BrainJuicer Group PLC Annual Report and Accounts 2007
 making the
bestbetter BrainJuicer Group PLC is a leading international online market 
research agency.
BrainJuicer
®
 was established in 1999 to provide quantitative online 
research using innovative, bespoke software to produce insightful 
market research for large multinational companies.
BrainJuicer
®
 has over 115 clients, including 15 of the world’s top 
100 companies, and is regarded as one of the leading innovators 
in the research industry.
BrainJuicer
®
 is focused on assisting clients throughout their 
development process by providing rich diagnostics to enable clients 
to better understand consumers. Then to identify the strongest product, 
pack and advertising ideas and how best to develop them.
IFC Corporate Statement
 01 Highlights
 02 Chairman’s Statement
 04 Chief Executive’s Statement
 06 Business and Financial Review
 10  Directors, Senior Management and Advisers
 12 Consolidated Financial Statements
 13 Directors’ Report
 14 Corporate Governance Report
 16 Remuneration Report
 18 Statement of Directors’ Responsibilities
 19 Report of the Independent Auditor
 20 Consolidated Balance Sheet
 21 Consolidated Income Statement
 22 Consolidated Cash Flow Statement
 23  Consolidated Statement of Changes in Equity
 24 Notes to Financial Statements
 38 Company Financial Statements
 39 Report of the Independent Auditor
 40 Company Balance Sheet
 41 Notes to Company Financial Statements
 43 Notice of Annual General Meeting
IBC Advisers

Using BrainJuicers we generated and tested dozens 
of ideas to find a winner. What would normally take us months 
we finished in two weeks. More juice please!

JarosLav Cir 
Global ConsuMer and Market InsIGht ManaGer
unIlever 01
BrainJuicer Group PLC
Annual Report and Accounts 2007
42%
Revenues up
127%
Post tax profits up
18%
Employee numbers up
I  Revenue increased by 42% to £6,566,000  
– 2006: £4,608,000
I  Operating profit grew by 77% to £844,000 
– 2006: £477,000 before listing costs
I  Profit after tax increased by 127% to £660,000 
– 2006: £291,000 before listing costs
I  Diluted and adjusted earnings per share 
increased by 79% to 5.0p – 2006: 2.8p
I  Cash increased by £642,000 to £1,875,000 
No borrowings
I  All offices performed well: growing 63% 
in Holland, 38% in the UK and 14% in the US
I  Working with 15 of the top 100 global companies 
– 2006: 10 of the top 100 
I  Board strengthened by the appointment 
of Ken Ford as Chairman in September 2007
I  Reputation for innovative research grew, winning 
the industry’s “Best Methodology Award” for the 
second time in three years (only agency to win 
twice in 20 years)
Highlights
 2003 2004 2005  2006   2007
    Excluding Including 
    listing listing 
    expenses expenses 
 UK UK UK IFRS IFRS IFRS 
 GAAP GAAP GAAP 
 £’000 £’000 £’000 £’000 £’000 £’000
Revenue 1,032 2,614 2,936 4,608 4,608 6,566
Operating profit/(loss) (304) 187 2 477 123 844
Profit/(loss) after tax (301) 191 (38) 291 (63) 660 02
BrainJuicer Group PLC
Annual Report and Accounts 2007
79%
Diluted adjusted earnings per share up
Chairman’s Statement
The financial year to 31 December 2007 saw 
significant progress for the Group in its ambition 
to consolidate its position as an innovative 
and credible alternative to the large incumbent 
market research agencies.
Global spend on research was approximately 
$25bn in 2007. The research market has 
been growing consistently over the last decade 
and has seen explosive growth in on‑line 
methodologies, in which BrainJuicer is a leading 
exponent. A large percentage of the total 
market spend is from around 250 multinational 
consumer goods and service companies. They 
are very large, highly professional and at times 
extremely demanding, buyers of market research. 
With the possibility of a forthcoming recession, 
it is also worth stating that their research 
spend tends to be relatively stable through 
the economic cycle. These companies 
represent the Group’s core target market.
The Board believes the Group has a compelling 
service proposition, yet it is not complacent. 
We are therefore very pleased with the larger 
foothold the Group has forged within many 
of its clients. This has led to another year 
of strong, year‑on‑year organic growth in 
turnover, and with higher profits and margins, 
another year of validating the Group’s very 
attractive business model.
BrainJuicer is an energetic and ambitious 
organisation and is also growing in maturity 
and geographic reach, with offices in the UK, 
Holland and the US. It has long term ambitions 
and is carefully putting in place the structures 
and centralised infrastructure necessary to 
become a leading global market research agency.
I joined the business in September 2007 
and find the Group’s innovative approach 
and the attractive high growth market backdrop, 
a compelling proposition for our clients and 
investors alike. The Group is well positioned with 
its experienced team, growing shareholder 
base, and top clients, to capitalise on the 
very significant potential at its disposal.
kEN fORD
cHAIRMAN
7 March 2008 03
BrainJuicer Group PLC
Annual Report and Accounts 2007

Working with BrainJuicer has been a wonderfully refreshing 
experience. They have shown they can deliver on the most 
logistically complex of projects, using their depth of research 
experience and innovative on‑line techniques to bring research 
to life and deliver against demanding research objectives.

MElaNiE WOEST
BRaND aND CONSuMER iNSigHTS MaNagER
HEiNEkEN (uk) liMiTED 04
BrainJuicer Group PLC
Annual Report and Accounts 2007
Chief Executive’s Statement
2007, our first full year as a public company, 
has gone very much to plan. The business 
has grown substantially; we have strengthened 
the team, expanded geographically, continued 
to innovate and won industry recognition.
The Group has had another year of strong 
financial performance. Turnover increased 
by 42% to £6,566,000 (2006: £4,608,000). 
Operating profit rose 77% to £844,000 
(2006: £477,000 before listing expenses), 
and profit after taxation rose 127% to £660,000 
(2006: £291,000 before listing expenses).
The Group’s primary objective, put simply, 
is to develop into a top 10 global provider of 
market research, building on the foundations 
successfully laid over the last eight years. 
Whilst we recognise that our aspirations 
are ambitious and long term, we believe 
the key requisites for success are in place.
We have developed powerful new research 
techniques which address the innovation 
challenges of multinational consumer facing 
companies (the largest buyers of research in 
the world). We focus on the difficult, strategic 
and high value early stage of our clients’ 
innovation funnel.
We have built a team of highly experienced 
researchers, operating from offices in the UK, 
Holland and the US, using our sophisticated 
technology platform. All of our research is 
conducted on‑line, and can be undertaken 
across the world. To date we have undertaken 
research in 54 countries, and 34 languages. 
Our technology enables the Group to deliver 
innovative insightful research within shorter 
time spans and at lower cost than traditional 
off‑line techniques. It also provides us with 
a profitable and scalable business model.
Over the last financial year, we have continued 
to make significant progress on all fronts.
CliENTS
We are delighted with the manner in which 
our existing client relationships have continued 
to deepen, and with the new business we are 
winning against the large incumbent agencies. 
We have delivered research to 15 of the top 
100 global companies over the 2007 financial 
year and have been working with six of them 
for at least the last three financial years. 
We have a global mandate with one of these 
companies, where we have been commissioned 
on an on‑going and global basis to test all 
their consumer insights. This mandate was 
won in 2006 and is proving as significant 
as anticipated.
BRaiNJuiCER laBS
BrainJuicer Labs, our R&D unit, consisting 
of a number of internal and external research 
professionals, has continued to develop 
innovative new research techniques. We were 
particularly pleased to win ESOMAR’s 
“Best Methodology Award” for FaceTrace
TM
, 
a technique designed to measure emotional 
engagement. ESOMAR is one of the leading 
market research bodies in the world. Having 
previously won ESOMAR’s “Best Methodology 
Award” in 2005 for our Predictive Markets 
concept screening work, we believe we are the 
only agency to have won this award twice in 
the last 20 years. These awards demonstrate 
the growing credibility of our research 
methods in the industry, and the success of 
our innovation program. FaceTrace
TM
 is now 
being used within a number of our products.
BOaRD Of DiRECTORS
At the time of the Group’s floatation on AIM 
in December 2006, the Board recognised the 
need to separate the roles of Chairman and 
Chief Executive in order to further strengthen 
its governance and comply with best practice. 
We were therefore very pleased to welcome 
Ken Ford to the Board as Non‑executive 
Chairman. Ken was formerly Chief Executive 
and then Deputy Chairman of Teather & 
Greenwood, the investment bank, and brings 
a wealth of experience in corporate finance 
and a strong understanding of shareholder 
value, strategic planning and corporate 
transactions. Our Board of Directors now 
comprises three experienced non‑executive 
Directors, and two Executive Directors: myself 
and the Chief Financial Officer. The business 
is run by our management team consisting 
of three country managers as well as our 
Chief Financial Officer and myself.
TEaM
The team is continuing to grow steadily, 
building experienced account management 
teams in each of our geographic locations and 
capable technical and corporate functions in 
the UK. I am very grateful to them all, for their 
hard work, dedication and loyalty.
JOHN kEaRON
cHIef executIve OffIceR
7 March 2008
Second ESOMAR 
Best Methodology 
Award in three years 05
BrainJuicer Group PLC
Annual Report and Accounts 2007

i was really impressed with the insight and accuracy of their 
Predictive Markets, delivered unbelievably fast against some 
very urgent timings.

SiON agaMi 
SENiOR SCiENTiST (f aBRiC & HOME CaRE) 
PROCTOR & gaMBlE 06
BrainJuicer Group PLC
Annual Report and Accounts 2007
13%
Margin per hour up
20%
Revenue per headcount up
Business and financial Review
THE BuSiNESS
BrainJuicer is a full service market research 
agency, competing with the large traditional 
providers who currently dominate the market. 
Its distinctive, yet proven research approach 
is enabled by proprietary software technology 
which enables the Group to quickly and efficiently 
deliver predictive quantitative data together with 
insightful and directive qualitative diagnostics.
The Group serves its clients through account 
management teams comprising experienced 
market research professionals located in the 
UK, Holland and the US, who are supported 
by a tightly controlled centralised corporate 
and technical infrastructure.
OBJECTivES
The Group’s three key operational objectives are:
I  to deepen its client relationships by continuing 
to exceed expectations in each and every 
project it undertakes;
I  to continue to invent new creative, added 
value on‑line research techniques; and
I  to continue to improve the sophistication of 
its technology and the quality and efficiency 
of its internal processes.
We believe this will lead to significant revenue 
growth particularly from our existing client base, 
an increase in average project size, and 
increased capacity from our operations, which 
together will result in highly profitable growth 
on an ongoing basis.
We are also looking to expand our geographic 
footprint, in a client‑led low risk manner.
PERfORMaNCE
Revenue grew in the year to 31 December 2007 
in each of our business units: UK (38%), Holland 
(63%) and US (14%), giving 42% growth overall. 
Gross margin remained steady at 74% 
(74% in 2006).
We served 115 clients, most of which are 
household names, and 15 are amongst the 
largest 100 companies in the world. Repeat 
business continues to be high. Our top twenty 
clients delivered 76% or our revenue. 87% of 
our top 20 accounts grew, 8% were new, and 
5% declined (compared to 2006).
Average headcount increased from 38 in 2006 
to 45 in 2007, with almost all of our headcount 
growth in account management. Our key 
productivity and efficiency metric, gross 
margin per hour grew by 13%, to £194 per 
hour (2006: £171 per hour). Revenue per 
headcount has also grown from £122,000 
to £146,000.
Administrative costs (excluding listing expenses) 
grew by 36% to £3,995,000 significantly below 
the growth in revenue.
Operating profit grew by 77% to £844,000 
(2006: £477,000 before listing costs), and profit 
after tax by 127% to £660,000 (2006: £291,000, 
before listing costs). Adjusted diluted earnings 
per share increased from 2.8p to 5.0p.
