-
dent in our business too.
FINANCIAL PERFORMANCE
As always our profit and loss account is straightforward. Revenue grew 1% from £24.46m to £24.65m (5% at 
constant currency) and gross profit 2% from £19.09m to £19.41m. The adverse effect of currency movements on 
our top line had a favourable effect on our administrative costs, which, together with a lower bonus, resulted 
in a decline of 3%. The small increase in gross profit and decrease in administrative cost caused our operating 
profit to increase by 21%. 
While we are always cost conscious, the decline in administrative costs was not reflective of any specific 
cost-cutting drive on our part. In fact, average headcount increased 10%, from 138 to 152 people. Average pay 
per person decreased, in part due to the lower bonus and currency movements, and in part due to a higher 
percentage of more junior people as we flesh out our teams and develop new staff. Staff costs make up 72% of 
our administrative costs, and most of our other costs are correlated to staff numbers.
6 BrainJuicer Group PLC Annual Report and Accounts 2014
A notable exception is our share based payment charge, relating to employee stock options. Under IFRS, the 
amount charged is based on our share price amongst other factors. Therefore significant changes in our share 
price will make a material difference to the charge, in particular increasing the liability to social security charges. 
Last year the steep rise in our share price caused us to expect a corresponding increase in our share based 
payment charge, and we announced as much. Since then our share price has settled back and the share based 
payment charge reduced accordingly. The charge last year, including social security charges of £129,000 (2013: 
£130,000), was £196,000 (2013: £278,000).
As usual, growth was organic, and there were no particularly large or unusual items. We completed 955 proj -
ects, which was 7% more than last year. Average revenue per project decreased, however, by 6% to £26,000, 
due to the reduction in large Juice Generation projects this year.
From a geographic standpoint, gross profit was flat in the UK, our largest market, but grew 11% in the US, our 
second largest market. Together our businesses in these two countries generated 68% of our gross profit and 
76% of profit (before central overheads). Continental European gross profit, representing 18% of our total, fell 
14%, due in large part to declines in our Swiss office, our largest in this region, where gross profit fell by 30%. 
We suffered sharp declines from two large Swiss clients, but we believe these were short-term dips in both 
cases. Historically our Swiss office has generated strong growth, which we expect to resume. Encouragingly 
our German office bounced back after a poor prior year, growing gross profit by 15%. In our other Continental 
European offices, each of which is small, we were down a little in Holland, grew well off a small base in France 
and declined significantly, again off a small base, in Italy. We have decided, reluctantly, to close our Italian office, 
and to serve our Italian clients from our UK and Swiss offices. We have accrued the costs of closure in our 2014 
results. In Asia (China, Singapore and India) gross profit grew 36% (3% after adjusting for a client we reallocated 
from Continental Europe), and in Brazil we declined by 15% due to particularly adverse currency movements  
(in constant currency we declined 3%).
7
GROSS PROFIT (%)  OPERATING PROFIT (%) 
35% UK
33% US
9% Asia
5% Brazil
18% Continental
 Europe
43% UK
33% US
7% Asia
2% Brazil
15% Continental
 Europe BrainJuicer Group PLC Annual Report and Accounts 2014
Business and Financial Review continued
As we note regularly, we are a capital light business, and as in previous years capital expenditure was low at 
only £0.27m (2013: £0.14m), and depreciation similarly low at £0.43m (2013: £0.47m). Cash flow, therefore, was 
again strong. Cash flow before financing was £3.16m (109% of profit after tax), and we finished the year with 
£5.35m of cash and no debt.
We paid dividends, including our special dividend of 12 pence per share in May 2014, and share buy-backs 
(including cash settled management equity awards), totalling over £3.95m.
Our effective tax rate was 32% – similar to 2013 (32%). Our effective tax rate is higher than UK corporation 
tax levels, in part due to higher tax rates in our overseas operations, particularly in the US. It is also due to tax 
inefficiencies relating to management fees chargeable by our UK parent company to our Brazilian and Chinese 
subsidiary companies.
We continued to purchase back most of the shares transferred to stock option holders on exercise of 
options, and so there was little change in the number of issued or voting shares. As a result, our basic earnings 
per share grew at a similar rate to profit after tax at 19%. However due to the pay-out of a long term incentive 
plan to management in April 2014, which was in the main in the form of stock options, diluted earnings per 
share grew by a slower percentage (14%). We anticipate repurchasing most of the shares arising from the exer-
cise of these options (provided the share price at the time represents good value), which will enhance diluted 
earnings per share at that time.
CAPITAL ALLOCATION
We are asked from time to time about our views on capital allocation, and in particular our stance towards 
share buy-backs and dividends. Our natural instinct is to return all surplus cash to shareholders. We maintain 
sufficient cash buffers but don’t hoard or look for ways to invest just because we have the cash.
We endeavour to maintain a consistent dividend policy, and set our ordinary interim and final dividends at 
a conservative percentage of earnings per share. We return surplus cash over and above ordinary dividends 
by way of share buy-backs when the price is attractive, and subject to practical considerations. Otherwise we 
return these surpluses by way of special dividends.
Our proposed final 2014 dividend of 3.3p takes our ordinary interim and final dividends for 2014 to 4.3p in 
aggregate, which represents 19% of basic earnings per share.
SUMMARY
In summary, the Company is a resilient profit and cash flow generator, with a distinctive positioning in our world 
of market research. Growth was slower in 2014 than we would have hoped, but we continue to believe in the 
upside potential of the business.
We will continue developing the business as we have been, and in this way, will continue to build what some 
call the moat, or competitive advantage, protecting our business. The more projects we undertake, the more 
our normative database of emotional metrics will grow, the greater the validation of our solutions, the more 
credible and valuable our solutions will become. The more we hone our techniques and expand their applicabil-
ity, the more difficult they will be to replicate. The longer we work for our large clients, the more we will dem-
onstrate the value of our research, and the closer the relationships we will forge. The more we recruit at entry 
level and promote and develop from within the more we will nurture our culture as we grow.
We expect that this will result in the business continuing to generate attractive profits and cash flow, while 
also continuing to create the platform needed to realise our potential – a business several times the size it is 
today. In terms of short-term outlook, we are optimistic about our prospects for 2015, but as always, cautious 
too given our limited revenue visibility.
JAMES GEDDES
Chief Financial Officer
19 March 2015
8 BrainJuicer Group PLC Annual Report and Accounts 2014 9
Year to 31 December  2014 2013 2012 2011 2010
Revenue 24,645 24,457 20,822 20,713 16,360
growth 1% 17% - 27% 38%
Gross profit 19,410 19,087 16,068 16,063 12,622
growth 2% 19% - 27% 41%
Operating profit 4,301 3,550 1,513 2,758 2,216
growth 21% 135% -45% 24% 35%
Pre-tax profit 4,286 3,556 1,515 2,760 2,217
growth 21% 135% -45% 24% 34%
Post-tax profit 2,897 2,435 1,038 1,850 1,480
growth 19% 135% -44% 25% 25%
EPS – diluted 21.3p 18.7p 7.9p 14.1p 11.3p
growth 14% 137% -44% 25% 26%
Cash flow pre financing 3,157 4,466 866 1,446 1,784
Cash balance (no debt) 5,347 6,188 3,755 3,683 2,770
Dividend per share (interim and final) 4.3p 3.9p 3.1p 3.0p 2.4p
growth 10% 26% 3% 25% 26%
Special dividend per share  12.0p 12.0p - - -
Share buy-backs  
(net of stock option proceeds)* 1,938 71 408 217 1,046
Number of projects 955 892 794 859 745
growth 7% 12% -8% 15% 24%
Average revenue per project 25.8 27.4 26.2 24.1 22.0
growth -6% 5% 9% 10% 12%
Number of clients 235 224 217 199 165
growth 5% 3% 9% 21% 18%
Average headcount 152 138 148 124 91
growth 10% -7% 19% 36% 30%
*2014 includes £1,239,000 for the cash-settling of part of the Company’s long term incentive plan
5 Y ear Summary
(£000s unless specified otherwise) DON’T TAKE OUR WORD FOR IT: Here’s what our clients are saying about us:
BrainJuicer Group PLC Annual Report and Accounts 2014
Kudos
‘‘ 
Congratulations on your 15th! I am happy to see that BrainJuicer grew but was 
able to maintain the qualities that I have seen in you from the start: innovation 
and investment in methodologies without getting bogged down by them, but more 
importantly, a real pursuit for understanding your customers’ issues and working 
them out with data and business perspective, and the realisation that it only hap-
pens when you hire capable people that work with a mission in mind, rather than 
people that mindlessly apply methodological solutions. The boutique mentality now 
in a bigger scale. I am proud to work with you, and looking forward to joining the 
celebrations! 
’’
 
ANA KIECKBUSCH  
Head of Segmentation, SABMiller plc, UK
‘‘ 
I clearly see BrainJuicer as an agency with a difference . . . primarily in 
the area of tools and techniques being flexible (and not rigid) to customize it  
for client needs. Many congratulations on turning 15 and all the best for your 
celebrations. Enjoy always. 
’’
 
NITESH PRIYADARSHI 
CMI Director – SEAA Cluster, Unilever
‘‘
 As part of our innovation workshops we have fully embraced the 
PM/AM tool for both its speed in providing a diagnostic dashboard for con-
cepts within such a short space of time and for its clarity in guiding decision 
making for concept progression and development to next stage. The clarity 
of the metrics coupled with verbatims is another strong advantage, enabling 
clear action steps to be agreed upon by our brand teams, allowing a  
faster launch to market to be activated. It has added significant value to  
our concept development process. 
’’
 
GERARDO MAZZEO
Global Innovation Director, Nestlé
‘‘
 BrainJuicer got us quick, detailed results allowing us to make 
very easy decisions around claims to prioritize for packaging  
and advertising, which helped us reposition our brand. The 
“wisdom of crowds” methodology gave us the confidence in 
understanding which claims were preferred. Results were simple, 
clean and easy to read. We were able to digest them and take 
immediate action. 
’’
 
NAOMI CODY
fomerly Senior Brand Manager, Slimfast, US
‘‘
 I worked with BrainJuicer on a series of projects. I was highly impressed 
with the innovative methods that allow us to compare size of prize across  
targeted population groups and different categories; also the in-depth  
analysis helped us further fine tuning concepts towards a more consumer 
friendly direction. Plus, they’re a great team and a pleasure to work with. 
’’
 
JOYCE LI 
Marketing Director, Adult Nutrition, Abbott China
10 BrainJuicer Group PLC Annual Report and Accounts 2014
‘‘ 
This process helped us to shape our innovation roadmap, 
giving us direction and validation of concepts through a thorough 
and comprehensive process. The collaborative and dedicated 
team from BrainJuicer helped us to further craft the opportunities 
into actionable projects. 
’’
 