Our effective tax rate in FY2007 was 26% 
compared to 35% for FY2006 (before 
disallowable listing expenses). This is below 
the standard rate of 30% in the UK principally 
due to the recognition of US tax losses 
(previously unrecognised) and an effective 
tax rate of 25.5% applied to profits generated 
by our Dutch subsidiary.
The Group generated cash from operations 
of £1,173,000 (£167,000 outflow in 2006), 
invested £413,000 in software technology, 
and repaid £108,000 of financial liabilities 
(accrued preference dividends on Unilever 
Venture’s preference shares, prior to their 
conversion to ordinary shares). Cash balances 
increased by £642,000 to £1,875,000 
at the year‑end, with no borrowings.
The Group has £669,000 in non‑current 
assets, comprising £119,000 in computer 
hardware, fixtures and fittings, £328,000 in 
software technology and £222,000 in deferred 
tax assets, £202,000 of which relates to tax 
deductions available when option holders 
exercise their options. 07
BrainJuicer Group PLC
Annual Report and Accounts 2007

i read through the debrief at the weekend – it was a really 
thorough and insightful piece of work. The presentation 
on f riday was also perfectly pitched. Thanks to you and 
the team.

aNDREW gEOgHEgaN
iNSigHTS fOR iNNOva TiON MaNagER
PEPSi COla iNTERNa TiONal 08
BrainJuicer Group PLC
Annual Report and Accounts 2007
80%
Repeat business
£1.2m
Cash from operations
Business and financial Review continued
PERfORMaNCE CONTiNuED
Trade and other receivables have grown from 
£1,612,000 to £2,630,000, but debtor days have 
remained steady at 86 days (2006: 82 days). 
Trade and other payables increased from 
£944,000 in 2006 to £2,092,000. This increase 
was primarily due to an increase in deferred 
income from £80,000 to £551,000, and employee 
bonuses from £234,000 to £412,000.
This is the second year for which the Group 
has prepared its accounts under International 
Financial Reporting Standards. It is perhaps 
worth highlighting the Group’s policy with regard 
to 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.
RiSkS
The business’s principal risks are:
I  lOSS Of a SigNifiCaNT CliENT
  This is perhaps the single biggest risk that 
concerns the Board. We therefore go to 
considerable lengths to monitor our service 
quality. Client feedback is sought on a 
project‑by‑project basis from a member 
of staff not connected with the project itself. 
Over the last financial year, this independent 
feedback has consistently revealed high 
levels of client satisfaction.
I  lOSS Of kEy PERSONNEl
  Whilst the loss of a senior member of the 
team would have a negative impact on 
the business, the Board does not view 
the business as being overly dependent 
on any one individual. The fast‑paced, high 
growth environment, in which we operate, 
is demanding on our people, and we are 
therefore at risk of staff turnover. However, 
the work environment is stimulating, and 
we attempt to ensure that our remuneration 
levels encourage loyalty. We offer a 
combination of competitive basic salaries, 
attractive performance‑related bonuses, 
a comprehensive package of benefits 
(commensurate with those found in larger 
corporates), and a broad‑based employee 
stock option plan.
I  MaTERial a DvERSE EvENT l EaDiNg 
TO a SigNifiCaNT l OSS Of PROPERTy , 
SOf TWaRE, OR DaTa, OR aN aDvERSE 
lEgal ClaiM
  Whilst it is not possible to ensure that 
all eventualities are covered, we have 
endeavoured to protect the business in a 
sensible manner through a combination of:
 I  comprehensive professional 
indemnity insurance;
 I  frequent and multiple back‑ups 
and archiving of data on all servers; and
 I  sufficient focus on legal protections, 
for example, through our terms 
and conditions.
I  RECESSiON
  Like every business, we are watching 
carefully for the signs of a possible 
recession and its potential impact on the 
spending patterns of our clients. Whilst it 
is not possible to be completely insulated 
from the effects of any recession, our 
multinational consumer goods and services 
client base have previously weathered 
recessions and maintained spending better 
than most. The Group still has a very small 
share of its addressable market, so the 
potential for growth in market share 
significantly outweighs possible declines 
in the overall market. There is even an 
argument that client cost cutting pressure 
would benefit the on‑line sector of market 
research and particularly those companies 
in this sector able to offer a credible 
alternative to the large agencies.
Whilst there is no room for complacency, 
the Board views the business as having 
an enviable combination of high growth 
and relatively low risk. 
PROSPECTS
In conclusion, our business model is proving 
robust. Our client relationships, technology 
platform, innovative research products and 
experienced team, are providing the highly 
profitable growth we had anticipated. Perhaps 
more importantly, we believe the Group’s 
positioning would be difficult to replicate, 
and that our growth, therefore, is sustainable 
over the foreseeable future.
JaMES gEDDES
cHIef fINANcIAl OffIceR
7 March 2008 09
BrainJuicer Group PLC
Annual Report and Accounts 2007

My research project was run extremely well by the BrainJuicer 
team and i was delighted with the quality of the work they 
delivered. i would certainly use BrainJuicer again.

gEORgE BEviS 
DiRECTOR Of STRa TEgiC DEvEl OPMENT
RBS 10
BrainJuicer Group PLC
Annual Report and Accounts 2007
Directors, Senior Management and advisers
kEN fORD
cHAIRMAN
Ken, 58, was previously Chief Executive of 
Teather & Greenwood, the investment bank, 
becoming Deputy Chairman and Chairman 
of Corporate Finance in 2004, and brings 
36 years’ City experience to the Company, 
including a strong understanding of shareholder 
value, strategic planning and corporate 
transactions. Ken was Chairman of the 
UK Society of Investment Analysts between 
1985–1987, Chairman of the Quoted Company’s 
Alliance (“QCA”) in 2003–2004 and is a former 
member of the EU Advisory Committee to 
the Corporation of London. Ken’s previous 
directorships include Aberdeen Asset 
Management, Morgan Grenfell and 
Wedd Durlacher.
JOHN kEaRON
cHIef executIve OffIceR 
John, 42, is responsible for overall strategic 
direction and commercial development 
of the Group. John’s role in establishing and 
developing the BrainJuicer business made him 
Ernst & Young’s “Emerging Entrepreneur of 
the Year” in 2006. Prior to founding BrainJuicer, 
John founded innovation agency, Brand 
Genetics Limited, which invented new products 
and services for FT500 companies. Before this 
John had been Planning Director of one of the 
UK’s leading advertising agencies. John started 
his career over 20 years ago as a graduate 
of Unilever’s management programme, rising 
to be a senior marketer at Elida Gibbs before 
moving into advertising.
SiMON gODfREy
NON‑executIve DIRectOR
Simon, 58, has over 30 years’ experience in the 
quantitative research industry. Simon was 
a Director of Research Bureau Limited (now 
Research International UK Limited) until 1985 
when he founded Simon Godfrey Associates 
(“SGA”). SGA was one of the largest UK 
research suppliers when acquired by WPP Plc 
in 1998. Simon has been a Non‑executive 
Director of BrainJuicer since the Unilever UK 
Holdings’ investment in January 2003.
JaMES gEDDES
cHIef fINANce OffIceR
James, 45, is responsible for the finance and 
administrative functions within the Group. 
James is a Chartered Accountant, holds a 
Diploma in Corporate Treasury Management 
and is a graduate of Harvard Business School’s 
executive programme. He has over 20 years 
of financial management experience and was 
previously Assistant Treasurer of Fosters 
Brewing Group Limited, Executive Director, 
International Corporate Finance at MediaOne 
Group and CFO of IoBox Oy (backed 
by Morgan Stanley Capital and sold to 
Telefonica). James has been BrainJuicer’s 
CFO since the Unilever UK Holdings’ 
investment in January 2003.
MaRk MuTH
NON‑executIve DIRectOR
Mark, 54, is one of the three Directors 
of Unilever Ventures and negotiated Unilever 
UK Holdings’ investment in BrainJuicer 
in January 2003. He has over 20 years of 
experience in banking and venture capital. 
Unilever Ventures leads and manages 
investments in start‑up and early stage 
companies, drawing on the Unilever group 
of companies’ expertise in food, home and 
personal care consumer products to 
bring value to its portfolio companies.  11
BrainJuicer Group PLC
Annual Report and Accounts 2007
JiM RiMMER
uNIteD KINgDOM MANAgINg DIRectOR
Jim joined BrainJuicer during 2006 as UK 
Managing Director and is a member of the 
international management team. He was 
previously General Manager of SGA Research 
International Limited and Head of Virtual Expert 
Community on Concept Testing and Volume 
Estimates. Jim is a highly experienced researcher 
with over 20 years’ experience in Consumer 
Insights, specialising in the packaged 
goods sector.
EvERT BOS
NetHeRl ANDS MANAgINg DIRectOR
Evert has been with BrainJuicer since 
the end of 2004 as Netherlands Managing 
Director. Evert has twelve years’ marketing and 
research experience with the Unilever Group 
of companies in the Netherlands. He managed 
the Dutch integration of Bestfood’s Knorr and 
Conimex brands and was Head of Market 
Research at Bestfood before joining BrainJuicer.
aRi POPPER 
NORtH AMeRIcA PReSIDeNt Ari joined BrainJuicer in January 2007 and 
now leads our North American Team. Ari was 
previously a Vice President at Millward Brown 
and Senior Manager of its Los Angeles Office. 
Ari’s areas of specialism include consumer 
segmentation, early creative development, 
brand strategy and marketing 
communication effectiveness.
COMPaNy SECRETaRy
JAMeS geDDeS
REgiSTERED OffiCE
13–14 Margaret Street 
London W1W 8RN
REgiSTERED NuMBER
5940040
SOliCiTORS
BARl Ow lyDe & gIlBeR t llP
7th Floor 
Beaufort House 
15 St. Botolph Street 
London EC3A 7NJ
iNDEPENDENT auDiTOR
gRANt tHORNtON uK llP
Chartered Accountants  
and Registered Auditors 
Byron House 
Cambridge Business Park 
Cowley Road 
Cambridge CB4 0WZ
NOMiNaTED aDviSER aND STOCkBROkER
Landsbanki Securities (UK) Limited 
Beaufort House 
15 St Botolph Street 
London EC3A 7QR
REgiSTRaRS
cAPIt A RegIStRARS
34 Beckenham Road 
Beckenham 
Kent BR3 4TU 12
BrainJuicer Group PLC
Annual Report and Accounts 2007
Consolidated Financial Statements
 13 Directors’ Report
 14 Corporate Governance Report
 16 Remuneration Report
 18 Statement of Directors’ Responsibilities
 19 Report of the Independent Auditor
 20 Consolidated Balance Sheet
 21 Consolidated Income Statement
 22 Consolidated Cash Flow Statement
 23  Consolidated Statement of Changes in Equity
 24 Notes to Company Financial Statements 13
BrainJuicer Group PLC
Annual Report and Accounts 2007
Directors’ Report
The Directors present the Annual Report and audited financial statements of BrainJuicer Group PLC for the year ended 31 December 2007.
PRinCiPal aCtivitieS anD buSineSS Review
We are a full service quantitative market research agency.
The Group made a profit after tax of £660,000 for the year ended 31 December 2007 (2006: loss of £63,000). The Directors do not recommend 
the payment of a dividend. 
A further review of the business and likely future developments of the Group is given in the Chief Executive’s Statement on page 4 in the Business 
and Financial Review on pages 6 to 8.
the DiReCtoRS anD theiR inteReStS
The present membership of the Board is set out below. All Directors served throughout the year apart from Ken Ford who was appointed 
as Chairman on 1 September 2007.
Ken Ford 
John Kearon 
James Geddes 
Simon Godfrey 
Mark Muth
Directors’ interests in the Ordinary Shares of the Company and in share options are disclosed in the Remuneration Report on page 17.
PaymentS to SuPPlieRS
The Group aims to settle invoices within agreed payment terms, provided the relevant services or goods have been received in accordance with 
the agreed terms and conditions. At 31 December 2007, trade payables represent 37 days of average purchases of the Group (2006: 32 days). 
SubStantial ShaReholDingS
Details of the changes in the share capital of the Company during the year are given in note 10 to the financial statements. As at 29 February 2008, 
the Company was aware of the following interests in 3% or more of the Ordinary issued share capital of the Company.
 At 
 29 February 2008
Substantial shareholdings        Number %
John Kearon        5,660,187 44.9
Unilever UK Holdings        4,883,643 38.7
Chase Nominees Limited        431,507 3.4
emPloyment PoliCieS
The Group is committed to following the applicable employment laws in each territory in which it operates. The Group is committed to fair employment 
practices, including the prohibition of all forms of discrimination and giving equal access and fair treatment to all employees on the basis of merit. 
Wherever possible we provide the same opportunities for disabled people as for others. If employees become disabled we would make every 
effort to keep them in our employment, with appropriate training where necessary.
health anD SaFety PoliCieS
The Group is committed to conducting its business in a manner which ensures high standards of health and safety for its employees, visitors 
and the general public. It complies with all applicable statutory and regulatory requirements.
auDitoR
A resolution to re‑appoint Grant Thornton UK LLP as auditor for the ensuing year will be proposed at the Annual General Meeting in accordance 
with Section 385 of the Companies Act 1985.
By order of the Board
JameS geDDeS
Chief finanCial OffiCer
7 MARCH 2008 14
BrainJuicer Group PLC
Annual Report and Accounts 2007
intRoDuCtion
The Board of BrainJuicer Group PLC is committed to high standards of corporate governance, which it considers a prerequisite to support the 
growth and ambitions of the Group. Whilst it is not a requirement for companies listed on the Alternative Investment Market (“AIM”) to comply with 
all the provisions in the Combined Code, the Board takes the Code seriously. The Group also places particular importance on the guidelines issued 
by the Quoted Companies Alliance for AIM Companies. 
There are areas where the Group is not in compliance with the Combined Code but the Directors believe that full compliance is not practicable for 
a company of BrainJuicer’s size and at its stage of development. This report sets out the procedures and systems currently in place at BrainJuicer 
and explains why the Board considers them effective. The Board has committed to reviewing compliance with the Code regularly.
the boaRD
The Board comprises two Executive Directors and three Non‑executive Directors. Their biographical details are presented on page 10.
The Board meets formally on a monthly basis and each of the Directors attended all twelve meetings during the year, apart from Ken Ford who 
attended all meetings subsequent to his appointment as Non‑executive Chairman on 1 September 2007. The Board discharges its responsibilities 
through both monthly management team meetings which are attended by the Executive Directors and the three country managers and regular 
informal meetings as would be expected in a Group of BrainJuicer’s size.
Ken Ford is Chairman of the Group and John Kearon its Chief Executive Officer. John is also the founder of BrainJuicer and a significant 
shareholder. His role centres on formulating the Group’s strategy and driving its commercial development. The Board’s three Non‑executive 
Directors act as a sounding Board and challenge the Executive Directors both at monthly Board meetings and on a regular and informal basis. 
Matters referred to the Board are considered by the Board as a whole and no one individual has unrestricted powers of decision. There are 
procedures and controls, including a schedule of matters that require the Board’s specific approval. This schedule includes:
I approval of the Group’s strategy, long term objectives and business plan;
I approval of the extension of the Group’s activities into new territories;
I approval of significant capital expenditure beyond that budgeted;
I changes relating to the Group’s capital structure, including debt raising, reduction of capital, share issues and buy backs;
I ensuring that the Group has effective reporting and internal control systems and an adequate risk assessment procedure;
I nominations for Board and Committee appointments; and
I consideration of key senior management appointments.
Where Directors have concerns which cannot be resolved in connection with the running of the Group or a proposed action, their concerns would 
be recorded in the Board minutes. This course of action has not been required to date.
The Directors can obtain independent professional advice at the Company’s own expense in performance of their duties as Directors.
The Company indemnifies Directors for claims made against them in relation to their duties, with the exception of any losses incurred as a result 
of their willful negligence.
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, John Kearon is scheduled to retire by rotation and has confirmed his willingness to be put 
forward for re‑election at the Annual General Meeting to be held on 21 May 2008.
non‑exeCutive DiReCtoRS
The Non‑executive Directors are considered by the Board to be independent of management. The guidance in the Combined Code indicates that 
the Non‑executive Directors’ independence might be impaired as Mark Muth represents a significant shareholder, Unilever Holdings Limited, and 
Simon Godfrey was formerly a part‑time employee and participates in the Group’s share option scheme. However, the Board consider both Mark 
and Simon to be independently minded. Moreover, neither Mark nor Simon have a material economic interest in BrainJuicer given each of their 
net wealth.
The terms and conditions of the Non‑executive Directors’ appointments are available for inspection at the Company’s registered office.
RemuneRation Committee
The membership and a summary of the terms of reference of the Remuneration Committee can be found on page 16.
Corporate governance Report 15
BrainJuicer Group PLC
Annual Report and Accounts 2007
auDit Committee
The Audit Committee, comprising Mark Muth (Chairman), Simon Godfrey and Ken Ford, the three Non‑executive Directors, was established 
on 17 November 2006.
The Board considers that Mark Muth has recent and relevant financial experience. He has built a career in banking and venture capitalism 
and is a member of the Board of several small, entrepreneurial companies. If required, the Committee is entitled to request independent advice 
at the Company’s expense in order for it to effectively discharge its responsibilities.
The Committee’s main role and responsibilities are to:
I monitor the integrity of the financial statements of the Group;
I review the Group’s internal financial controls and risk management systems;
I  make recommendations to the Board, for it to put to the shareholders for their approval in relation to the appointment of the external auditor 
and to approve the remuneration and terms of reference of the external auditor;
I discussion of the nature, extent and timing of the external auditor’s procedures and discussion of external auditor’s findings;
I review and monitor the external auditor’s independence and objectivity and the effectiveness of the audit process;
I develop and implement policy on the engagement of the external auditor to supply non‑audit services;
I report to the Board, identifying any matters in respect of which it considers that action or improvement is required; and
I  ensure a formal channel is available for employees and other stakeholders to express any complaints in respect of financial accounting 
and reporting.
The Committee is scheduled to meet twice in each financial year and at other times if necessary.
The Group does not currently have an internal audit function, which the Board considers appropriate for a Group of BrainJuicer’s size. The Audit 
Committee will review risk assessments and the need for an internal audit function on a periodic basis.
inteRnal ContRol PRoCeDuReS
The Board is responsible for the Group’s system of internal controls and risk management and for reviewing the effectiveness of these systems. 
These systems are designed to manage, rather than eliminate, the risk of failure to achieve business objectives and to provide reasonable, 
but not absolute assurance against material misstatement or loss.
The key features of the Group’s internal controls are described below:
I a clearly defined organisational structure with appropriate delegation of authority;
I  the approval by the Board of a one year budget, including monthly income statements, balance sheets and cash flow statements. The budget 
is prepared in conjunction with Country Managers and Client Directors to ensure targets are feasible;
I  the business plan is updated on a periodic basis to take into account the most recent forecasts. On a monthly basis, actual results 
are compared to the budget and to the latest forecast and presented to the Board on a timely basis;
I regular reviews by the Board and by the Senior Management team of key performance indicators;
I  a limited number of Directors and Senior Executives are able to sign cheques and authorise payments. Payments are not permitted without 
an approved invoice;
I reconciliations of key balance sheet accounts are performed and independently reviewed by the finance team; and
I a disaster recovery plan and back‑up system is documented and in place.
The Board in conjunction with the Audit Committee keeps under review the Group’s internal control system on a periodic basis. The Board acknowledges 
that there is room to improve procedures and intends to ensure risk assessment procedures and responses are continuously improved.
CommuniCationS with ShaReholDeRS
The Board recognises the importance of regular and effective communication with shareholders. The primary forms of communication are:
I the annual and interim statutory financial reports and associated investor and analyst presentations and reports;
I announcements relating to trading or business updates released to the London Stock Exchange; and
I  the Annual General Meeting provides shareholders with an opportunity to meet the Board of Directors and to ask questions relating 
to the business.
going ConCeRn
After making enquiries, at the time of approving the financial statements the Directors have a reasonable expectation that the Company and 
the Group have adequate resources to continue in operational existence for the foreseeable future. For this reason, the Directors continue to adopt 
the going concern basis in preparing the financial statements. 16
BrainJuicer Group PLC
Annual Report and Accounts 2007
RemuneRation Committee
The Group has established a Remuneration Committee, comprising the three Non‑executive Directors, Ken Ford, Simon Godfrey and Mark Muth.
The Committee’s main role and responsibilities are as follows:
I  to review, and determine on behalf of the Board, the specific remuneration and incentive packages for each of the Company’s Executive Directors;
I to review, and approve on behalf of the Board, the remuneration and benefits of senior management;
I  to review, and make recommendations to the Board in respect of, the design of remuneration structures and levels of pay and other incentives 
for employees of the Group, including share option awards and any adjustments to the terms of share ownership and share option schemes; and
I to be responsible for reporting to the Group’s shareholders in relation to remuneration policies applicable to the Group’s Executive Directors.
The Committee may invite the Chief Executive Officer and Chief Finance Officer to attend meetings of the Remuneration Committee. 
The Chief Executive Officer is consulted on proposals relating to the remuneration of the Chief Finance Officer and of other Senior Executives 
of the Group. The Chief Executive Officer is not involved in setting his own remuneration.
The Committee may use remuneration consultants to advise it in setting remuneration structures and policies. The Committee is exclusively 
responsible for appointing such consultants and for setting their terms of reference.
The Committee’s terms of reference are reviewed and approved by the Board. These are available for inspection at the Group’s registered office.
RemuneRation PoliCy
The Group’s policy on remuneration is to provide a package of benefits, including salary, performance‑related bonuses and share options, which 
reward success and individual contributions to the Group’s overall performance appropriately, while avoiding paying more than is necessary for this 
purpose. The Group’s Articles of Association do not permit Directors’ Remuneration to exceed £750,000 per annum in aggregate. In addition, the 
Remuneration Committee takes into account remuneration packages of comparable companies when making recommendations to the Board.
Performance‑related elements of remuneration are designed to align the interests of Executive Directors with those of shareholders and accordingly 
are set as a significant proportion of total remuneration.
StoCk oPtionS
The Group considers that active participation in a share option plan is an effective means of incentivising and retaining high quality people. 
Directors and employees are eligible to participate in the scheme. Further details of the option plan and outstanding options as at 31 December 2007 
are given in note 10 to the financial statements.
SeRviCe agReementS
The Executive Directors entered into service agreements with BrainJuicer Limited, a wholly owned subsidiary of the Company on 22 January 2003. 
The agreements include restrictive covenants which apply during employment and for a period of twelve months after termination. 
John’s agreement can be terminated on six month’s notice in writing by either the Company or by John. James’ agreement can be terminated 
on twelve months notice in writing by the Company and six months’ notice by James.
non‑exeCutive DiReCtoRS
Mark Muth and Simon Godfrey were appointed Non‑executive Directors on 5 October 2006 and entered into letters of appointment with 
the Company on 30 November 2006. Ken Ford was appointed Non‑executive Chairman on 1 September 2007 and entered into a letter of 
appointment with the Company on 3 March 2008. The remuneration of the Non‑executive Directors is determined by the Executive Directors.
Mark, Simon and Ken’s appointments can be terminated on six months’ notice in writing by either the Company or by the Non‑executive Director. 
However, the Company has entered into an agreement not to exercise its right to terminate Mark’s appointment while for so long as Unilever UK Holdings 
remains the registered holder of not less than 10% of the issued share capital of the Company.