AMY TAY
Global Marketing Manager, Tiger, Heineken, Asia Pac
‘‘ 
We have been really pleased to have BrainJuicer as a partner. They 
stood out in our selection process for their innovation and time-to-market 
with System 1 Brand Tracking. The team is a pleasure to work with and  
have helped us work on delivering a brand story that will have impact. 
’’
 
PATRICK FINCH 
Director Market Strategy, Mozilla
‘‘ 
I’ve been saving this quote for the right moment and it 
looks like it has finally arrived! John Kearon is a man  
truly ahead of his time. So much so that he once turned up 
exactly a week early for a meeting with us! Happy Birthday 
BrainJuicer and keep up the good work! 
’’
 
PAT THOMAS 
Head of Insight, Premier Foods
‘‘ 
At Pantene, our challenge was that we didn’t always connect 
with our consumers beyond their functional need. Together with  
BrainJuicer, the research allowed us to understand the life of our  
Pantene consumers more holistically and in-context, leading to  
the discovery of deeper emotional connections. These consumer  
stories and insights are now being used by our ad agency  
for meaningful creative development – a key output for us. 
’’
 
NOELLE GALL
Senior Manager, (CMK) Grow Leadership Brands, Hair & Beauty Care EMEA,  
Procter & Gamble
‘‘ 
Congratulations on turning 15! In a competitive world, that’s quite an 
accomplishment, and to have done it so well is another brilliant thing.
I love thinking out of the box. The tried and true are always good to have in 
your pocket, and I’ve always believed that the basics done well will take  
you further than the new thing done adequately. There are basics that 
BrainJuicer does especially well. Keep it simple! Make it visual! Do it  
efficiently! Ensure very strong people are on the task. And, take enough time 
with the data to really explore the findings in-depth to arrive at  
conclusions and new learning. BrainJuicer does these things well. Thanks  
for the support. 
’’
 
RON GAILEY 
Director, Consumer & Commercial Insights, ASEAN/Pacific Group, Coca-Cola 
11 BrainJuicer Group PLC Annual Report and Accounts 2014
Strategic Report
REVIEW OF THE BUSINESS
The business and financial review and accompanying 5 year summary (including the Company’s key perfor-
mance indicators) on pages 5 to 9 set out the way that management view the business, as well as its strategy, 
positioning, objectives and performance.
RISKS
One of our maxims is that the paradox of success is failure – and so we actively encourage our people to be 
bold and are risk-tolerant. Having said that, we do take risk seriously. We endeavour to identify and protect the 
business from the big, remote, risks – those that do not occur very often, but which, when they do, have major 
ramifications. The types of such event that we are concerned about and seek to manage are:
  loss of a significant client;
  loss of key personnel;
  material adverse event leading to significant loss of property, software, or data, or an adverse legal claim;
  major outage in our survey platform (‘Juicing Centre’). 
LOSS OF A SIGNIFICANT CLIENT. This is a significant risk, and we do not take it lightly, with the percentage of 
business from our largest client in 2014 at 8% of revenue (2013: 9%). We therefore go to considerable lengths to 
monitor service quality and seek client feedback.
LOSS OF KEY PERSONNEL. The loss of a senior member of the team would have a negative impact on the busi-
ness. However, we have a large senior team, which includes each of our Regional Heads, Country Managing 
Directors, our Head of Marketing and Business Development, our Head of Labs, as well as the COO, CFO and 
Chief Juicer – 19 people – and so do not view the business as being overly dependent on any one individual.  
As with many growing businesses, we place significant demands on our people, and we are therefore at risk of 
staff turnover. However the work environment is stimulating and we place emphasis on our culture and the  
way we work. 
MATERIAL ADVERSE EVENT LEADING TO A SIGNIFICANT LOSS OF PROPERTY, SOFTWARE, OR DATA, OR AN 
ADVERSE LEGAL CLAIM. We can’t guarantee that all eventualities are covered, but nevertheless have continued 
to endeavour to protect the business from significant risks, through a combination of: comprehensive profes-
sional indemnity insurance; information security, particularly with regard to client confidentiality and personal 
data; sufficient focus on legal protections, for example through our terms and conditions.
MAJOR OUTAGE IN OUR JUICING CENTRE. Were there to be a major outage in our Juicing Centre due, for 
example, to capacity constraints or a security breach, we could be prevented from building surveys, collecting 
data and downloading results. This may result in significant delay in delivering client projects with a consequen-
tial loss of revenue, reputational damage, and the costs of remedying the situation. We have suffered relatively 
minor outages from time to time, but none has led to significant financial loss.
ON BEHALF OF THE BOARD
JAMES GEDDES
Chief Financial Officer
19 March 2015
12 BrainJuicer Group PLC Annual Report and Accounts 2014
REVIEW OF THE BUSINESS AND FUTURE DEVELOPMENTS
The Chairman’s and CEO statements and the business and financial review on pages 2 to 8 set out a review of 
the business, key risks and future developments.
DIVIDENDS
The Company has paid and proposes to pay the following dividends:
 2014  2013 
 £’000 £’000
Ordinary Shares  
Interim paid, 1p per share (2013: 0.9p per share) 126 112
Special dividend, 12p per share (2013: 12p per share) 1,512 1,508
Proposed final, 3.3p per share (2013: 3p per share) 417 378
TOTAL ORDINARY DIVIDENDS, 16.3P PER SHARE (2013: 15.9P) 2,055 1,998
The Company paid an interim dividend on 12 November 2014 to shareholders on the register as of 3 October 
2014. The final dividend for 2013 and special dividend were paid on 14 May 2014 to shareholders on the register 
as of 22 April 2014. 
DIRECTORS
The following are the current directors of the parent company, BrainJuicer Group PLC, and each served 
throughout the whole year.
John Kearon (executive)
James Geddes (executive)
Alex Batchelor (executive)
Ken Ford (non-executive)
Robert Brand (non-executive)
Graham Blashill (non-executive)
The Remuneration report on pages 19 to 20 sets out directors’ interests in the shares of the Company.
SHARE CAPITAL
Changes in the share capital of the Company during the year are given in note 11 to the financial statements. 
As at 8 January 2015, the Company was aware of the following significant interests in the ordinary issued share 
capital of the Company:
  Percent of  
At 8 January 2015 Number Voting Shares
John Kearon 3,859,996 30.6
BlackRock Investment Management (UK) 1,169,119 9.3
Liontrust Asset Management 1,114,356 8.8
Motley Fool Asset Management 931,336 7 .4
Herald Investment Management Limited 700,000 5.5
Cluny Hill Capital Limited 695,000 5.5
Polar Capital Partners 650,000 5.1
Allianz Global Investors KAG 425,000 3.4
Heritage Capital Management 389,693 3.1
  
13
Directors’ Report BrainJuicer Group PLC Annual Report and Accounts 2014
FINANCIAL RISK MANAGEMENT
The Group’s activities expose it to the following financial risks to a small degree.
CREDIT RISK
We manage credit risk on a Group basis, arising from credit exposures to outstanding receivables and cash and 
cash equivalents. Since the majority of the Group’s clients are large blue-chip organisations, the Group rarely 
suffers a bad debt. The Group’s cash balances are held, in the main, at HSBC Bank.
MARKET RISK – FOREIGN EXCHANGE RISK
In addition to the United Kingdom, the Group operates in the United States, Continental Europe, Brazil, China, 
Singapore and India 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 and do not deal in hedging instruments. 
LIQUIDITY RISK
The Company monitors its cash balances regularly and holds its cash in immediately-available current accounts 
to minimise liquidity risk.
OTHER RISKS
Management do not consider price risk or interest rate risk to be material to the Group. 
CAPITAL RISK MANAGEMENT
The Company manages its capital to ensure that it is able to continue as a going concern while maximising its 
return to shareholders. The Company’s capital structure consists of cash and cash equivalents and share capi-
tal. The Group has no borrowings or borrowing facilities and is not subject to any externally imposed capital 
requirements. The Group has not entered into any derivative contracts.
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 at least 12 months from the approval of these financial statements. For this reason the Directors continue  
to adopt the going concern basis in preparing the financial statements.
RESEARCH AND DEVELOPMENT
BrainJuicer’s Labs team is involved in the development and validation of new market research methods and 
products centred on Behavioural Science.
Directors’ Report continued
14 BrainJuicer Group PLC Annual Report and Accounts 2014
PURCHASE OF OWN SHARES
During the year the Company transferred 234,541 Ordinary Shares (with an aggregate nominal value of £2,345, 
representing 1.78% of the called up share capital of the Company) out of treasury to satisfy the exercise of 
employee share options over 234,541 Ordinary Shares, for cash consideration of £334,000. The Company sub -
sequently repurchased 233,049 of these shares (with an aggregate nominal value of £2,330, representing 1.77% 
of the called up share capital of the Company) for cash consideration of £1,033,000. As part of the settlement 
of the Company’s long term incentive plan 62,024 shares, with an aggregate nominal value of £621, were trans -
ferred from treasury and awarded to senior executives for nil consideration, representing 0.47% of the called 
up share capital of the Company.
Following these transactions, at 31 December 2014 there were 13,141,867 Ordinary Shares in issue (2013: 
13,136,448) of which 509,268 shares were held in treasury (2013: 572,784).
EMPLOYEES
The Group maintains fair employment practices, and attempts to eliminate all forms of discrimination and to 
give equal access. Wherever possible we provide the same opportunities for disabled people as for others. If 
an employee were to become disabled we would make every effort to keep him or her in our employment, with 
appropriate training where necessary.
 