Remuneration Report 17
BrainJuicer Group PLC
Annual Report and Accounts 2007
DiReCtoRS’ emolumentS
Remuneration in respect of the Directors was as follows:
         2007  2006 
         £  £
Aggregate emoluments         362,300 305,060
Emoluments of highest paid Director:
         2007  2006 
         £  £
Aggregate emoluments        173,244 145,292
DiReCtoRS’ inteReStS 
Directors’ interests in Ordinary Shares of 1 pence each as at 31 December 2007 are shown below:
 Number of 1 pence  
 Ordinary Shares
         31 December 1 January 
         2007  2007
John Kearon        5,660,187 5,660,187
James Geddes        144,515 144,515
Ken Ford        10,000 —
The following Directors held share options over 1 pence Ordinary Shares in the Company as at 31 December 2007:
       Number at   Number at 
   Date Earliest  Exercise 1 January Granted Exercised 31 December 
   of grant exercise date Expiry date price pence 2007 in year in year 2007
John Kearon       
   19/01/2007 01/01/2008 18/01/2017 162.5 — 60,213 — 60,213
James Geddes       
   15/09/2003 01/01/2004 14/01/2013 11.4 228,810 — — 228,810
   19/01/2007 01/01/2008 18/01/2017 162.5 — 60,213 — 60,213
       228,810 60,213 — 289,023
Simon Godfrey       
   21/01/2003 01/01/2004 20/01/2013 11.4 84,298 — — 84,298
No Director exercised rights to share options during the year.
An option will normally vest as to one‑third on 1 January following the date of grant and a further third on the next 1 January and the remaining third 
on the following 1 January so that the option will be fully vested from the second anniversary of 1 January following the date of grant. It is then exercisable 
until the tenth anniversary of the date of grant. The exercise price at grant date is equal to the Company’s share price at the date of grant.
Each Director has agreed, subject to certain restrictions, not to dispose of his shares for twelve months from the date of admission of the Company’s 
shares on AIM (5 December 2006), and for an additional six months without the consent of the Company’s broker (Landsbanki Securities (UK) Limited – 
formerly Teather & Greenwood); such consent can only be withheld on orderly market grounds.
Simon goDFRey
Chairman Of the remuneratiOn COmmittee
7 MARCH 2008 18
BrainJuicer Group PLC
Annual Report and Accounts 2007
The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have prepared the Group 
financial statements in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union and have chosen 
to prepare the parent company financial statements in accordance with United Kingdom Accounting Standards (United Kingdom Generally 
Accepted Accounting Practice). The financial statements are required by law to give a true and fair view of the state of affairs of the Company 
and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the Directors are required to:
I select suitable accounting policies and then apply them consistently;
I make judgments and estimates that are reasonable and prudent;
I  state that the Group financial statements comply with IFRS as adopted by the European Union and that the parent company financial 
statements have been prepared in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting 
Practice); and
I  prepare the Group financial statements and those of the parent company on the going concern basis unless it is inappropriate to presume 
that the Group and parent company will continue in business.
The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the 
Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 1985. They are also responsible 
for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and 
other irregularities.
In so far as the Directors are aware:
I there is no relevant audit information of which the Company’s auditor is unaware; and
I  the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish 
that the auditors are aware of that information.
The Directors’ are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. 
Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
JameS geDDeS
COmpany SeCretary and Chief finanCial OffiCer
7 MARCH 2008
Statement of Directors’ Responsibilities 19
BrainJuicer Group PLC
Annual Report and Accounts 2007
Report of the independent auditor
to the members of brainJuicer group PlC
We have audited the Group financial statements (the ‘’financial statements’’) of BrainJuicer Group PLC for the year ended 31 December 2007 
which include the principal accounting policies, the consolidated income statement, the consolidated balance sheet, the consolidated cash flow 
statement, the consolidated statement of changes in equity and notes 1 to 23. These financial statements have been prepared under the 
accounting policies set out therein.
We have reported separately on the parent company financial statements of BrainJuicer Group PLC for the year ended 31 December 2007.
This report is made solely to the Company’s members, as a body, in accordance with Section 235 of the Companies Act 1985. Our audit work 
has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and 
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the 
Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
ReSPeCtive ReSPonSibilitieS oF DiReCtoRS anD auDitoRS
The Directors’ Responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and International 
Financial Reporting Standards (“IFRS”) as adopted for use in the European Union are set out in the Statement of Directors’ Responsibilities.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards 
on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a true and fair view and whether the financial statements have been properly 
prepared in accordance with the Companies Act 1985. We also report to you whether in our opinion the information given in the Directors’ Report 
is consistent with the financial statements. The information given in the Directors’ Report includes that specific information presented in the Business 
and Financial Review section of the Directors’ Report.
In addition we report to you if, in our opinion, the Company has not kept proper accounting records, if we have not received all the information and 
explanations we require for our audit, or if information specified by law regarding Directors’ Remuneration and other transactions is not disclosed. 
We read other information contained in the Annual Report and consider whether it is consistent with the audited financial statements. The other 
information comprises only the Financial Highlights, the Chairman’s Statement, the Chief Executive’s Statement, the Business and Financial 
Review, the Directors’ Report, the Corporate Governance Report and the Directors’ Remuneration Report. We consider the implications for our 
report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Our responsibilities do not 
extend to any other information.
baSiS oF auDit oPinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. 
An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes 
an assessment of the significant estimates and judgments made by the Directors in the preparation of the financial statements, and of whether 
the accounting policies are appropriate to the Group’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide 
us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud 
or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
oPinion
In our opinion:
I  the Group financial statements give a true and fair view, in accordance with IFRS as adopted by the European Union, of the state of the Group’s 
affairs as at 31 December 2007 and of its profit for the year then ended;
I  the financial statements have been properly prepared in accordance with the Companies Act 1985; and
I the information given in the Directors’ Report is consistent with the financial statements.
gRant thoRnton uk llP
regiStered a uditOr
Chartered aCCOuntantS
Cambridge
7 MARCH 2008 20
BrainJuicer Group PLC
Annual Report and Accounts 2007
         2007 2006 
        Note £’000 £’000
ASSETS
Non‑current assets
Property, plant and equipment       5 119 78
Intangible assets       6 328 —
Deferred tax asset       20 222 213
         669 291
Current assets
Inventories       8 16 45
Trade and other receivables       9 2,630 1,612
Cash and cash equivalents        1,875 1,233
         4,521 2,890
Total assets        5,190 3,181
EQUITY
Capital and reserves attributable to equity holders of the Company
Share capital        10 126 126
Share premium account        1,408 1,390
Merger reserve        477 477
Foreign currency translation reserve        51 (5)
Other reserve        278 255
Retained earnings        412 (277)
Total equity        2,752 1,966
LIABILITIES   
Current liabilities   
Trade and other payables       11 2,092 944
Current income tax liabilities        346 163
Financial liabilities       12 — 108
Total liabilities        2,438 1,215
Total equity and liabilities        5,190 3,181
These financial statements were approved by the Directors on 7 March 2008 and are signed on their behalf by:
John keaRon  JameS geDDeS
direCtOr   direCtOr
The notes on pages 24 to 37 form an integral part of these financial statements.
Consolidated balance Sheet
as at 31 December 2007 21
BrainJuicer Group PLC
Annual Report and Accounts 2007
Consolidated income Statement
For the year ended 31 December 2007
         2007 2006 
        Note £’000 £’000
Revenue       4 6,566 4,608
Cost of sales        (1,727) (1,189)
Gross profit        4,839 3,419
Administrative expenses        (3,995) (2,942)
Listing expenses        — (354)
Operating profit       4 844 123
Investment income       17 49 3
Finance costs       18 — (32)
Profit before taxation        893 94
Income tax expense       19 (233) (157)
Profit/(loss) for the financial year        660 (63)
Attributable to equity holders of the Company       660 (63)
Earnings per share for profit attributable to the equity holders of the Company
Basic earnings/(loss) per share       21 5.2p (0.9)p
Diluted earnings/(loss) per share       21 5.0p (0.9)p
All of the activities of the Group are classed as continuing.
The notes on pages 24 to 37 form an integral part of these financial statements. 22
BrainJuicer Group PLC
Annual Report and Accounts 2007
         2007 2006 
        Note £’000 £’000
Net generated from/(used by) operations        23 1,173 (167)
Interest paid        — (1)
Tax paid        (77) —
Net generated from/(used by) operating activities       1,096 (168)
Cash flows from investing activities
Purchases of property, plant and equipment        (83) (92)
Purchase of intangible assets        (330) —
Interest received        49 3
Net cash used by investing activities        (364) (89)
Cash flows from financing activities
Proceeds from initial public offering net of share issue expenses      — 1,399
Proceeds from other issuance of Ordinary Shares       18 27
Repayment of financial liabilities        (108) —
Net cash (used by)/generated from financing activities      (90) 1,426
Net increase in cash and cash equivalents        642 1,169
Cash and cash equivalents at beginning of year       1,233 64
Cash and cash equivalents at end of year        1,875 1,233
The notes on pages 24 to 37 form an integral part of these financial statements.
Consolidated Cash Flow Statement
For the year ended 31 December 2007 23
BrainJuicer Group PLC
Annual Report and Accounts 2007
Consolidated Statement of Changes in equity
For the year ended 31 December 2007
       Foreign    
     Share  currency    
    Share premium Merger translation Other Retained  
    capital account reserve reserve reserve earnings Total 
    £’000 £’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2006   111 — 445 1 26 (214) 369
Exchange differences on consolidation   — — — (6) — — (6)
Loss for the financial year   — — — — — (63) (63)
Total income/(expenses) recognised for 2006   — — — (6) — (63) (69)
Shares issued prior to Group reconstruction    — — 21 — — — 21
Transfer of liability element of preferred shares to equity  — — 11 — — — 11
Shares issued on IPO    14 1,486 — — — — 1,500
Share issue costs deducted from equity   — (101) — — — — (101)
Share options exercised subsequent to Group reconstruction 1 5 — — — — 6
Share‑based payment charge   — — — — 22 — 22
Deferred tax credited to equity   — — — — 207 — 207
    15 1,390 32 — 229 — 1,666
At 31 December 2006   126 1,390 477 (5) 255 (277) 1,966
Exchange differences on consolidation   — — — 56 — — 56
Profit for the financial year   — — — — — 660 660
Total income recognised for 2007   — — — 56 — 660 716
Exercise of share options   — 18 — — (6) 6 18
Unwinding of deferred tax on exercise of share options  — — — — 2 23 25
Share‑based payment charge   — — — — 54 — 54
Deferred tax debited to equity   — — — — (27) — (27)
    — 18 — — 23 29 70
At 31 December 2007   126 1,408 477 51 278 412 2,752
The notes on pages 24 to 37 form an integral part of these financial statements. 24
BrainJuicer Group PLC
Annual Report and Accounts 2007
1 geneRal inFoRmation
BrainJuicer Group PLC (“the Company”) was incorporated on 19 September 2006 in the United Kingdom. The Company is United Kingdom 
resident. The address of the registered office of the Company, which is also its principal place of business, is given on page 11. The Company’s 
shares are listed on the Alternative Investment Market of the London Stock Exchange (“AIM”). 
The Company and its subsidiaries (together “the Group”) provide on‑line market research services. Further detail of the Group’s operations 
and its principal activity is set out in the Directors’ Report on page 13.
The financial statements for the year ended 31 December 2007 (including the comparatives for the year ended 31 December 2006) were approved 
by the Board of Directors on 7 March 2008.
2 baSiS oF PReP aRation
The Group has prepared its Annual Report in accordance with International Financial Reporting Standards (“IFRS”) as adopted in the European Union 
and as applied in accordance with the provisions of the Companies Act 1985.
The consolidated financial statements have been prepared under the historical cost convention.