HEALTH AND SAFETY POLICIES
The Group does not have significant health and safety risks, and is committed to maintaining high standards of 
health and safety for its employees, visitors and the general public.
AUDITOR
The Company will be seeking shareholder approval to reappoint its auditor, Grant Thornton UK LLP, at its 
Annual General Meeting.
ON BEHALF OF THE BOARD
JAMES GEDDES
Chief Financial Officer
19 March 2015
15 BrainJuicer Group PLC Annual Report and Accounts 2014
The Board is committed to high standards of corporate governance, which it considers a pre-requisite to sup-
port the growth and ambitions of the Group. Whilst it is not a requirement for companies listed on AIM to com-
ply with all the provisions in the UK Corporate Governance Code 2012, the Board takes the Code seriously. 
The Group also places particular importance on the guidelines issued by the Quoted Companies Alliance for 
Companies. 
The Group does not comply with the UK Corporate Governance Code 2012. 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 OF DIRECTORS
The Board comprises three executive directors and three independent non-executive directors. We believe 
that the directors have the necessary mix of skills and experience to oversee the company. Their biographical 
details are presented on page 21.
The Board meets formally 11 times a year and discharges its responsibilities through a management team who 
hold formal and 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 and long-term objectives;
  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.
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 Robert Brand and 
Alex Batchelor are scheduled to retire by rotation and have each confirmed their willingness to be put forward 
for re-election at the 2015 Annual General Meeting.
Corporate Governance Report
16 BrainJuicer Group PLC Annual Report and Accounts 2014
NON-EXECUTIVE DIRECTORS
The three non-executive directors are independent of management. The terms and conditions of the non-exec-
utive directors’ appointments are available for inspection at the Company’s registered office.
REMUNERATION COMMITTEE
The Remuneration Committee membership and a summary of its terms of reference are on page 19.
AUDIT COMMITTEE
The Audit Committee aims to support the creation of long term value for shareholders. The Committee 
comprises Robert Brand (Chairman), Graham Blashill and Ken Ford, the three non-executive directors. Robert 
Brand has relevant financial experience. 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 can be found on the company’s website, and currently 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 appropriate remuneration and terms of reference for  
 the external auditor;
  discuss the nature, extent and timing of the external auditor’s procedures and discussion of external  
 auditor’s findings;
  monitor and ensure 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; and 
  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. In respect 
of the 2014 financial year, meetings were held in September 2014 and March 2015. The Audit Committee 
Chairman met separately with the external audit partner in advance of both of these meetings. The current 
auditors were appointed in 2003.
The Group does not currently have an internal audit function, which the Board considers appropriate for a 
Group of BrainJuicer’s size.
17 BrainJuicer Group PLC Annual Report and Accounts 2014
Corporate Governance Report continued
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:
  clearly-defined organisational structure with appropriate delegation of authority;
  comprehensive budgeting programme;
  regular reviews of forecasts;
  a limited number of directors and executives authorised to make payments and commit the company to  
 legal agreements;
  regular reviews of client and employee feedback.
The Board in conjunction with the Audit Committee reviews the Group’s internal control system on a peri-
odic basis. The Board seeks 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:
  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;
  regular investor meetings.
MEETING ATTENDANCE
The number of regular meetings that each director attended is set out below:
  Audit Remuneration
 Board Committee  Committee
Ken Ford 11 2 2
Robert Brand 11 2 2
Graham Blashill 11 2 2
John Kearon 11 n/a n/a
James Geddes 11 2* 2*
Alex Batchelor 11 n/a n/a
*attendance by invitation.
On rare occasions a board member may attend by phone to accommodate overseas travel arrangements. 
18 BrainJuicer Group PLC Annual Report and Accounts 2014
Remuneration Report
REMUNERATION COMMITTEE
The remuneration committee (the “Committee”) comprises the three non-executive directors, Graham Blashill 
(Chairman), Robert Brand and Ken Ford. The Committee’s main role and responsibilities are to:
  determine the remuneration and incentive packages for each of the Company’s executive directors;
  review and approve the remuneration and benefits of senior management;
  review and make recommendations to the Board on the design of remuneration structures and levels of pay  
 and other incentives for employees of the Group;
  report 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, the Chief Financial Officer and Chief Operating 
Officer to attend meetings of the Remuneration Committee. The Chief Executive Officer is consulted on 
proposals relating to the remuneration of the Chief Financial Officer and Chief Operating 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 poli-
cies. The Committee is exclusively responsible for appointing such consultants and for setting their terms of 
reference.
REMUNERATION POLICY
We aim to ensure that management remuneration encourages long-term shareholder value creation, is deemed 
fair from the points of view of all stakeholders, and is not excessive. The Committee takes into account remu-
neration packages of comparable companies.
SHARE OPTIONS
We have stock options under an old employee stock option plan; for details please see note 11 to the Financial 
Statements. We are no longer granting options under the plan.
SERVICE AGREEMENTS
Each of the executive directors have employment contracts. The agreements include restrictive covenants 
which apply during employment and for a period of 12 months after termination. John Kearon’s agreement can 
be terminated on six months’ notice in writing by either the Company or by John. James Geddes’ and Alex 
Batchelor’s agreements can be terminated on 12 months’ notice in writing by the Company and 6 months’ notice 
by the employee.
REMUNERATION
The remuneration of the non-executive directors is determined by the executive directors.
Remuneration in respect of the directors was as follows:
   Benefits  
  Salary in kind Bonus 2014  2013 
  £ £ £ £  £ 
John Kearon  195,160 3,991 - 199,151 251,250
James Geddes  169,202 4,697 - 173,899 219,056
Alex Batchelor  169,202 3,838 - 173,040 218,276
Ken Ford  37,000 - - 37,000 33,990
Robert Brand  33,000 - - 33,000 30,900
Graham Blashill  33,000 - - 33,000 28,583
  636,564 12,526 - 649,090 782,055
Money purchase pension contributions in respect of the directors were as follows:
 2014  2013
 £  £ 
John Kearon 11,710 11,424
James Geddes 10,152 9,905
Alex Batchelor 10,152 9,905
 32,014 31,234
 
19 BrainJuicer Group PLC Annual Report and Accounts 2014
Remuneration Report continued
DIRECTORS’ INTERESTS 
Directors’ interests in Ordinary Shares of 1p each as at 31 December 2014 are shown below:
 Number of 1p ordinary shares
 31 December 2014  1 January 2014
John Kearon 3,859,996 3,859,996
James Geddes 158,325 158,325
Alex Batchelor 101,852 101,852
Ken Ford 20,000 20,000
Robert Brand 30,000 30,000
Graham Blashill 5,000 5,000
EMPLOYEE SHARE OPTIONS 
Directors’ interests in share options over 1p Ordinary Shares in the Company were as follows:
 Earliest Exercise Number at Granted Exercised Number 
(Date of grant) exercise date price (p) 1 Jan 2014 in year in year at 31 Dec 2014
JOHN KEARON      
(19/01/2007) 01/01/2008 162.5p 60,213 - - 60,213
JAMES GEDDES      
(19/01/2007) 01/01/2008 162.5p 60,213 - - 60,213
(28/05/2014)* 28/05/2014 0.0p - *125,722 - 125,722
   60,213 125,722 - 185,935
ALEX BATCHELOR      
(22/03/2010) 01/04/2011 149.0p 113,334 - - 113,334
(18/05/2010) 01/01/2011 0.0p 116,666 - - 116,666
(28/05/2014)* 28/05/2014 0.0p - *125,722 - 125,722
   230,000 125,722 - 355,722
Total   350,426 251,444 - 601,870
* awarded in settlement of the Company’s 2010 long-term incentive plan (see below).     
 
LONG TERM INCENTIVES
During the period the Company’s 2010 long-term incentive plan for senior executives vested. In settlement 
John Kearon received cash of £656,000 and both James Geddes and Alex Batchelor were each awarded 
options over 125,722 shares in the Company at an exercise price of £Nil per share.  Full details of that scheme 
can be found in last year’s annual report.
For the three-year period commencing 2014, the Remuneration Committee has put in place new arrange -
ments for the remuneration of the management team which more closely follow the guidelines for quoted com-
panies, and which were approved at the Company’s Annual General Meeting in May 2014. Under this scheme 
the executive directors forego all annual bonuses, but receive equity options based on a substantial increase in 
earnings per share over the three years, backed by a share price underpin. The members of the senior manage-
ment team will have an increased bonus potential of up to 50% of base salary, but without any future equity 
participation. The Remuneration Committee believes that this:
  aligns the executive directors’ remuneration to the shareholder value they create;
  provides flexible, simple and more immediate rewards for the wider management team;
  contains the dilutive impact on our equity.
GRAHAM BLASHILL
Chairman of the Remuneration Committee
19 March 2015 
20 BrainJuicer Group PLC Annual Report and Accounts 2014 21
JOHN KEARON
CHIEF EXECUTIVE OFFICER
John founded BrainJuicer in 1999. Prior to BrainJuicer, he 
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. He started his career 
over 25 years ago as a graduate of Unilever’s management 
programme, rising to be a senior marketer at Elida Gibbs 
before moving into advertising. John’s role in establishing 
and developing the BrainJuicer business made him Ernst & 
Young’s “Emerging Entrepreneur of the Year” in 2006. 
JAMES GEDDES
CHIEF FINANCIAL OFFICER
James joined BrainJuicer in 2003. Previously, he was CFO 
of Iobox Oy (a Finnish start-up backed by Morgan Stanley 
and sold to Telefonica), Executive Director of International 
Corporate Finance at MediaOne Group (the US telecoms 
multinational now part of AT&T), and Assistant Treasurer 
of Foster’s Brewing Group. He is a Chartered Accountant, 
holds a Diploma in Corporate Treasury Management,  
and is a graduate of Harvard Business School’s Program  
for Management Development.
ALEX BATCHELOR
CHIEF OPERATING OFFICER
Alex joined BrainJuicer in 2010. Prior to BrainJuicer, he 
held various senior marketing roles, as Chief Marketing 
Officer of TomTom; Marketing Director of the Royal Mail; 
Vice President – Global Brand at Orange. Like John, Alex 
started his career at Unilever over 20 years ago, before 
leaving to spend two years in advertising at Saatchi & 
Saatchi and then six years at brand consultancy Interbrand, 
where he was Managing Director. Alex is both a Fellow of 
the Marketing Society and a former Chairman.
KEN FORD
NON-EXECUTIVE CHAIRMAN
Ken joined BrainJuicer in 2008 as non-executive Chairman. 
Ken has a wide City experience with past directorships in-
cluding Morgan Grenfell and Aberdeen Asset Management 
and more recently stockbroker Teather & Greenwood. He 
is a former Chairman of the Society of Investment Analysts 
and of the Quoted Companies Alliance [QCA], remaining 
on its executive committee. Ken is also a non-executive 
Chairman of Nakama Group plc, Scientific Digital Imaging 
plc and Lewis PR.
GRAHAM BLASHILL
NON-EXECUTIVE DIRECTOR AND CHAIRMAN  
OF THE REMUNERATION COMMITTEE
Graham joined BrainJuicer in 2012. He has had a long ca -
reer in sales and marketing of fast-moving consumer goods. 
Graham joined W.D. & H.O. Wills (a division of Imperial 
Tobacco) in 1968, holding a number of marketing and 
trading roles, and becoming Managing Director Imperial 
Tobacco UK in 1995. In 2003 he was Regional Director for 
Western Europe, and in 2005 appointed Group Sales and 
Marketing Director, responsible for Imperial Tobacco’s 
global trading operations in over 160 countries. He served 
as a main board director of Imperial Tobacco Group plc,  
a leading FTSE 100 company, for six years before retiring 
in 2011. 
ROBERT BRAND
NON-EXECUTIVE DIRECTOR AND CHAIRMAN  
OF THE AUDIT COMMITTEE
Robert joined BrainJuicer in 2012. He began his career in 
1977, initially as a research analyst and then as Managing 
Director of UK Equity research at BZW, then the invest-
ment banking division of Barclays Bank. In 1990 he joined 
Makinson Cowell, a capital markets advisory firm, as a 
director. Over a period of 18 years he advised a wide range 
of FTSE 100 and FTSE 250 companies, focusing on their 
link with institutional investors. He retired from Makinson 
Cowell in 2008.
Board of Directors BrainJuicer Group PLC Annual Report and Accounts 2014
Statement of Directors’ Responsibilities
The directors are responsible for preparing the Strategic Report, the Annual Report and the financial state-
ments 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 elected to prepare the group financial statements in accordance with International Financial 
Reporting Standards as adopted by the European Union (IFRSs) and the parent company financial statements 
in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting 
Practice). Under company law the directors must not approve the financial statements unless they are satisfied 
that they give a true and fair view of the state of affairs and profit or loss of the Company and 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 accounting estimates that are reasonable and prudent;
  state whether applicable IFRSs and United Kingdom Accounting Standards in respect of the group and par-
ent company financial statements respectively, have been followed, subject to any material departures dis-
closed and explained in the financial statements;
  prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 
Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and 
explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of 
the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. 
They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps 
for the prevention and detection of fraud and other irregularities. 
The directors confirm that:
  so far as each director is aware, there is no relevant audit information of which the Company’s auditor is 
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 auditor is 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 dissemi-
nation of financial statements may differ from legislation in other jurisdictions. 
JAMES GEDDES
Company Secretary and Chief Financial Officer
19 March 2015 
22 BrainJuicer Group PLC Annual Report and Accounts 2014
Independent Auditor’s Report  
to the members of BrainJuicer Group PLC
We have audited the financial statements of BrainJuicer Group PLC for the year ended 31 December 2014 
which comprise the consolidated income statement, the consolidated statement of comprehensive income, 
the consolidated balance sheet, the consolidated cash flow statement, the consolidated statement of changes 
in equity, the company balance sheet and the related notes. The financial reporting framework that has been 
applied in the preparation of the group financial statements is applicable law and International Financial 
Reporting Standards (IFRSs) as adopted by the European Union. The financial reporting framework that has 
been applied in the preparation of the parent company financial statements is applicable law and United King-
dom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 
of the Companies Act 2006. 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 AUDITOR
As explained more fully in the Statement of Directors’ responsibilities set out on page 22 the directors are 
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair 
view. Our responsibility is to audit and express an opinion on the financial statements in accordance with appli-
cable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with 
the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.
SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS
A description of the scope of an audit of financial statements is provided on the FRC’s website at www.frs.org.
uk/auditscopeukprivate.
OPINION ON FINANCIAL STATEMENTS
In our opinion:
 the financial statements give a true and fair view of the state of the group’s and of the parent company’s  
 affairs as at 31 December 2014 and of the group’s profit for the year then ended; 
 the group financial statements have been properly prepared in accordance with IFRSs as adopted by the  
 European Union;
 the parent company financial statements have been properly prepared in accordance with United Kingdom 
 Generally Accepted Accounting Practice; and
 the financial statements have been prepared in accordance with the requirements of the Companies Act  
 2006.
OPINION ON OTHER MATTER PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion the information given in the Strategic Report and the Directors’ Report for the financial year for 
which the financial statements are prepared is consistent with the financial statements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to 
report to you if, in our opinion:
 adequate accounting records have not been kept by the parent company, or returns adequate for our audit  
 have not been received from branches not visited by us; or
 the parent company financial statements are not in agreement with the accounting records and returns; or
 certain disclosures of directors’ remuneration specified by law are not made; or
 we have not received all the information and explanations we require for our audit.
MALCOLM GOMERSALL
Senior Statutory Auditor for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
Central Milton Keynes
19 March 2015
23 BrainJuicer Group PLC Annual Report and Accounts 2014
  2014 2013
 Note £’000 £’000
REVENUE 4 24,645 24,457
Cost of sales  (5,235) (5,370)
GROSS PROFIT  19,410 19,087
   