The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management 
to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a high degree of judgement or complexity, 
or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 3.
These financial statements are presented in pounds Sterling (“GBP”) because that is the currency of the primary economic environment in which 
the Group operates. Foreign operations are included in accordance with the policies set out in note 3.
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.
interpretatiOn early adOpted by the grOup
IFRIC 11, ‘IFRS 2 – Group and treasury share transactions’, was early adopted in 2007. IFRIC 11 provides guidance on whether share‑based 
transactions involving treasury shares or involving Group entities (for example, options over a parent’s shares) should be accounted for as equity 
settled or cash settled share‑based payment transactions in the stand‑alone accounts of the parent and Group companies. This interpretation 
does not have any impact on the Group’s financial statements.
StandardS, amendmentS and interpretatiOnS in iSSue but nOt yet effeCtive
The following standards, amendments and interpretations to existing standards have been published and are mandatory for the Group’s 
accounting periods beginning on or after 1 January 2008 or later periods, but the Group has not adopted them early:
iaS 1, (r evised 2007) “presentation of financial Statements” (effective from 1 January 2009)
The revised standard will result in changes to the presentation of the Group’s financial statements as the format currently adopted for the Statement of 
Changes in Equity will no longer be permitted. Instead, the Group will present a Statement of Comprehensive Income combining the existing Income 
Statement with other income and expenses currently presented as part of the Statement of Changes in Equity. In addition, the Group will present 
a separate Statement of Changes in Equity showing owner changes in equity.
iaS 23, (amendment), “borrowing costs” (effective from 1 January 2009)
The amendment to this standard is still subject to endorsement by the European Union. It requires an entity to capitalise borrowing costs directly 
attributable to the acquisition, construction or production of a qualifying asset (one that takes a substantial period of time to get ready for use or sale) 
as part of the cost of that asset. The option of immediately expensing those borrowing costs will be removed. The Group will apply IAS 23 
(Amended) from 1 January 2009, subject to endorsement by the European Union but is currently not applicable to the Group as there are no 
qualifying assets.
ifrS 3, (r evised 2008) “business Combinations” (effective from 1 July 2009)
The revised standard will apply to any future business combinations that the Group may undertake once it is in force. The Group has no plans to 
adopt the revised standard in advance of its mandatory implementation date and it is not possible to quantify the effect of the standard on future 
business combinations until and unless those combinations take place.
ifrS 8, “Operating segments” (effective from 1 January 2009)
IFRS 8 replaces IAS 14 and requires segment information to be presented on the same basis as that used for internal reporting purposes. 
The adoption of this standard is unlikely to have a significant impact upon the accounts as the internal reporting provided to the chief operating 
decision‑maker is consistent with that presented in these accounts.
ifriC 12, “Service concession arrangements” (effective from 1 January 2008)
This interpretation is not relevant to the Group’s operations as the Group does not provide public sector services.
ifriC 13, “Customer loyalty programmes” (effective from 1 July 2008)
This interpretation is not relevant to the Group’s operations as the Group does not operate customer loyalty incentive programmes.
IFRIC 14, “IAS 19 – The limit on a defined benefit asset, minimum funding requirements and their interaction” (effective from 1 January 2008)
The Group has no defined benefit pension arrangements and so this standard is not relevant to the preparation of the Group’s accounts.
notes to Financial Statements
For the year ended 31 December 2007 25
BrainJuicer Group PLC
Annual Report and Accounts 2007
3 PRinCiPal aCCounting PoliCieS ContinueD
baSiS Of COnSOlidatiOn
The consolidated financial statements incorporate the financial statements of the Company and all entities controlled by it after inter‑company 
transactions, balances and unrealised gains on transactions between Group companies have been eliminated. Control is achieved where the 
Group has the power to govern the financial and operating policies of a Group undertaking so as to obtain economic benefits from its activities. 
Undertakings’ results are adjusted, where appropriate, to conform to Group accounting policies.
prOperty , plant and equipment
Property, plant and equipment is 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:
Leasehold improvements   five years or over the period of the lease, if shorter
Furniture, fittings and equipment  five years
Computer hardware   two to three years
intangible aSSetS
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses.
Acquired computer software licenses are capitalised at the cost of acquisition. These costs are amortised on a straight‑line basis over their 
estimated useful economic life of four years.
Costs incurred in the development of identifiable and unique software products controlled by the Group, and that will probably generate economic 
benefits exceeding costs beyond one year, are recognised as intangible assets. Costs include professional fees and incremental employee costs 
required to bring the software into working condition. Non‑incremental costs are expensed under the relevant income statement heading.
Furthermore, internally‑generated software is recognised as an intangible asset if and only if the Group can demonstrate 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. Among other things, the Group can demonstrate the existence 
of a market for the output of the intangible asset or the intangible asset itself or, if it is to be used internally, the usefulness of the intangible asset;
(e) the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and
(f)  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 recognised as an expense in the period in which it is incurred.
Once completed and available for use in the business, internally developed software is amortised on a straight‑line basis over its useful economic 
life of four years.
CaSh and CaSh equivalentS
Cash and cash equivalents comprise cash in hand and bank deposits available on demand.
inventOrieS – wOrk in prOgreSS
Work in progress comprises directly attributable costs on incomplete market research projects and is held in the balance sheet at the lower of cost 
and net realisable value.
inCOme taxeS
Current income tax liabilities comprise those obligations to fiscal authorities relating to the current or prior reporting period, that are unpaid at 
the balance sheet date. They are calculated according to the tax rates and tax laws applicable to the fiscal periods to which they relate, based on 
the taxable profit for the year. All changes to current tax assets or liabilities are recognised as a component of tax expense in the income statement, 
except where they relate to items charged or credited directly to equity.
Deferred income taxes are calculated using the liability method on temporary differences. This involves the comparison of the carrying amounts 
of assets and liabilities in the consolidated financial statements with their respective tax bases. In addition, tax losses available to be carried forward 
as well as other income tax credits to the Group are assessed for recognition as deferred tax assets.
Deferred tax liabilities are always provided for in full. Deferred tax assets are recognised to the extent that it is probable that the underlying 
deductible temporary differences will be able to be offset against future taxable income. Deferred tax assets and liabilities are calculated, without 
discounting, at tax rates that are expected to apply to their respective period of realisation, provided they are enacted or substantively enacted 
at the balance sheet date.
Deferred tax is recognised as a component of tax expense in the income statement, except where it relates to items charged or credited directly to equity. 26
BrainJuicer Group PLC
Annual Report and Accounts 2007
3 PRinCiPal aCCounting PoliCieS ContinueD
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 subdivided into separate discrete deliverables; in such circumstances revenue is recognised on delivery 
of each separate deliverable.
empl Oyee benefitS
All accumulating employee‑compensated absences that are unused at the balance sheet date are recognised as a liability.
Share‑baSed payment tranSaCtiOnS
The Group issues equity‑settled share‑based compensation to certain employees (including Directors). Equity‑settled share‑based payments are 
measured at fair value at the date of grant. The fair value determined at the grant date of the equity‑settled share‑based payment is expensed on a 
straight‑line basis over the vesting period, together with a corresponding increase in equity, based upon the Group’s estimate of the shares that will 
eventually vest. These estimates are subsequently revised if there is any indication that the number of options expected to vest differs from previous 
estimates. Any cumulative adjustment prior to vesting is recognised in the current period. No adjustment is made to any expense recognised 
in prior periods.
Fair value is measured by an external valuer using the Black‑Scholes option pricing model. The expected life used in the model has been adjusted, 
based on management’s best estimate, for the effects of non‑transferability, exercise restrictions and behavioural considerations.
fOreign CurrenCieS
Items included in the financial statements of each of the Group’s subsidiaries are measured using the currency of the primary economic 
environment in which the subsidiary operates (‘the functional currency’). The consolidated financial statements are presented in Sterling (‘GBP’), 
which is the Company’s functional and presentation currency.
Transactions in foreign currencies are translated into the functional currency at the exchange rates prevailing at the dates of the transactions. 
Foreign exchange gains and losses arising from the settlement of such transactions and from the translation at year‑end exchange rates 
of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
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 operations are taken to shareholders’ equity. 
When a foreign operation is partially disposed of or sold, exchange differences that were recorded in equity are recognised in the income statement 
as part of the gain or loss on sale.
Segment repOrting
A segment is a distinguishable component of the Group that is engaged in providing products or services within a particular economic environment 
(geographical segment).
finanCial inStrumentS
financial assets
The Group classifies its financial assets into the following categories: loans and receivables, at fair value through profit or loss, and available‑for‑sale. 
However, at present, only the first of these categories is relevant for the Group. The classification is determined by management at initial 
recognition, being dependent upon the purpose for which the financial assets were acquired.
Loans and receivables 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.
notes to Financial Statements continued
For the year ended 31 December 2007 27
BrainJuicer Group PLC
Annual Report and Accounts 2007
3 PRinCiPal aCCounting PoliCieS ContinueD
financial liabilities
Financial liabilities are initially recognised at fair value and subsequently carried at cost using the effective interest rate method.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 
An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial 
instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses 
relating to financial liabilities are included in the income statement. Finance costs are calculated so as to produce a constant rate of return 
on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity 
instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
t rade receivables
Trade receivables are initially recorded at fair value, but subsequently at amortised cost using the effective interest rate method.
t rade payables
Trade payables are initially recorded at fair value, but subsequently at amortised cost using the effective interest rate method.
Impairment of property, plant and equipment and intangible assets
At each balance sheet date the Group reviews the carrying amount of its property, plant and equipment and intangible assets for any indication that 
those assets have suffered an impairment loss.
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. 
Intangible assets not available for use are tested for impairment on at least an annual basis. The recoverable amount is the higher of the fair value 
less costs to sell and value in use.
Share Capital
Ordinary Shares are classified as equity. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
Share premium 
Share premium represents the excess over nominal value of the fair value of consideration received for equity shares, net of expenses of the share issue.
Other reServe
The other reserve represents equity‑settled share‑based employee remuneration until such share options are exercised and deferred tax taken 
directly to equity in respect of such options.
merger reServe
The merger reserve represents the difference between the parent company’s cost of investment and a subsidiary’s share capital and share 
premium where a transaction qualifies as a common control transaction. Common control transactions are accounted for using merger accounting 
rather than as business combinations.
fOreign CurrenCy tranSlatiOn reServe 
The foreign currency translation reserve represents the differences arising from translation of investments in overseas subsidiaries.
SignifiCant aCCOunting eStimateS and JudgmentS
Share options
Share options are granted on a discretionary basis and vest evenly over a three year period. The fair value of options granted is determined using 
the Black‑Scholes valuation model, which requires a number of estimates and assumptions. The significant inputs into the model are share price at 
grant date, exercise price, expected option life, expected volatility and the risk free rate. Volatility is measured at the standard deviation of expected 
share prices returns based on statistical analysis of competitors’ share prices.
t rade receivables
Trade receivables are stated net of any impairment. Impairment is based on the Group’s best estimate of the likelihood of recovery on a specific basis.
deferred tax
A deferred tax asset is recognised where the Group considers it probable that a tax credit will be received in the future. This specifically applies 
to tax losses and to outstanding vested share options at the balance sheet date. The Group estimates what proportion of those outstanding share 
options are likely to be exercised and a related tax credit received in the future. The asset recognised is also dependent on the year‑end share price. 28
BrainJuicer Group PLC
Annual Report and Accounts 2007
4 Segment inFoRmation
The Group operates in one business segment, that of market research. Whilst there are a number of products within the business segment, 
management reporting is principally based on location of service delivery. Accordingly the Group presents its primary segment analysis 
on this basis:
      United  Rest of   
      Kingdom Europe the World Group Total 
Year ended 31 December 2007     £’000 £’000 £’000 £’000 £’000
Total segment revenue     4,209 1,955 429 — 6,593
Inter segment revenue     (27) — — — (27)
Segment revenue     4,182 1,955 429 — 6,566
Segment result     1,431 966 (194) (1,359) 844
Investment income         49
Profit before taxation         893
Taxation         (233)
Profit for the financial year         660
Segment assets     1,728 918 167 2,377 5,190
Segment liabilities     (1,471) (498) (122) (347) (2,438)
Net assets     257 420 45 2,030 2,752
Capital expenditure     86 37 10 280 413
Depreciation     39 3 3 — 45
Group costs include Directors’ Remuneration and central project costs which are not directly attributable to geographic segments.