Administrative expenses  (15,109) (15,537)
OPERATING PROFIT 4 4,301 3,550
Gain on disposal of available for sale investments 7 - 14
Finance income 18 - 1
Finance costs 18 (15) (9)
PROFIT BEFORE TAXATION  4,286 3,556
   
Income tax expense 19 (1,389) (1,121)
PROFIT FOR THE FINANCIAL YEAR  2,897 2,435
ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY  2,897 2,435
EARNINGS PER SHARE ATTRIBUTABLE TO EQUITY HOLDERS  
OF THE COMPANY
Basic earnings per share 21 23.0p 19.4p
Diluted earnings per share 21 21.3p 18.7p
The notes on pages 29 to 47 are an integral part of these consolidated financial statements.
All of the activities of the Group are classed as continuing.
Consolidated Income Statement
For the Year Ended 31 December 2014
24   2014 2013
  £’000 £’000
PROFIT FOR THE FINANCIAL YEAR 2,897 2,435 
 
OTHER COMPREHENSIVE INCOME:
ITEMS THAT MAY BE SUBSEQUENTLY RECLASSIFIED TO PROFIT OR LOSS  
Exchange differences on translating foreign operations  (62) (55)
Other comprehensive income for the year, net of tax  (62) (55)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR AND AMOUNTS 
ATTRIBUTABLE TO EQUITY HOLDERS 2,835 2,380
The notes on pages 29 to 47 are an integral part of these consolidated financial statements.
BrainJuicer Group PLC Annual Report and Accounts 2014
Consolidated Statement of Comprehensive Income
For the Year Ended 31 December 2014
25 BrainJuicer Group PLC Annual Report and Accounts 2014
Consolidated Balance Sheet
As at 31 December 2014
  2014 2013
 Note £’000 £’000
ASSETS   
NON-CURRENT ASSETS   
Property, plant and equipment 5 163 112
Intangible assets 6 797 1,000
Deferred tax asset 20 814 670
  1,774 1,782
CURRENT ASSETS   
Inventories 9 195 238
Trade and other receivables 10 6,724 7,344
Cash and cash equivalents  5,347 6,188
  12,266 13,770
TOTAL ASSETS  14,040 15,552
EQUITY   
CAPITAL AND RESERVES ATTRIBUTABLE TO EQUITY HOLDERS  
OF THE COMPANY   
Share capital  11 131 131
Share premium account  1,580 1,579
Merger reserve  477 477
Foreign currency translation reserve  (64) (2)
Retained earnings  5,581 5,924
TOTAL EQUITY  7,705 8,109
LIABILITIES   
NON-CURRENT LIABILITIES   
Provisions 12 368 390
  368 390
CURRENT LIABILITIES   
Provisions 12 269 206
Trade and other payables 13 5,543 6,336
Current income tax liabilities  155 511
  5,967 7,053
TOTAL LIABILITIES  6,335 7,443
TOTAL EQUITY AND LIABILITIES  14,040 15,552
The notes on pages 29 to 47 are an integral part of these consolidated financial statements.
REGISTERED COMPANY NO. 05940040
These financial statements were approved by the directors on 19 March 2015 and are signed on their behalf by:
JOHN KEARON JAMES GEDDES
Director Director
26 BrainJuicer Group PLC Annual Report and Accounts 2014 27
  2014 2013
 Note £’000 £’000
NET CASH GENERATED FROM OPERATIONS  24 4,672 5,343
Tax paid  (1,242) (835)
NET CASH GENERATED FROM OPERATING ACTIVITIES  3,430 4,508
   
CASH FLOWS FROM INVESTING ACTIVITIES   
Purchases of property, plant and equipment 5 (159) (70)
Purchase of intangible assets 6 (114) (69)
Sale of available for sale investments 7 - 97
NET CASH USED BY INVESTING ACTIVITIES  (273) (42)
NET CASH FLOW BEFORE FINANCING ACTIVITIES  3,157 4,466
  
CASH FLOWS FROM FINANCING ACTIVITIES  
Interest 18 (15) (8)
Proceeds from sale of treasury shares 11 334 82
Purchase of own shares 11 (1,033) (153)
Purchase of equity interests 11 (1,239) -
Dividends paid to owners 22 (2,016) (1,903)
NET CASH USED BY FINANCING ACTIVITIES  (3,969) (1,982)
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS   (812) 2,484
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR  6,188 3,755
EXCHANGE LOSSES ON CASH AND CASH EQUIVALENTS  (29) (51)
CASH AND CASH EQUIVALENTS AT END OF YEAR  5,347 6,188
The notes on pages 29 to 47 are an integral part of these consolidated financial statements.
Consolidated Cash Flow Statement
For the Year Ended 31 December 2014 BrainJuicer Group PLC Annual Report and Accounts 2014
     Foreign  
   Share  currency    
  Share premium Merger translation Retained  
  capital account reserve reserve earnings Total
 Note £’000 £’000 £’000 £’000 £’000 £’000
AT 1 JANUARY 2013  131 1,579 477 53 5,100 7,340
PROFIT FOR THE FINANCIAL YEAR  - - - - 2,435 2,435
Other comprehensive income:       
Currency translation differences  - - - (55) - (55)
TOTAL COMPREHENSIVE INCOME  - - - (55) 2,435 2,380
Transactions with owners:
Employee share options scheme:       
- value of employee services  - - - - 148 148
- current tax credited to equity  - - - - 206 206
- deferred tax credited to equity  - - - - 9 9
Dividends paid to owners  - - - - (1,903) (1,903)
Sale of treasury shares  - - - - 82 82
Purchase of treasury shares  - - - - (153) (153)
 - - - - (1,611) (1,611)
AT 31 DECEMBER 2013  131 1,579 477 (2) 5,924 8,109
       
PROFIT FOR THE FINANCIAL YEAR  - - - - 2,897 2,897
Other comprehensive income:       
Currency translation differences  - - - (62) - (62)
TOTAL COMPREHENSIVE INCOME  - - - (62) 2,897 2,835
Transactions with owners:       
Employee share options scheme:       
- exercise of share options 11 - 1 - - - 1
- value of employee services 11 - - - - 67 67
- current tax credited to equity  - - - - 414 414
- deferred tax credited to equity 20 - - - - 233  233
Dividends paid to owners 22 - - - - (2,016) (2,016)
Sale of treasury shares 11 - - - - 334 334
Purchase of treasury shares 11 - - - - (1,033) (1,033)
Settlement of long term incentives 11 - - - - (1,239) (1,239)
  - 1 - - (3,240) (3,239)
AT 31 DECEMBER 2014  131 1,580 477 (64) 5,581 7,705
The notes on pages 29 to 47 are an integral part of these consolidated financial statements.
 