Group assets include centrally held cash at bank, intangible assets and deferred tax assets. Group liabilities include income tax liabilities.
      United  Rest of   
      Kingdom Europe the World Group T otal 
Year ended 31 December 2006     £’000 £’000 £’000 £’000 £’000
Total segment revenue     3,065 1,198 375 — 4,638
Inter segment revenue     (30) — — — (30)
Segment revenue     3,035 1,198 375 — 4,608
Segment result     860 529 (66) (1,200) 123
Investment income         3
Finance costs         (32)
Profit before taxation         94
Taxation         (157)
Loss for the financial year         (63)
Segment assets     1,072 855 237 1,264 3,428
Segment liabilities     (712) (179) (300) (271) (1,462)
Net assets     360 676 (63) 993 1,966
Capital expenditure     86 3 3 — 92
Depreciation     13 1 — — 14
Group costs include Directors’ Remuneration and central project costs which are not directly attributable to geographic segments.
Group assets include centrally held cash at bank and deferred tax assets. Group liabilities include income tax and financial liabilities.
notes to Financial Statements continued
For the year ended 31 December 2007 29
BrainJuicer Group PLC
Annual Report and Accounts 2007
5 PRoPeRty , Plant anD equiPment
        Furniture,   
        fittings and Computer  
        equipment hardware Total 
For the year ended 31 December 2007       £’000 £’000 £’000
At 1 January 2007
Cost        60 32 92
Accumulated depreciation       (7) (7) (14)
Net book amount       53 25 78
Year ended 31 December 2007   
Opening net book amount       53 25 78
Additions       19 64 83
Depreciation charge for the year       (15) (26) (41)
Foreign exchange       1 (2) (1)
Closing net book amount       58 61 119
At 31 December 2007   
Cost        80 94 174
Accumulated depreciation       (22) (33) (55)
Net book amount       58 61 119
For the year ended 31 December 2006
At 1 January 2006   
Cost        — — —
Accumulated depreciation       — — —
Net book amount       — — —
Year ended 31 December 2006
Opening net book amount       — — —
Additions       60 32 92
Depreciation charge for the year       (7) (7) (14)
Foreign exchange       — — —
Closing net book amount       53 25 78
At 31 December 2006   
Cost        60 32 92
Accumulated depreciation       (7) (7) (14)
Net book amount       53 25 78 30
BrainJuicer Group PLC
Annual Report and Accounts 2007
6 intangible aSS etS
         Software  
         development  
        Software in progress Total 
        £’000 £’000 £’000
At 1 January 2007   
Cost        — — —
Accumulated amortisation       — — —
Net book amount       — — —
Year ended 31 December 2007
Opening net book amount       — — —
Additions       50 280 330
Depreciation charge for the year       (4) — (4)
Foreign exchange       2 — 2
Closing net book amount       48 280 328
At 31 December 2007
Cost        52 280 332
Accumulated depreciation       (4) — (4)
Net book amount       48 280 328
The additions to software development in progress during the year relate to capitalised software development costs for the cost of building a brand 
new software platform for delivering our research.
7 FinanCial RiSk management
The Group’s activities expose it to some financial risks. The Group monitors these risks but does not consider it necessary to use any derivative 
financial instruments to hedge these risks.
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 not yet suffered any bad debts.
market riSk – fOreign ex Change riSk The Group operates in the United States and in the Netherlands and is exposed to currency movements impacting future commercial transactions 
and net investments in those countries.
Management believe that both foreign currency transaction and translation risk are not material to the financial performance of the Group. 
Management monitors foreign exchange gains and losses on a monthly basis and reviews the foreign exchange policy regularly.
At 31 December 2007, with all other variables held constant, the effect of a change in currency rates against Sterling would be as follows:
 Increase/(decrease)  
 Equity  Increase/(decrease) 
 (Foreign currency  Post tax 
 translation reserve)  profits
       2007 2006 2007 2006 
       £’000 £’000 £’000 £’000
If there was:
a 10% strengthening of the US Dollar      (20) (6) (13) —
a 10% weakening of the US Dollar      18 6 (20) —
a 10% strengthening of the Euro      70 61 17 —
a 10% weakening of the Euro      (64) (55) (16) —
liquidity riSk The Group forecasts cashflows as part of its business planning procedures and monitors progress against forecasts on a monthly basis. 
Cash is not invested on a long term basis in order to prudently manage liquidity risk.
Capital riSk management
The Group has no borrowings and does not at present pay dividends. The Directors believe that this low risk capital structure is appropriate given 
the early stage, high growth nature of the business.
notes to Financial Statements continued
For the year ended 31 December 2007 31
BrainJuicer Group PLC
Annual Report and Accounts 2007
7 FinanCial RiSk management ContinueD
finanCial inStrumentS by CategOry
At the balance sheet date the Group held the following financial instruments by category:
 Loans and receivables
         2007 2006 
Assets as per balance sheet        £’000 £’000s
Trade and other receivables        2,630 1,612
Cash and cash equivalents        1,875 1,233
         4,505 2,845
8 inventoR y
         2007 2006 
         £’000 £’000
Work in progress         16 45
9 tRaDe anD otheR ReCeivableS
         2007 2006 
         £’000 £’000
Trade receivables        2,129 1,197
Other receivables        47 54
Prepayments and accrued income        454 361
         2,630 1,612
Trade and other receivables are due within one year and are non‑interest bearing.
The maximum exposure to credit risk at the balance sheet date is the carrying amount of each class of receivable detailed above. The Group does 
not hold any collateral as security.
The Directors do not believe that there is a significant concentration of credit risk within the trade receivables balance.
Trade receivables that are less than three months past due are not considered to be impaired. As of 31 December 2007, trade receivables 
of £431,000 (2006: £449,000) were past due but not impaired.
The ageing analysis of these trade receivables is as follows:
         2007 2006 
         £’000 £’000
Up to 3 months        370 351
3 to 6 months        61 98
         431 449
As of 31 December 2007, trade receivables of £Nil (2006: £Nil) were impaired.
The carrying amount of the Group’s trade and other receivables are denominated in the following currencies:
         2007 2006 
         £’000 £’000
Sterling        1,383 961
Euro        1,045 497
US Dollar        202 154
         2,630 1,612 32
BrainJuicer Group PLC
Annual Report and Accounts 2007
10 ShaRe CaPital
         2007 2006 
Authorised share capital        £’000 £’000
36,000,000 (2006: 36,000,000) Ordinary Shares of 1 pence each      360 360
 Ordinary  Series A 
 Shares  Preferred Shares
          Total 
Allotted, called up and fully paid     Number £’000 Number £’000 £’000
Share movements in:
BrainJuicer Limited     
As at 1 January 2006     102,400 — 80,000 — —
Issue of shares     2,127 — — — —
Share consolidation (10 for 1)     (94,074) — (72,000) — —
Capitalisation of share premium     6,283,615 63 4,809,042 48 111
At 14 November 2006     6,294,068 63 4,817,042 48 111
(Date of share for share exchange*)
BrainJuicer Group PLC
Shares issued on incorporation     1 — 1 — —
Share for share exchange with BrainJuicer Limited    6,294,067 63 4,817,041 48 111
Exercise of share options     50,603 1 — — 1
Conversion of preferred A shares to Ordinary Shares    4,817,042 48 (4,817,042) (48) —
Shares issued on IPO     1,388,900 14 — — 14
At 31 December 2006     12,550,613 126 — — 126
Exercise of share options     38,905 — — — —
At 31 December 2007     12,589,518 126 — — 126
*  On 14 November 2006, BrainJuicer Group PLC acquired the entire issued share capital of BrainJuicer Limited in return for the issue of new equity share capital. The transaction 
was accounted for in the 2006 financial statements as a common control transaction.
Prior to the 10 for 1 share consolidation in BrainJuicer Limited, the par value of each share was 0.1 pence. Subsequently, the par value of each 
share was 1 pence.
Share OptiOnS
The Group issues share options to Directors and to employees under an HM Revenue and Customs approved Enterprise Management Incentive (EMI) 
scheme. Employees resident overseas are eligible to participate in the scheme but their options do not qualify as HM Revenue and Customs approved. 
The grant price for share options is equal to the average quoted market price of the Company shares on the date of grant. Options vest evenly over 
a period of one to three years following grant date. If share options remain unexercised after a period of ten years from the date of grant, the options 
expire. Share options are forfeited if the employee leaves the Group before the options vest.
Movements in the number of share options outstanding and their related weighted average exercise prices are as follows:
 2007  2006
       Average  Average  
       exercise price  exercise price  
       per share Options per share Options 
       pence Number pence Number
Outstanding at 1 January      29.4 828,086 20.1 888,744
Granted      162.5 290,529 62.3 120,426
Lapsed      105.0 (45,858) 62.3 (14,451)
Exercised      49.2 (38,903) 11.4 (166,633)
Outstanding at 31 December      62.7 1,033,854 29.4 828,086
Exercisable at 31 December      22.6 673,140 21.0 653,970
The weighted average share price at date of exercise of options exercised during the year was 117.2 pence (2006: 72.0 pence). The weighted 
average fair value of options granted in the year was £48.5 pence (2006: £18.8 pence).
The total charge for the year relating to employee share‑based payment plans was £54,000 (2006: £22,000), all of which related to equity‑settled 
share‑based payment transactions.
The fair value of options granted outstanding was determined using the Black‑Scholes valuation model. 
notes to Financial Statements continued
For the year ended 31 December 2007 33
BrainJuicer Group PLC
Annual Report and Accounts 2007
10 ShaRe CaPital ContinueD
Significant inputs into the model include a weighted average share price of 162.5 pence (2006: 24.3 pence) at the grant date, the exercise 
prices shown above, weighted average volatility of 35.0% (2006: 66.3%), dividend yield of Nil (2006: Nil), an expected option life of three years 
(2006: 3.21 years) and an annual risk‑free interest rate of 5.5% (2006: 4.3%).
The expected volatility inputs to the model were calculated using historic daily share prices of companies operating in similar industry sectors 
to the Group. The period from date of grant to date of exercise was used in determining volatility for each tranche of options.
In January 2007 290,529 share options were granted to Directors and employees with an exercise price set at the market price on the date of grant 
(162.5 pence per share).
At 31 December, the Group had the following outstanding options and exercise prices:
 2007  2006
       Weighted   Weighted 
       average   average 
     Average  remaining Average  remaining 
     exercise price  contractual exercise price  contractual 
     per share Options life per share Options life 
Expiry date    pence Number Months pence Number Months
2013    11.4 486,312 64.8 11.4 496,312 76.2
2014    43.3 105,673 80.9 42.5 105,674 92.5
2015    62.3 72,556 87.0 62.3 111,695 97.6
2016    62.3 98,354 102.1 62.3 114,405 113.5
2017    162.5 270,959 109.0 — — —
At 31 December    62.7 1,033,854 83.1 29.4 828,086 86.3
11 tRaDe anD otheR P ayableS
         2007  2006 
         £’000  £’000
Trade payables        310 230
Social security and other taxes        249 27
Accruals and deferred income        1,533 687
         2,092 944
Trade and other payables are due within one year and are non‑interest bearing. 
The contractual terms for the payment of trade payables is generally 30 days from receipt of invoice.