Consolidated Statement of Changes in Equity
For the Year Ended 31 December 2014
28 BrainJuicer Group PLC Annual Report and Accounts 2014
Notes to the Consolidated Financial Statements
For the Year Ended 31 December 2014
 1 GENERAL INFORMATION
BrainJuicer Group PLC (“the Company”) was incorporated on 19 September 2006 in the United Kingdom. 
The Company’s principal operating subsidiary company, BrainJuicer Limited, was at that time already well 
established, having been incorporated on 29th December 1999. 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 52. 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 Chairman’s and CEO Statements and 
the Business and Financial Review on pages 2 to 8.
The financial statements for the year ended 31 December 2014 (including the comparatives for the year 
ended 31 December 2013) were approved by the board of directors on 19 March 2015.
 2  BASIS OF PREPARATION
The Group has prepared its consolidated financial statements in accordance with International Financial 
Reporting Standards (“IFRSs”) as adopted in the European Union, IFRIC Interpretations and the Companies 
Act 2006 applicable to companies reporting under IFRS.
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 account-
ing 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 presenta-
tion 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, relevant to the financial state-
ments of the Group, have been published and are mandatory for the Group’s accounting periods beginning on 
or after 1 January 2015 or later periods, but the Group has not adopted them early:
IFRS 9, ‘FINANCIAL INSTRUMENTS’ (EFFECTIVE FROM 1 JANUARY 2018). 
In November 2009, the IASB issued IFRS 9 ‘Financial Instruments’ as the first step in its project to replace IAS 
39 Financial Instruments: Recognition and Measurement. IFRS 9 introduces new requirements for classifying 
and measuring financial assets that must be applied (once endorsed by the EU). All equity investments within 
the scope of IFRS 9 are to be measured at fair value in the balance sheet, with value changes recognised in 
profit or loss, except for those equity investments for which the entity has elected to report value changes in 
‘other comprehensive income’. There will be no ‘cost exception’ for unquoted equities.
IFRS 15, ‘REVENUE FROM CONTRACTS WITH CUSTOMERS’ (EFFECTIVE 1 JANUARY 2017).
IFRS 15 presents new requirements for the recognition of revenue, replacing IAS 18 ‘Revenue’, IAS 11 ‘Construc -
tion Contracts’, and several revenue-related Interpretations. The new standard establishes a control-based 
revenue recognition model and provides additional guidance in many areas not covered in detail under exist-
ing IFRSs, including how to account for arrangements with multiple performance obligations, variable pricing, 
customer refund rights, supplier repurchase options, and other common complexities. IFRS 15 is effective for 
reporting periods beginning on or after 1 January 2017. Management consider that IFRS 15 will have no material 
impact upon these consolidated financial statements.
29 BrainJuicer Group PLC Annual Report and Accounts 2014
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2014
 3  PRINCIPAL ACCOUNTING POLICIES continued
BASIS OF CONSOLIDATION
The Group financial statements consolidate those of the Company and all of its subsidiary undertakings 
drawn up to 31 December 2014. Subsidiaries are all 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. The existence and effect of potential voting rights that are currently exercisable 
or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are fully 
consolidated from the date on which control is transferred to the Group. They are de-consolidated from the 
date that control ceases.
The Group uses the acquisition method of accounting to account for business combinations. The consid-
eration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities 
incurred and the equity interests issued by the Group. The consideration transferred includes the fair value 
of any asset or liability resulting from a contingent consideration arrangement. Acquisition related costs are 
expensed as incurred. Identifiable assets acquired, liabilities and contingent liabilities assumed in a business 
combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition 
basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-con-
trolling interest’s proportionate share of the acquirer’s net assets.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and 
the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group’s 
share of the identifiable net assets acquired is recorded as goodwill.
All transactions and balances are eliminated on consolidation. 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 subsidiar-
ies have been adjusted where necessary to ensure consistency with the accounting policies adopted by the 
Group.
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 its 
residual value on a straight-line basis over its 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
SOFTWARE
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 intan-
gible assets. Costs include professional fees and directly-attributable employee costs required to bring the 
software into working condition. Non-attributable costs are expensed under the relevant income statement 
heading.
Furthermore, internally-generated software is recognised as an intangible asset only if the Group can dem-
onstrate all of the following conditions:
(a)  the technical feasibility of completing the intangible asset so that it will be available for use or sale;
(b)  its intention to complete the intangible asset and use or sell it;
(c)  its ability to use or sell the intangible asset;
(d)  how the intangible asset will generate probable future economic benefits;
(e)  among other things, the Group can demonstrate the existence of a market for the output of the intan-
 gible asset or the intangible asset itself or, if it is to be used internally, the usefulness of the intangible 
 asset;
30 BrainJuicer Group PLC Annual Report and Accounts 2014
 3  PRINCIPAL ACCOUNTING POLICIES continued
(f)  the availability of adequate technical, financial and other resources to complete the development and to
 use or sell the intangible asset;
(g) its ability to measure reliably the expenditure attributable to the intangible asset during its development.
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 charged 
to administrative expenses 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 7 years.
The Group’s main research software platform, which it developed over a number of years, was brought into 
use on 1 January 2011 and is being amortised over its estimated useful economic life of 7 years.
Amortisation on all intangible assets is charged to administrative expenses.
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. 
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 external 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 state-
ment, except where it relates to items charged or credited to other comprehensive income or 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 to other comprehensive income or 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. 
Revenue is measured by reference to the fair value of consideration receivable, excluding sales taxes.
31 BrainJuicer Group PLC Annual Report and Accounts 2014
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2014
 3  PRINCIPAL ACCOUNTING POLICIES continued
COST OF SALES
Cost of sales includes external costs attributable to client projects including: respondent sample, data process-
ing, language translation and similar costs.
EMPLOYEE BENEFITS
All accumulating employee-compensated absences that are unused at the balance sheet date are recognised as 
a liability.
The Group operates several defined contribution pension plans. The Group pays contributions to these 
plans based upon the contractual terms agreed with each employee. The Group has no further payment obliga-
tions once the contributions have been paid. The contributions are recognised as employee benefit expense 
when they are due.
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. With the exception of market-based awards, 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.
The fair value of option awards with time vesting performance conditions are measured at the date of grant 
using the Hoadley Employee Stock Option Valuation 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.
The fair value of awards made with market-based performance conditions (for example, the entity’s share 
price) are measured at the grant date using a Monte Carlo simulation method incorporating the market condi-
tions in the calculations. The awards made in respect of the Group’s long term incentive scheme have been 
measured using such a method.
Social security contributions payable in connection with the grant of share options is considered integral to 
the grant itself, and the charge is treated as a cash-settled transaction.
Cash payments totalling £1,239,000 made in settlement of part of the Company’s long term incentive plan 
during the year were accounted for as a repurchase of equity interests with the consideration paid debited to 
equity and disclosed in the Statement of Changes in Equity as ‘Settlement of long term incentives’.
PROVISIONS
Provisions for sabbatical leave and dilapidations are recognised when: the Group has a legal or constructive 
obligation as a result of past events; it is probable that an outflow of resources will be required to settle the 
obligation; and the amount has been reliably estimated. Where material, the increase in provisions due to 
passage of time is recognised as interest expense. The provision for sabbatical leave is measured using the 
projected unit credit method. The provision for dilapidations is measured at the present value of expenditures 
expected to be required to settle those obligations.
FOREIGN CURRENCIES
Items included in the individual 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 the 
Group’s presentation currency.
Transactions in foreign currencies are translated into the functional currency at the exchange rates prevail-
ing 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 denomi-
nated in foreign currencies are recognised in profit or loss.
32 BrainJuicer Group PLC Annual Report and Accounts 2014
 3  PRINCIPAL ACCOUNTING POLICIES 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:
(a) assets and liabilities for each balance sheet presented are translated at the closing rate at the balance 
sheet date;
(b) income and expenses for each income statement are translated at average exchange rates; and
(c) all resulting exchange differences are recognised as a separate component of equity.
On consolidation, exchange differences arising from the translation of the net investment in foreign opera-
tions are recognised in other comprehensive income. 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
Operating segments are reported in a manner consistent with the internal reporting provided to the main 
decision-making body of the Company, which collectively comprises the Executive Directors. The Executive 
Directors are responsible for allocating resources and assessing performance of the operating segments.
FINANCIAL INSTRUMENTS
FINANCIAL ASSETS
The Group’s financial assets comprise loans and receivables. The Group does not possess assets held at fair 
value through profit or loss, held-to-maturity investments or available-for-sale financial assets. The classification 
is determined by management at initial recognition, being dependent upon the purpose for which the financial 
assets were acquired. Financial assets are derecognised when the rights to receive cash flows from the invest-
ments have expired or have been transferred and the Group has transferred substantially all risks and rewards 
of ownership.
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.
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 receiv-
ables. 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.
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.
FINANCIAL LIABILITIES
Financial liabilities are initially recognised at fair value, net of transaction costs, and subsequently carried at 
amortised cost using the effective interest rate method. Financial liabilities and equity instruments are clas-
sified 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.
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 directly to equity.
33 BrainJuicer Group PLC Annual Report and Accounts 2014
 3  PRINCIPAL ACCOUNTING POLICIES continued
TRADE PAYABLES
Trade payables are initially recorded at fair value, but subsequently at amortised cost using the effective inter-
est rate method.
SHARE CAPITAL
Ordinary shares are classified as equity. Equity instruments issued by the Company are recorded at the pro-
ceeds 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.
MERGER RESERVE
The merger reserve represents the difference between the parent company’s cost of investment and a sub-
sidiary’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.
TREASURY SHARES
Where the Company purchases the Company’s equity share capital, the consideration paid is deducted from 
the total shareholders’ equity and classified as treasury shares until they are cancelled. Where such shares are 
subsequently sold or re-issued, any consideration received is included in total shareholders’ equity. No gain or 
loss is recognised on the purchase, sale, issue or cancellation of the Company’s own equity instruments.
SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS
SHARE BASED PAYMENTS
The fair value of options granted is determined using the Hoadley Employee Stock Option Valuation model (for 
the employee share option scheme) and a Monte Carlo simulation model (for the long term incentive scheme). 
These models require a number of estimates and assumptions. The significant inputs into the models are share 
price at grant date, exercise price, historic exercise multiples, expected volatility and the risk free rate. Vola-
tility is measured at the standard deviation of expected share prices returns based on statistical analysis of 
historical share prices.
During the year (and in previous years) the Company has often purchased shares arising from the exercise 
of share options in order to minimise shareholder dilution and create shareholder value. In the current report-
ing period the Company also cash-settled part of its long term incentive plan. Despite the repurchase of these 
equity interests the Company did not have an obligation to do so. Furthermore, the Company does not have 
a formal policy in relation to equity interests and so no constructive obligation arises either. As a result, the 
Company accounts for share-based payments as equity rather than cash-settled.
EMPLOYEE BENEFITS
The Group has a sabbatical leave scheme, open to all employees, that provides 20 days paid leave for each six 
years’ of service. The carrying amount of the provision at the balance sheet date amounted to £557,000 (2013: 
£516,000). The provision for liabilities under the scheme is measured using the projected unit credit method. 
This model requires a number of estimates and assumptions. The significant inputs into the model are rate of 
salary growth and average staff turnover as explained in Note 12. 
 4 
34
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2014 BrainJuicer Group PLC Annual Report and Accounts 2014
 4  SEGMENT INFORMATION
When reviewing financial performance, key segmental information that management look at are revenue, gross 
profit, and operating profit before allocation of central overheads of the Group’s geographic operating units 
(“Reportable Segments”), and the split of business by type of research solution. 
FINANCIAL PERFORMANCE OF REPORTABLE SEGMENTS: 
 2014 2013
 Revenue Gross Operating Revenue Gross Operating 
  margin Profit**  margin Profit**
 £’000 £’000 £’000 £’000  £’000 £’000
United Kingdom 8,779 6,814 4,823 8,859 6,843 4,908
US 7,683 6,420 3,700 7,266 5,794 2,796
Continental Europe* 4,416 3,446 1,669 4,895 3,992 1,859
China & Singapore* 1,894 1,478 744 1,461 1,112 491
Brazil 1,580 1,031 283 1,806 1,206 507
India 293 221 59 170 140 41
 24,645 19,410 11,278 24,457 19,087 10,602
*2014 revenue for China & Singapore includes £415,000 from a large client that was serviced from our Continental Europe region in 2013. Continental 
European revenue for 2013 included £449,000 from that client. 
** Segmental operating profit excludes costs relating to central services provided by our Operations, IT, Marketing, HR and Finance teams and our Board  
of Directors.
REVENUE SPLIT BY TYPE OF RESEARCH SOLUTION: 
 2014 2013
 Juicy Twist Total Juicy Twist Total
 £’000 £’000 £’000 £’000  £’000 £’000
Quantitative Research 17,605 4,129 21,734 14,608 6,260 20,868
Juice Generation 2,392 - 2,392 3,337 - 3,337
Behaviour Change Unit 519 - 519 252 - 252
 20,516 4,129 24,645 18,197 6,260 24,457
Percentage of revenue 83% 17%  74% 26% 
Juicy products are BrainJuicer’s new methodologies that challenge traditional approaches to market 
research. Twist products are industry standard quantitative research methods with an added BrainJuicer 
“twist”.
Segmental revenue is revenue generated from external customers and so excludes intercompany revenue.
A reconciliation of total operating profit for Reportable Segments to total profit before income tax is set out 
below:
 2014 2013
 £’000 £’000 
OPERATING PROFIT FOR REPORTABLE SEGMENTS 11,278 10,602
Central overheads (6,977) (7,052)
OPERATING PROFIT 4,301 3,550
Gain on disposal of available for sale investments - 14
Finance costs (15) (8)
PROFIT BEFORE INCOME TAX 4,286 3,556
Revenues are attributed to geographical areas based upon the location in which the sale originated.
Consolidated cash, trade receivable, property, plant and equipment and intangible asset balances are regu-
larly provided to the executive directors but segment assets and segment liabilities are not, and accordingly  
the Company does not disclose segment assets and liabilities here.
BrainJuicer Group PLC is domiciled in the UK. Revenue from external customers to the UK is £8,779,000 
(2013: £8,859,000), and revenue from external customers to other countries is £15,866,000 (2013: 
£15,598,000).
35 BrainJuicer Group PLC Annual Report and Accounts 2014
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2014
 4  SEGMENT INFORMATION continued
Non-current assets other than financial instruments and deferred tax assets located in the UK is £920,000 
(2013: £1,067,000), and these non-current assets located in other countries is £40,000 (2013: £45,000).
Revenues of £1,871,000 (2013: £2,315,000) are derived from the Group’s largest single external customer, 
representing 8% (2013: 9%) of Group revenues. Revenues by operating segment are as follows:
 2014 2013
 £ £ 
UK 1,121,000 1,284,000
China and Singapore 330,000 351,000
Continental Europe 260,000 349,000
US 160,000 271,000
Brazil - 60,000
 1,871,000 2,315,000
 5 PROPERTY, PLANT AND EQUIPMENT
 Furniture,  
 fittings and  Computer  
 equipment hardware Total
For the year ended 31 December 2014 £’000 £’000 £’000
AT 1 JANUARY 2014   
Cost  337 699 1,036
Accumulated depreciation (299) (625) (924)
NET BOOK AMOUNT 38 74 112
YEAR ENDED 31 DECEMBER 2014   
OPENING NET BOOK AMOUNT 38 74 112
Additions 3 156 159
Depreciation charge for the year (14) (94) (108)
CLOSING NET BOOK AMOUNT 27 136 163
AT 31 DECEMBER 2014   
Cost  337 861 1,198
Accumulated depreciation (310) (725) (1,035)
NET BOOK AMOUNT 27 136 163
 Furniture,  
 fittings and  Computer  
 equipment hardware Total
For the year ended 31 December 2013 £’000 £’000 £’000
AT 1 JANUARY 2013   
Cost  335 636 971
Accumulated depreciation (259) (534) (793)
NET BOOK AMOUNT 76 102 178
YEAR ENDED 31 DECEMBER 2013   
OPENING NET BOOK AMOUNT 76 102 178
Additions 4 66 70
Depreciation charge for the year (41) (95) (136)
Foreign exchange (1) 1 -
CLOSING NET BOOK AMOUNT 38 74 112
AT 31 DECEMBER 2013   
Cost  337 699 1,036
Accumulated depreciation (299) (625) (924)
NET BOOK AMOUNT 38 74 112
36 BrainJuicer Group PLC Annual Report and Accounts 2014
 6 INTANGIBLE ASSETS
 Software licenses Software Total
 For the year ended 31 December 2014 £’000 £’000 £’000
AT 1 JANUARY 2014    
Cost  498 1,672 2,170
Accumulated amortisation (415) (755) (1,170)
NET BOOK AMOUNT 83 917 1,000
YEAR ENDED 31 DECEMBER 2014   
OPENING NET BOOK AMOUNT 83 917 1,000
Additions 114 - 114
Amortisation charge (88) (229) (317)
CLOSING NET BOOK AMOUNT 109 688 797
AT 31 DECEMBER 2014   
Cost  609 1,672 2,281
Accumulated amortisation (500) (984) (1,484)
NET BOOK AMOUNT 109 688 797
   
 Software licenses Software Total
 For the year ended 31 December 2013 £’000 £’000 £’000
AT 1 JANUARY 2013    
Cost  429 1,672 2,101
Accumulated amortisation (315) (526) (841)
NET BOOK AMOUNT 114 1,146 1,260
YEAR ENDED 31 DECEMBER 2013   
OPENING NET BOOK AMOUNT 114 1,146 1,260
Additions 69 - 69
Amortisation charge (100) (229) (329)
CLOSING NET BOOK AMOUNT 83 917 1,000
AT 31 DECEMBER 2013   
Cost  498 1,672 2,170
Accumulated amortisation (415) (755) (1,170)
NET BOOK AMOUNT 83 917 1,000
Software comprises the Group’s main research software platform, which it developed over a number of 
years and introduced in 2011, at a cost of £1,604,000. It is being amortised over 7 years and has a remaining 
amortisation period of 3 years. The carrying amount of this asset at the balance sheet date was £688,000 
(2013: £917,000).
 
 7 FINANCIAL ASSETS – AVAILABLE FOR SALE INVESTMENTS
During the prior year the Company sold its minority investment in Slater Marketing Group Pty Limited for cash 
consideration of £97,000 realising a gain of £14,000.
37 BrainJuicer Group PLC Annual Report and Accounts 2014
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2014
 8 FINANCIAL RISK MANAGEMENT
The Group’s financial risk management policies and objectives are explained in the Directors’ report on page 14.
CREDIT RISK
Credit risk is managed on a Group basis, arising from credit exposures to outstanding receivables and cash and 
cash equivalents. 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:
 2014 2013
 £’000 £’000
CASH AND CASH EQUIVALENTS  
HSBC Bank PLC 5,225 6,070
Deutsche Bank 79 65
UBS 26 38
Other banks 17 15
 5,347 6,188
TRADE RECEIVABLES  
Largest customer by revenue  1,036 956
FINANCIAL INSTRUMENTS BY CATEGORY
At the balance sheet date the Group held the following financial instruments by category:
ASSETS AS PER BALANCE SHEET 
 2014  2013
 £’000 £’000
LOANS AND RECEIVABLES  
Trade and other receivables (excluding prepayments and accrued income) 6,304 6,758
Cash and cash equivalents 5,347 6,188
 11,651 12,946
LIABILITIES AS PER BALANCE SHEET 
 2014  2013
 £’000 £’000
OTHER FINANCIAL LIABILITIES CARRIED AT AMORTISED COST  
Trade payables 1,187 1,402
Accruals 3,733 4,334
 4,920 5,736
The table below analyses the Group’s financial instruments which will be settled on a gross basis into rel-
evant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity 
date.
 Less than  Between  Between 
 1 year 1 and 2 years 2 and 5 years
 £’000 £’000 £’000
OTHER FINANCIAL LIABILITIES CARRIED AT AMORTISED COST 4,920 - -
These cash outflows will be financed from existing cash reserves and operating cash flows. 
38 BrainJuicer Group PLC Annual Report and Accounts 2014
 9 INVENTORY
 2014 2013
 £’000 £’000
WORK IN PROGRESS 195 238
 10 TRADE AND OTHER RECEIVABLES
 2014 2013
 £’000 £’000
Trade receivables 6,137 6,544
Other receivables 167 214
Prepayments 420 586
 6,724 7,344
Trade and other receivables are due within one year and are not interest bearing. The maximum exposure to 
credit risk at the balance sheet date is the carrying amount of receivables 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. 
As of 31 December 2014, trade receivables of £1,343,000 (2013: £1,595,000) were past due but not 
impaired. The ageing of these trade receivables is as follows:
 2014 2013
 £’000 £’000
Up to 3 months 1,109 944
3 to 6 months 234 651
 1,343 1,595
As of 31 December 2014, trade receivables of £Nil (2013: £Nil) were impaired. Since the vast majority of  
the Group’s clients are large blue-chip organisations, the Group rarely suffers a bad debt.
The carrying amount of the Group’s trade and other receivables are denominated in the following  
currencies: 
 2014 2013
 £’000 £’000
US Dollar 2,680 2,168
Sterling 1,839 1,964
Euro 1,450 1,460
Swiss Franc 372 833
Brazilian Real 160 268
Chinese Yuan 135 259
Singapore Dollar 45 294
Canadian Dollar - 25
Indian Rupee 35 63
Australian Dollar 8 -
 6,724 7,344
 