12 FinanCial liabilitieS
         2007  2006 
         £’000  £’000
Accrued interest        — 108
Accrued interest relates to the 5% fixed cumulative dividend due that was due to the Series A Preferred shareholders of BrainJuicer Limited. 
On 22 November 2006, the Series A Preferred shares were converted to Ordinary Shares, resulting in interest ceasing to accrue and the liability 
element of the Series A Preferred shares, amounting to £11,000 being transferred to equity.
The fair value of the financial liabilities as at 31 December 2007 amounted to £Nil. The fair value of the financial liabilities as at 31 December 2006 
amounted to £108,000.
13 CommitmentS 
The Group leases offices under non‑cancellable operating leases for which the future aggregate minimum lease payments are as follows:
         2007  2006 
         £’000  £’000
No later than one year        106 91
Later than one but no later than five years        163 250
         269 341
Included within the amounts disclosed above, the Group has the benefit of nine months rent free for the first three years of a lease with an annual 
rental commitment of £66,360.
At the balance sheet date two (2006: five) rent free months were outstanding. The benefit of the rent free months has been spread over the term 
of the lease. 34
BrainJuicer Group PLC
Annual Report and Accounts 2007
14 exPenSeS by natuRe
         2007  2006 
         £’000  £’000
Changes in work in progress        29 (32)
Employee benefit expense        2,586 1,873
Depreciation        45 14
Net foreign exchange losses        (26) 16
Listing expenses        — 354
Other expenses        3,088 2,260
         5,722 4,485
Analysed as:
Cost of sales        1,727 1,189
Administrative expenses        3,995 3,296
         5,722 4,485
15 PRoFit beFoRe taxation
Profit before taxation is stated after charging:
         2007  2006 
         £’000  £’000
Auditor’s remuneration:
Audit fees         24 26
Taxation services         7 16
Other services supplied pursuant to such legislation       6 55
Other services         3 6
Operating lease expenses:
Land and buildings        175 172
Depreciation on owned assets        45 14
Net (gain)/loss on foreign currency translation        (26) 16
16 emPloyee beneFit exPenSe
The average number of staff employed by the Group during the financial year amounted to:
         2007 2006 
         Number  Number
Number of administrative staff        45 38
The aggregate payroll costs of the above were:
         2007  2006 
         £’000  £’000
Wages and salaries        2,303 1,674
Social security costs        229 177
Share‑based remuneration        54 22
         2,586 1,873
The Directors have identified eight (2006: seven) key management personnel, including Directors. Compensation to key management is set out below:
         2007  2006 
         £’000  £’000
Wages and salaries        723 451
Social security costs        67 37
Compensation for loss of office        — 30
         790 518
Details of Directors’ emoluments are given in the Remuneration Report on page 17.
notes to Financial Statements continued
For the year ended 31 December 2007 35
BrainJuicer Group PLC
Annual Report and Accounts 2007
17 inveStment inCome
         2007  2006 
         £’000  £’000
Bank interest receivable        49 3
18 FinanCe CoStS
         2007  2006 
         £’000  £’000
Preference share interest payable (see note 12)       — 31
Finance charges        — 1
Finance costs        — 32
19 inCome tax exPenSe
         2007  2006 
         £’000  £’000
Current tax        269 163
Deferred tax        (36) (6)
         233 157
Income tax expense for the year differs from the standard rate of taxation as follows:
Profit on ordinary activities before taxation        893 94
Profit on ordinary activities multiplied by standard rate of tax of 30% (2006: 30%)     268 28
Difference between tax rates applied to Group’s subsidiaries      (28) (8)
Expenses not deductible for tax purposes        21 130
Other temporary differences        4 (10)
Unrecognised overseas tax losses        — 17
Remeasurement of deferred tax – change in UK tax rate       (14) —
Adjustment to current tax in respect of prior year       (18) —
Total tax         233 157
20 DeFeRReD tax
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities 
and when the deferred income taxes relate to the same fiscal authority. The offset amounts are as follows:
         2007  2006 
         £’000  £’000
Deferred tax assets:
– Deferred tax assets to be recovered after more than twelve months      202 213
Deferred tax liabilities:
– Deferred tax liability to be recovered within twelve months       (38) —
Deferred tax asset (net):        164 213
Other amounts not offset are as follows:
Deferred tax asset – recoverable after more than twelve months
– Overseas tax losses        58 —
         222 213
The gross movement in deferred tax is as follows:
         2007  2006 
         £’000  £’000
At 1 January        213 —
Income statement credit        36 6
Tax (charged)/credited directly to equity        (27) 207
At 31 December        222 213 36
BrainJuicer Group PLC
Annual Report and Accounts 2007
20 DeFeRReD tax ContinueD
The movement in deferred tax assets and liabilities during the year, without taking into consideration the offsetting of balances within the same 
tax jurisdiction, is as follows:
        Share option Trading  
        scheme losses Total 
Deferred tax assets       £’000  £’000  £’000 
At 1 January 2007       213 — 213
Charged to income statement       16 58 74
Charged directly to equity       (27) — (27)
At 31 December 2007       202 58 260
         Accelerated  
         capital  
         allowances Total 
Deferred tax liabilities        £’000  £’000
At 1 January 2007        — —
Charged to income statement        (38) (38)
At 31 December 2007        (38) (38)
Unrecognised deferred tax assets are as follows:
         2007  2006 
         £’000  £’000
Overseas tax losses        — 22
Unrecognised deferred tax asset        — 22
Deferred tax assets are recognised only to the extent that their recoverability is considered probable.
The deferred tax asset in respect of the Company’s share option scheme relates to corporate tax deductions available on exercise of HM Revenue 
and Customs approved share options.
The deferred tax asset in respect of trading losses relates to the cumulative trading losses incurred by the US subsidiary, BrainJuicer Inc. A deferred 
tax asset has been recognised in respect of such losses as the Group is confident that sufficient taxable profits will be generated in the future to enable 
the losses to be utilised.
21 eaRningS PeR ShaRe
(a) baSiC
Basic earnings per share are calculated by dividing the profit attributable to equity holders of the Company by the weighted average of Ordinary Shares 
in issue during the year.
         2007  2006 
         £’000  £’000
Profit/(loss) attributable to equity holders of the Company      660 (63)
Listing expenses        — 354
Profit/(loss) attributable to equity holders of the Company before listing expenses    660 291
Weighted average number of Ordinary Shares in issue       12,564,831 7,196,792
Basic earnings/(loss) per share        5.2p (0.9p)
Adjusted basic earnings per share before listing expenses      5.2p 4.0p
notes to Financial Statements continued
For the year ended 31 December 2007 37
BrainJuicer Group PLC
Annual Report and Accounts 2007
21 eaRningS PeR ShaRe ContinueD
(b) diluted
Diluted earnings per share is calculated by adjusting the weighted average number of shares outstanding to assume conversion of all dilutive 
potential Ordinary Shares. For share options, a calculation is made in order to determine the number of shares that could have been acquired at 
fair value (determined as the average annual market share price of the Company’s shares) based on the monetary value of the subscription rights 
attached to outstanding share options. The number of shares calculated in this way is compared with the number of shares that would have been 
issued assuming the exercise of the share options.
         2007  2006 
         £’000  £’000
Profit/(loss) attributable to equity holders of the Company      660 (63)
Interest expense on convertible preference shares        — 31
Profit/(loss) used to determine diluted earnings per share      660 (32)
Listing expenses        — 354
Adjusted profit used to determine adjusted diluted earnings per share     660 322
Weighted average number of Ordinary Shares in issue       12,564,831 7,196,792
Assumed conversion of convertible preference shares       — 4,014,201
Share options        656,047 364,377
Weighted average number of Ordinary Shares for diluted earnings per share     13,220,878 11,575,370
Diluted earnings/(loss) per share        5.0p (0.9p)
Adjusted diluted earnings per share before listing expenses      5.0p 2.8p
The share options and convertible preference shares are considered to be anti‑dilutive after listing expenses in 2006.
22 RelateD P aRty tRanSaCtionS
The Group made sales to companies connected to Unilever UK Holdings Limited, a significant shareholder, during the year totalling £630,330 
(2006: £299,923). The balance outstanding at the year‑end was £152,235 (2006: £41,821).
Services are sold to related parties on an arm’s length basis at prices available to third parties.
The wife of Mark Muth, a Director of the Company provided services for the Group totalling £7,696 (2006: £7,500). There was no balance 
outstanding at the year‑end.
The wife of John Kearon, a Director of the Company, provided services for the Group totalling £17,810 (2006: £19,174). There was no balance 
outstanding at the year‑end.
23 CaSh geneRateD FRom/(uSeD by) oPeRationS
         2007  2006 
         £’000  £’000
Profit before taxation        893 94
Depreciation        45 14
Net finance costs        (49) 29
Share‑based payment expense        54 22
Decrease/(increase) in inventory        29 (32)
Increase in receivables        (1,018) (824)
Increase in payables        1,148 536
Exchange differences        71 (6)
Net cash generated from/(used by) operations       1,173 (167) 38
BrainJuicer Group PLC
Annual Report and Accounts 2007
Company Financial Statements
 39 Report of the Independent Auditor
 40 Company Balance Sheet
 41 Notes to Company Financial Statements
 43 Notice of Annual General Meeting 39
BrainJuicer Group PLC
Annual Report and Accounts 2007
Report of the independent auditor
to the members of brainJuicer group PlC
We have audited the parent company financial statements of BrainJuicer Group plc for the year ended 31 December 2007 which include 
the principal accounting policies, the balance sheet and notes 1 to 7. These parent company financial statements have been prepared under 
the accounting policies set out therein.
We have reported separately on the Group financial statements of BrainJuicer Group PLC for the year ended 31 December 2007.
This report is made solely to the Company’s members, as a body, in accordance with Section 235 of the Companies Act 1985. Our audit work 
has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and 
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the 
Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
reSpeCtive reSpOnSibilitieS Of direCtOrS and auditOrS
The Directors’ responsibilities for preparing the Annual Report and parent company financial statements in accordance with United Kingdom law 
and Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the Statement of Directors’ Responsibilities.
Our responsibility is to audit the parent company financial statements in accordance with relevant legal and regulatory requirements 
and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the parent company financial statements give a true and fair view and are properly prepared 
in accordance with the Companies Act 1985. We also report to you whether in our opinion the information given in the Directors’ Report 
is consistent with the parent company financial statements. 
In addition we report to you if, in our opinion, the Company has not kept proper accounting records, if we have not received all the information and 
explanations we require for our audit, or if information specified by law regarding Directors’ Remuneration and other transactions is not disclosed.
We read other information contained in the Annual Report, and consider whether it is consistent with the audited parent company financial statements. 
This other information comprises only the Financial Highlights, the Chairman’s Statement, the Chief Executive’s Statement, the Business and 
Financial Review, the Directors’ Report, the Corporate Governance Report and the Directors’ Remuneration Report. We consider the implications 
for our report if we become aware of any apparent misstatements or material inconsistencies with the parent company financial statements. 
Our responsibilities do not extend to any other information.
baSiS Of audit OpiniOn
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. 
An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the parent company financial statements. 
It also includes an assessment of the significant estimates and judgments made by the Directors in the preparation of the parent company 
financial statements, and of whether the accounting policies are appropriate to the Company’s circumstances, consistently applied and 
adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide 
us with sufficient evidence to give reasonable assurance that the parent company financial statements are free from material misstatement, whether 
caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the 
parent company financial statements.