39 BrainJuicer Group PLC Annual Report and Accounts 2014
 11 SHARE CAPITAL
The share capital of BrainJuicer Group PLC consists only of fully paid Ordinary Shares (“shares”) with a par 
value of 1p each. All shares are equally eligible to receive dividends and the repayment of capital and represent 
one vote at the Annual General Meeting.
ALLOTTED, CALLED UP AND FULLY PAID ORDINARY SHARES:
 Number £’000
AT 1 JANUARY 2014 AND 1 JANUARY 2013 13,136,448 131
Exercise of share options 5,419 -
At 31 December 2014 13,141,867 131
During the year the Company issued 5,419 shares on the exercise of employee share options for cash con -
sideration of £619 of which £565 was credited to share premium and £54 to share capital. The Company trans -
ferred 234,541 shares out of treasury to satisfy the exercise of employee share options over 234,541 shares at 
a weighted average exercise price of 142 pence per share for total consideration of £334,000. The weighted 
average share price at exercise date was 454 pence per share. The Company subsequently repurchased 
233,049 of these shares at a weighted average price of 443 pence per share. The total consideration payable 
on repurchase (including stamp duty) amounted to £1,033,000.
During the year, upon settlement of the Company’s long term incentive plan, options over 544,968 shares 
with an exercise price of £Nil, and 62,024 shares transferred from treasury were awarded to senior execu -
tives. The Company settled the remainder of the long term incentive plan awards for cash consideration of 
£1,239,000.
Following these transactions, at the end of the year the number of shares was 13,141,867 (2013: 13,136,448) 
of which shares held in treasury numbered 509,268 (2013: 572,784). The treasury shares will be used to help 
satisfy the requirements of the Group’s share incentive schemes. 
SHARE OPTIONS
EMPLOYEE SHARE OPTION SCHEME
The Group issues share options to directors and to employees under an HM Revenue and Customs approved 
Enterprise Management Incentive (EMI) scheme and for awards which do not qualify for EMI, an unapproved 
scheme. Generally, with the exception of share options arising from the Company’s long term incentive plan, 
the exercise price for share options is equal to the mid-market opening quoted market price of the Company’s 
shares on the date of grant, and in general, they 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 in some circumstances if the employee leaves the Group before the options vest, 
unless otherwise agreed by the Group.
Movements in the number of share options outstanding and their related weighted average exercise prices 
are as follows:
 2014 2013
   Average   Average
   exercise price  exercise price  
   per share Options per share Options 
   Pence No Pence No
OUTSTANDING AT 1 JANUARY   127.2 835,166 127.4 900,215 
Granted   - 544,968 - -
Lapsed   11.4 (602) 94.0 (2,006)
Exercised   139.3 (239,960) 130.7 (63,043)
OUTSTANDING AT 31 DECEMBER   63.6 1,139,572 127.2 835,166
EXERCISABLE AT 31 DECEMBER   63.6 1,139,572 121.8 810,791
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2014
40 BrainJuicer Group PLC Annual Report and Accounts 2014
 11 SHARE CAPITAL continued
The weighted average share price at date of exercise of options exercised during the year was 452 (2013: 
241.4) pence. The 544,968 options granted during the year were awarded in settlement of the Company’s 
long term incentive plan. These options are exercisable on grant and expire on 28 May 2020. No options were 
granted in 2013. At 31 December, the Group had the following outstanding options and exercise prices: 
 2014 2013
 Average  Weighted Average  Weighted 
 exercise  average exercise  average 
 price   remaining   price  remaining  
 per share Options  contractual life per share Options contractual life
Expiry date Pence No Months Pence No Months
2014 - - - 11.4 6,021 3.0
2015 - - - 62.3 35,826 16.0
2016 62.3 6,022 21.0 62.3 15,055 28.8
2017 162.5 150,533 25.0 162.5 150,533 37.0
2018 147.5 49,716 39.0 147.5 74,771 51.0
2019 94.0 54,902 49.0 94.0 135,368 61.0
2020 35.2 861,399 64.4 96.0 344,464 75.3
2021 286.0 17,000 82.0 296.3 45,064 92.1
2022 - - - 296.5 28,064 97.0
AT 31 DECEMBER 63.6 1,139,572 57.4 127.2 835,166 61.6
LONG TERM INCENTIVE PLAN
In 2010 the Company established a long term incentive plan for senior executives. All awards vested on 30 
April 2014. Upon settlement of the plan, options over 544,968 shares with an exercise price of £Nil, and 62,024 
shares transferred from treasury were awarded to senior executives. The Company settled the remainder of 
the long term awards for cash consideration of £1,239,000.
As a result of the settlement of the scheme no units were outstanding as at 31 December 2014 (2013: 
10,000). 
SHARE-BASED PAYMENT CHARGE
The total charge for the year relating to equity-settled employee share-based payment plans (for both the 
employee stock option plan and the senior executive long term incentive plan) was £67,000 (2013: £148,000). 
41 BrainJuicer Group PLC Annual Report and Accounts 2014
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2014
 12 PROVISIONS
 Sabbatical  Dilapidation 
 provision provisions Total
 £’000  £’000  £’000 
AT 1 JANUARY 2013 189 80 269
Provided in the year 361 - 361
Utilised in the year (33) - (33)
Exchange differences (1) - (1)
AT 31 DECEMBER 2013 516 80 596
Provided in the year 99 - 99
Utilised in the year (58) - (58)
AT 31 DECEMBER 2014 557 80 637
Of which:  
Current 203 66 269
Non-current 354 14 368
 557 80 637
The Group has a sabbatical leave scheme, open to all employees. The scheme provides 20 days paid leave 
for each successive period of 6 years’ service.
There is no proportional entitlement for shorter periods of service. The provision for the liabilities under the 
scheme is measured using the projected unit credit method. The calculation of the provision assumes an annual 
rate of growth in salaries of 5% (2013: 7%), a discount rate of 2.5% (2013: 3%), based upon good quality 6-year 
corporate bond yields, and an average staff turnover rate of 15% (2013: 15%). 
Dilapidation provisions represent the Group’s best estimate of costs required to meet its obligations under 
property lease agreements.
 13 TRADE AND OTHER PAYABLES
 2014  2013
 £’000  £’000
Trade payables 1,187 1,402
Social security and other taxes 623 600
Accruals and deferred income 3,733 4,334
 5,543 6,336
Trade and other payables are due within one year and are not interest bearing. The contractual terms for the 
payment of trade payables are generally 45 days from receipt of invoice.
42 BrainJuicer Group PLC Annual Report and Accounts 2014
 14 COMMITMENTS 
The Group leases offices under non-cancellable operating leases for which the future aggregate minimum lease 
payments are as follows:
 2014  2013
 £’000  £’000 
No later than 1 year 375 409
Later than 1 but no later than 5 years 448 479
 823 888
Included within the amounts disclosed above, the Group has the benefit of seven months rent free for the 
first three years of a lease with an annual rental commitment of £163,000. At this and the comparative balance 
sheet date no rent free month was outstanding. The benefit of the rent free months was spread over the period 
of the lease to the first break point in 2013.
 15 EXPENSES BY NATURE
 2014  2013
 £’000  £’000 
Employee benefit expense 10,887 11,563
Depreciation and amortisation 426 465
Net foreign exchange losses 77 114
Other expenses 8,954 8,765
 20,344 20,907
Analysed as:  
Cost of sales 5,235 5,370
Administrative expenses 15,109 15,537
 20,344 20,907
 16 PROFIT BEFORE TAXATION
Profit before taxation is stated after charging:
 2014  2013
 £’000  £’000 
SERVICES PROVIDED BY THE COMPANY’S AUDITOR AND ITS ASSOCIATES  
Fees payable to the Company’s auditor for the audit of the parent company and consolidated financial statements  42 38
  
Fees payable to the Company’s auditor and its associates for other services:
- Audit-related assurance services 19 3
- Taxation compliance services  65 27
- Tax advisory services  47 9
- Other services 7 3
  
OPERATING LEASE EXPENSES:  
Land and buildings 490 465
  
DEPRECIATION AND AMORTISATION 426 465
  
NET LOSS ON FOREIGN CURRENCY TRANSLATION 77 114
  
43 BrainJuicer Group PLC Annual Report and Accounts 2014
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2014
 17 EMPLOYEE BENEFIT EXPENSE
The average number of staff employed by the Group during the financial year amounted to:
 2014  2013
 No  No 
NUMBER OF ADMINISTRATIVE STAFF 152 138
The aggregate employment costs of the above were:
 2014  2013
 £’000  £’000 
Wages and salaries 8,775 8,948
Social security costs 1,244 1,372
Pension costs – defined contribution plans 257 263
Long service leave cost 41 327
Share based remuneration 67 148
Redundancies 27 123
Medical benefits 476 382
 10,887 11,563
The directors have identified 6 (2013: 6) key management personnel, including three executive and three 
non-executive directors. 
Compensation to key management is set out below:
 2014  2013 
 £’000  £’000 
Short-term employee benefits (salaries, bonuses and benefits in kind) 649 782
Post-employment benefits (pension costs – defined contribution plans) 32 31
Share-based payment 17 55
 698 868
Details of directors’ emoluments are given in the Remuneration Report on page 19.
 
 18 FINANCE INCOME AND COSTS
 2014  2013
 £’000  £’000 
Bank interest receivable - 1
Other interest payable (15) (9)
NET FINANCE COSTS  (15) (8)
 
 19 INCOME TAX EXPENSE
 2014  2013
 £’000  £’000 
Current tax 1,298 1,298
Deferred tax 91 (177)
 1,389 1,121
44 BrainJuicer Group PLC Annual Report and Accounts 2014
 19 INCOME TAX EXPENSE continued
Income tax expense for the year differs from the standard rate of taxation as follows:
 2014  2013
 £’000  £’000 
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 4,286 3,556
Profit on ordinary activities multiplied by standard rate of tax of 21.45% (2013: 23.2%) 919 825
Difference between tax rates applied to Group’s subsidiaries 299 87
Expenses not deductible for tax purposes 74 9
Tax on intra-group management charges (Brazil and China) 161 204
Adjustment to current tax in respect of prior years (11) 2
Credit on exercise of share options taken to income statement (53) (6)
TOTAL TAX  1,389 1,121
 
 20 DEFERRED TAX
The analysis of deferred tax assets and deferred tax liabilities is as follows:
 2014  2013 
 £’000  £’000 
Deferred tax assets:  
- Deferred tax assets to be recovered after more than 12 months 445 476
- Deferred tax assets to be recovered within 12 months 409 226
 854 702
Deferred tax liabilities:  
- Deferred tax liability to be recovered within 12 months (40) (32)
DEFERRED TAX ASSET (NET): 814 670
The gross movement in deferred tax is as follows:
 2014  2013
 £’000  £’000 
AT 1 JANUARY 670 293
Foreign exchange differences 2 (6)
Income statement credit (91) 177
Tax credited directly to equity 233 206
AT 31 DECEMBER 814 670
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 
 Other  Overseas tax Share Dilapidation  Sabbatical  
 provisions losses options  provisions provision Total
 £’000 £’000  £’000  £’000  £’000  £’000 
AT 1 JANUARY 2014 8 85 476 13 120 702
Foreign exchange differences - (5) 6 - 2 3
Charged to income statement (11) (25) (45) - (3) (84)
Credited directly to equity - - 233 - - 233
AT 31 DECEMBER 2014 (3) 55 670 13 119 854
 
45 BrainJuicer Group PLC Annual Report and Accounts 2014
 20 DEFERRED TAX continued
DEFERRED TAX LIABILITIES   
  Accelerated  
  capital  
  allowances
  £’000 
AT 1 JANUARY 2014  (32)
Foreign exchange differences  (1)
Charged to income statement  (7)
AT 31 DECEMBER 2014  (40)
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 employee share options.
 21 EARNINGS PER SHARE
(A) BASIC EARNINGS PER SHARE
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.
 2014  2013
PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY (£’000) 2,897 2,435
  
Weighted average number of Ordinary Shares in issue 12,613,136 12,563,664
BASIC EARNINGS PER SHARE 23.0p 19.4p
(B) DILUTED EARNINGS PER SHARE
Diluted earnings per share is calculated by adjusting the weighted average number of shares outstanding 
assuming conversion of all dilutive share options to Ordinary Shares.
  2014  2013
PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY AND PROFIT USED TO DETERMINE  
DILUTED EARNINGS PER SHARE (£’000) 2,897 2,435
Weighted average number of Ordinary Shares in issue 12,613,136 12,563,664
Share options 978,342 426,759
Weighted average number of Ordinary Shares for diluted earnings per share 13,591,478 12,990,423
DILUTED EARNINGS PER SHARE 21.3p 18.7p
 22 DIVIDENDS PER SHARE
 2014  2013 
 £’000 £’000
Dividends paid on Ordinary Shares  
Interim, 1 pence per share (2013: 0.9 pence per share) 126 112
Special dividend, 12 pence per share (2013: 12 pence per share) 1,512 1,508
 1,638 1,620
Final dividend relating to 2013, 3 pence per share (2013: 2.25 pence per share relating to 2012) 378 283
TOTAL ORDINARY DIVIDENDS PAID IN THE YEAR 2,016 1,903
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2014
46 BrainJuicer Group PLC Annual Report and Accounts 2014
 22 DIVIDENDS PER SHARE continued
The directors are proposing a final dividend in respect of the year ended 31 December 2014 of 3.3 pence per 
share. These financial statements do not reflect this proposed dividend.
 23 RELATED PARTY TRANSACTIONS
During the year the Company’s long term incentive plan for senior executives vested. In settlement John 
Kearon received cash of £656,000 and both James Geddes and Alex Batchelor were each awarded options 
over 125,722 shares in the Company at an exercise price of £Nil per share.
 2014  2013 
 £  £
John Kearon 617,599 584,477
James Geddes 25,332 23,986
Alex Batchelor 16,296 15,431
Ken Ford 3,200 3,030
Robert Brand 4,800 4,545
Graham Blashill 800 758
 668,027 632,227
  
 24 NET CASH GENERATED FROM OPERATIONS
 2014  2013 
 £’000  £’000 
PROFIT BEFORE TAXATION 4,286 3,556
Depreciation 108 136
Amortisation 317 329
Gain on disposal of available for sale investments - (14)
Interest paid 15 8
Share-based payment expense 67 148
Decrease/(increase) in inventory 43 (187)
Decrease/(increase) in receivables 620 (1,519)
(Decrease)/increase in payables (752) 2,890
Exchange differences on operating items (32) (4)
NET CASH GENERATED FROM OPERATIONS 4,672 5,343
 
 25 SEASONALITY OF REVENUES
Group revenues tend to be higher in the second-half of the financial year than in the first six months. 
For the year ended 31 December 2014, revenues for the second half of the year represented 55% of total 
revenues compared to 56% for the year ended 31 December 2013.
 26 AUDIT EXEMPTION
BrainJuicer Limited, company number 03900547, is exempt from the requirements for the Companies Act 
2006 relating to the audit of accounts under section 479A.
47 BrainJuicer Group PLC Annual Report and Accounts 2014
Company Balance Sheet
As at 31 December 2014
   2014 2013
 Note £’000 £’000
FIXED ASSETS  
Tangible assets 3 909 1,054
Investments 4 581 581
  1,490 1,635
CURRENT ASSETS   
Stock – work in progress  1 5
Debtors 5 1,477 1,158
Cash at bank  2,784 2,047
  4,262 3,210
   
CREDITORS – AMOUNTS FALLING DUE WITHIN ONE YEAR 6 (1,070) (1,553)
NET CURRENT ASSETS  3,192 1,657
TOTAL ASSETS LESS CURRENT LIABILITIES  4,682 3,292
CAPITAL AND RESERVES   
Share capital  7 131 131
Share premium account 8 1,580 1,579
Retained earnings 8 2,971 1,582
EQUITY SHAREHOLDERS’ FUNDS  4,682 3,292
REGISTERED COMPANY NO. 05940040
These financial statements were approved by the directors on 19 March 2015 and are signed on their behalf by:
JOHN KEARON JAMES GEDDES
Director Director
48 BrainJuicer Group PLC Annual Report and Accounts 2014
Notes to the Company Financial Statements
For the Year Ended 31 December 2014
49
 1  ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The separate financial statements of the Company are presented as required by the Companies Act 2006. 
They have been prepared under the historical cost convention and in accordance with applicable United King-
dom 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.
TANGIBLE FIXED ASSETS
Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided to write-off the 
cost of all property, plant and equipment to its residual value on a straight-line basis over its useful economic 
life. Depreciation rates are as follows:
Computer hardware  2 to 3 years
Furniture, fittings and equipment  5 years
Software  2 to 7 years
Assets in the course of construction and not yet ready for use are not depreciated until completed and 
ready for use.
DEBTORS
Debtors are stated at nominal value reduced by estimated irrecoverable amounts. 
RELATED PARTY TRANSACTIONS
In accordance with Financial Reporting Standard Number 8: Related Party Disclosures, the company is exempt 
from disclosing transactions with wholly-owned entities that are part of the BrainJuicer Group as it is a parent 
company publishing consolidated financial statements.
SHARE-BASED PAYMENTS
Equity-settled, share-based payments are measured at fair value at the date of grant. Equity-settled, share-
based payments that are made available to employees of the Company’s subsidiaries are treated as increases 
in equity over the vesting period of the award, with a corresponding increase in the Company’s investments in 
subsidiaries, based on an estimate of the number of shares that will eventually vest. 
 2 PROFIT FOR THE YEAR
The Company has made full use of the exemptions as permitted by Section 408 of the Companies Act 2006 
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 2014 of £5,276,000 (2013: £1,308,000) is included in the 
Group profit for the financial year. 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 on pages  
19 to 20.
  BrainJuicer Group PLC Annual Report and Accounts 2014
Notes to the Company Financial Statements
For the Year Ended 31 December 2014
 3 TANGIBLE ASSETS
   Computer Furniture and  
   hardware  equipment Software Total
   £’000 £’000 £’000 £’000
COST    
AT 1 JANUARY 2014   497 153 1,604 2,254
Additions   244 - - 244
AT 31 DECEMBER 2014   741 153 1,604 2,498
ACCUMULATED DEPRECIATION     
AT 1 JANUARY 2014   363 150 687 1,200
Provided in the year   158 2 229 389
AT 31 DECEMBER 2014   521 152 916 1,589
NET BOOK AMOUNT    
AT 31 DECEMBER 2014   220 1 688 909
AT 31 DECEMBER 2013   134 3 917 1,054
 
 4 INVESTMENTS
   Group 
   companies
   £’000 
COST AND NET BOOK AMOUNT   
AT 1 JANUARY 2014 AND AT 31 DECEMBER 2014   581
SUBSIDIARY UNDERTAKINGS
Details of subsidiary undertakings at 31 December 2014 are as follows:
   Country of
   incorporation
BrainJuicer Limited*   UK
BrainJuicer BV   Netherlands
BrainJuicer Inc   USA
BrainJuicer Canada Inc.   Canada
BrainJuicer Sarl   Switzerland
BrainJuicer GmbH   Germany
BrainJuicer Marketing Consulting (Shanghai) Co., Ltd   China
BrainJuicer Do Brazil Servicos de Marketing LTDA   Brazil
BrainJuicer Srl   Italy
BrainJuicer France SARL   France
BrainJuicer Market Research Pte Ltd   Singapore
BrainJuicer India Private Limited   India
BrainJuicer Limited is a wholly owned direct subsidiary of BrainJuicer Group PLC. The remaining subsidiar-
ies are each wholly owned direct subsidiaries of BrainJuicer Limited. The activities of all companies are the 
provision of online market research services.
50 BrainJuicer Group PLC Annual Report and Accounts 2014
 5 DEBTORS
 2014  2013
 £’000 £’000 
Trade debtors 81 50
Amounts due from group undertakings 1,092 718
Prepayments 224 185
Other debtors 46 62
Corporation tax recoverable 24 -
Deferred tax asset 10 143
 1,477 1,158
 
 6 CREDITORS – AMOUNTS FALLING DUE WITHIN ONE YEAR
 2014  2013
 £’000 £’000
Trade creditors 193 238
Corporation tax - 52
Accruals and deferred income 877 1,263
 1,070 1,553
 7 SHARE CAPITAL
Allotted, called up and fully paid:
 Number £’000 
AT 1 JANUARY 2014 AND 1 JANUARY 2013 13,136,448 131
Exercise of share options 5,419 -
AT 31 DECEMBER 2014 13,141,867 131
  
 8 RESERVES
   Share  Share  Retained  
   capital  premium earnings Total
   £’000  £’000  £’000  £’000
AT 1 JANUARY 2014   131 1,579 1,582 3,292
  
Exercise of share options   - 1 - 1
Share-based payments   - - 67 67
Profit for the financial year   - - 5,276 5,276
Dividend paid   - - (2,016) (2,016)
Sale of treasury shares   - - 334 334
Purchase of own shares   - - (1,033) (1,033)
Settlement of long term incentives   - - (1,239) (1,239)
AT 31 DECEMBER 2014   131 1,580 2,971 4,682
 
 9 AUDIT EXEMPTION
BrainJuicer Limited, company number 03900547, is exempt from the requirements for the Companies Act 
2006 relating to the audit of accounts under section 479A.
     
51 BrainJuicer Group PLC Annual Report and Accounts 2014
INDEPENDENT AUDITOR 
GRANT THORNTON UK LLP
Chartered Accountants and 
Statutory Auditors
Grant Thorton House
202 Silbury Boulevard
Central Milton Keynes
MK9 1LW
 
REGISTRARS 
CAPITA ASSET SERVICES
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU
STOCKBROKERS 
CANACCORD GENUITY LIMITED 
88 Wood Street
London
EC2V 7QR
52
COMPANY SECRETARY  
James Geddes
REGISTERED OFFICE 
1 Cavendish Place
London
W1G 0QF
REGISTERED NUMBER 
05940040
SOLICITORS 
TAYLOR WESSING LLP
5 New Street Square
London
EC4A 3TW
Company Information BrainJuicer Group PLC
1 Cavendish Place
London
W1G 0QF, UK
info@brainjuicer.com
www.brainjuicer.com