OpiniOn
In our opinion:
I  the parent company financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting 
Practice, of the state of the Company’s affairs as at 31 December 2007 and of its result for the year then ended; 
I the parent company financial statements have been properly prepared in accordance with the Companies Act 1985; and
I the information given in the Directors’ Report is consistent with the parent company financial statements.
gRant thoRnton uk llP
regiStered a uditOr
Chartered aCCOuntantS
Cambridge
7 MARCH 2008 40
BrainJuicer Group PLC
Annual Report and Accounts 2007
         2007 2006 
        Notes £’000 £’000
Fixed assets   
Investment in subsidiary       4 213 159
         213 159
Current assets   
Debtors due within one year       5 1,070 1,051
         1,070 1,050
Total assets        1,283 1,210
Capital and reserves
Share capital        6 126 126
Share premium account       7 1,409 1,390
Other reserve       7 102 48
Accumulated losses       7 (354) (354)
Equity shareholders’ funds        1,283 1,210
These financial statements were approved by the Directors on 7 March 2008 and are signed on their behalf by:
John keaRon  JameS geDDeS
direCtOr   direCtOr 
Company balance Sheet
as at 31 December 2007 41
BrainJuicer Group PLC
Annual Report and Accounts 2007
notes to Company Financial Statements
1 aCCounting PoliCieS
baSiS Of aCCOunting
The separate financial statements of the Company are presented as required by the Companies Act 1985. They have been prepared under 
the historical cost convention and in accordance with applicable United Kingdom accounting standards and law.
The principal accounting policies are summarised below. They have all been applied consistently throughout the year.
inveStmentS
Fixed asset investments are shown at cost less provision for impairment.
debtOrS
Debtors are stated at nominal value reduced by estimated irrecoverable amounts. 
CaSh fl Ow Statement
The Company has made use of the exemption as permitted by FRS1 (Revised) and has not presented a cash flow statement. The cash flow statement 
has been prepared in the Group financial statements.
related party tranSaCtiOnS
In accordance with FRS 8: Related Party Disclosures, the Company is exempt from disclosing transactions with entities that are part of the 
BrainJuicer Group as it is a parent company publishing consolidated financial statements.
2 PRoFit FoR the PeRioD
The Company has made full use of the exemptions as permitted by Section 230(1) of the Companies Act 1985 and accordingly the profit 
and loss account of the Company is not presented as part of the accounts. The parent company result for the year to 31 December 2007 of £Nil 
(2006: loss of £353,987) is included in the Group profit for the financial year.
The auditor’s remuneration for audit services to the Company was borne entirely by BrainJuicer Limited, a wholly owned subsidiary of the Group. 
Non‑audit services provided by the Company’s auditor amounted to £Nil (2006: £55,000 relating to services required by legislation in relation to the 
Group’s initial public offering).
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 page 17.
3 StaFF CoStS
The average number of staff employed by the Company, including Directors, was four. Staff costs were borne entirely by BrainJuicer Limited, 
a wholly owned subsidiary of the Group.
4 inveStmentS
          Group 
          companies 
          £’000 
Cost
At 1 January 2007          159
Share‑based payment charge in respect of subsidiaries        54
At 31 December 2007         213
Net book amount
At 31 December 2007         213
At 31 December 2006         159
SubSidiary undertakingS
Details of subsidiary undertakings at 31 December 2007 are as follows:
        Interest  
        in issued Country of 
  Activity      share capital incorporation
BrainJuicer Limited Provision of on‑line market research services   100% UK
BrainJuicer BV* Provision of on‑line market research services   100%  The Netherlands
BrainJuicer Inc.* Provision of on‑line market research services   100% US
* BrainJuicer BV and BrainJuicer Inc. are subsidiaries of BrainJuicer Limited. 42
BrainJuicer Group PLC
Annual Report and Accounts 2007
5 DebtoRS
         2007 2006 
         £’000 £’000
Amounts due from Group undertakings        1,070 1,051
6 ShaRe CaPital
Authorised share capital:
         2007 2006 
         £’000 £’000
36,000,000 (2006: 36,000,000) Ordinary Shares of 1 pence each      360 360
Allotted, called up and fully paid:
 2007
         Number  £’000
At 1 January 2007        12,550,613 126
Exercise of share options        38,905 —
At 31 December 2007        12,589,518 126
 2006
         Number £’000 
On incorporation        1 —
Share issue in respect of share‑for‑share exchange       6,294,067 63
Exercise of share options        50,603 1
Conversion of Series A Preferred Shares        4,817,042 48
Share issue in respect of initial public offering        1,388,900 14
At 31 December 2006        12,550,613 126
During the year 38,905 Ordinary Shares were issued for cash. The nominal value of these shares was £389 and the consideration received was £19,142.
7 ReSeRveS
        Share   
       Share premium Other Accumulated 
        capital account reserve losses 
On incorporation      £’000  £’000  £’000  £’000
On incorporation      — — — —
Shares issued in exchange for entire issued share capital of BrainJuicer Limited    111 — — —
Transfer of share‑based payment charge from BrainJuicer Limited    — — 48 —
Shares issued on IPO      14 1,486 — —
Share issue costs deducted from equity      — (101) — —
Share options exercised      1 5 — —
Loss for the period      — — — (354)
At 31 December 2006      126 1,390 48 (354)
Share‑based remuneration charge      — — 54 —
Share options exercised      — 19 — —
At 31 December 2007      126 1,409 102 (354)
notes to Company Financial Statements continued 43
BrainJuicer Group PLC
Annual Report and Accounts 2007
notice of annual general meeting
Notice is given that the Annual General Meeting of BrainJuicer Group PLC (the “Company”) for the year 2008 will be held at the offices 
of Barlow Lyde & Gilbert LLP , 7th Floor, Beaufort House, 15 St Botolph Street, London EC3A 7NJ on 21 May 2008 at 10:00 a.m. for the 
following purposes:
agenDa
Ordinary buSineSS
To consider and, if thought fit, to pass the following resolutions as ordinary resolutions:
1. T o receive and adopt the report of the Directors and of the auditor and the audited accounts of the Company for the year ended 31 December 2007.
2. To receive, adopt and approve the Directors’ Remuneration Report for the year ended 31 December 2007. 
3. To re‑appoint Grant Thornton UK LLP as auditors of the Company and to authorise the Directors to fix their remuneration.
4. To elect Ken Ford as a director of the Company.
5. To elect John Kearon as a Director of the Company, who is retiring by rotation. 
6.  That in substitution for any existing authority the Directors be and are generally and unconditionally authorised for the purposes of Section 80 of 
the Companies Act 1985 (the “Act”) to exercise all powers of the Company to allot relevant securities (as defined in Section 80(2) of the Act) up 
to a nominal amount of £42,048. This authority shall unless previously renewed, varied or revoked by the Company in general meeting, expire on 
the conclusion of the next Annual General Meeting of the Company following the passing of this resolution or, if earlier, the date 15 months after 
the date of passing of this resolution, save that the Company may before such expiry make an offer or agreement which would or might require 
relevant securities to be allotted after such expiry and the Directors may allot relevant securities in pursuance of any such offer or agreement 
as if the power and authority conferred by this resolution had not expired. 
SpeCial buSineSS
To consider and, if thought fit, to pass the following resolution as a special resolution:
7.  That subject to the passing of resolution 6 above, the Directors be and are generally and unconditionally given power for the purposes of 
Section 95 of the Act to allot equity securities (as defined in Section 94 of the Act) for cash pursuant to the authority conferred by resolution 6 
above or otherwise in the case of treasury shares (as defined in Section 162(3) of the Act), in each case as if Section 89(1) of the Act did not 
apply to any such allotment, provided that this power shall be limited to:
 (a)  the allotment of equity securities in connection with or pursuant to a rights issue, open offer or other pro‑rata issue made to the holders of 
shares in the Company and other persons entitled to participate therein, in the proportion (or, as nearly as may be) to such holders’ holdings 
of such shares (or, as appropriate, to the respective number of shares which such other persons are for these purposes deemed to hold), 
but subject to such exclusions or other arrangements as the Directors may feel necessary or expedient to deal with fractional entitlements 
or the regulations or requirements of any recognised regulatory body or any stock exchange in any territory;
 (b)  to the grant of options to subscribe for shares in the Company and the allotment of such shares pursuant to the exercise options granted, 
under the terms of any share option scheme adopted or operated by the Company; and
 (c)  to the allotment of equity securities, other than pursuant to sub‑paragraphs (a) and (b) above of this resolution up to an aggregate nominal 
amount of £6,307. 
  This power shall (unless previously renewed, varied or revoked by the Company in general meeting) expire at the conclusion of the next Annual 
General Meeting of the Company following the passing of this resolution or, if earlier, on the date 15 months after the passing of such resolution, 
save that the Company may before the expiry of this power make any offer or enter into any agreement which would or might require equity 
securities to be allotted, or treasury shares sold, after such expiry and the Directors may allot equity securities or sell treasury shares in pursuance 
of any such offer or agreement as if the power conferred by this section had not expired. This power applies in relation to a sale of shares which 
is an allotment of equity securities by virtue of Section 94(3A) of the Act as if in the first paragraph of this resolution the words “That subject to 
the passing of resolution 6 above,” were omitted, 
Registered office:
13–14 Margaret Street
London
W1W 8RN
By order of the Board
JameS geDDeS 
COmpany SeCretary
7 MARCH 2008 44
BrainJuicer Group PLC
Annual Report and Accounts 2007
notice of annual general meeting continued
noteS
1.  Pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001 the Company specifies that only those shareholders registered 
in the register of members of the Company at 6:00 p.m. on 19 May 2008 shall be entitled to attend and vote at this Annual General Meeting 
or at any adjournment of the meeting in respect of such number of shares registered in their name at such time. Changes to entries on the register 
of remembers after 6:00 p.m. on 19 May 2008 shall be disregarded in determining the rights of any person to attend or vote at the meeting. 
2.  If you are a member of the Company at the time set out in note 1 above, you are entitled to appoint another person as your proxy to exercise 
all or any of your rights to attend, speak and vote at this Annual General Meeting or at any adjournment of the meeting. Such a member may 
appoint more than one proxy in relation to this Annual General Meeting, provided that each proxy is appointed to exercise the rights attached to 
a different share or shares by that member. You may only appoint a proxy using the procedures set out in these notes and the notes to the proxy 
form. A proxy need not be a member of the Company. Completion and return of a form of proxy will not preclude a member from attending and 
voting in person at this Annual General Meeting or at any adjournment of the meeting. 
3.  A form of proxy is provided with this notice and instructions for use are shown on the form. To be effective, the completed form of proxy must 
be deposited to Capita Registrars, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU by no later than forty‑eight hours before the 
start of the meeting or at any adjournment of the meeting together with, if appropriate, the power of attorney or other authority (if any) under 
which it is signed or a notarially certified copy or office copy of such power of authority. 
4.  CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so for this Annual 
General Meeting by using the procedures described in the CREST manual. CREST personal members or other CREST sponsored members, 
and those CREST members who have appointed a voting service provider(s), should refer to their CREST sponsor or voting service provider(s), 
who will be able to take the appropriate action on their behalf. Please note the following: 
 (a)  in order for a proxy appointment or instruction made using the CREST service to be valid, the appropriate CREST message (a “CREST Proxy 
Instruction”) must be properly authenticated in accordance with Euroclear UK & Ireland Limited’s (“EUI”) specifications and must contain 
the information required for such instructions, as described in the CREST Manual. The message, regardless of whether it constitutes the 
appointment of a proxy or to an amendment to the instruction given to a previously appointed proxy must, in order to be valid, be transmitted 
so as to be received by the issuer’s agent (ID RA10) by the latest time(s) for receipt of proxy appointments specified in the notice of meeting. 
For this purpose, the time of receipt will be taken to be the time (as determined by the timestamp applied to the message by the CREST 
applications host) from which the issuer’s agent is able to retrieve the message by enquiry to CREST in the manner prescribed by CREST . 
After this time any change of instructions to proxies appointed through CREST should be communicated to the appointee through other means. 
 (b)  CREST members and, where applicable, their CREST sponsors or voting service providers should note that EUI does not make available 
special procedures in CREST for any particular messages. Normal system timings and limitations will therefore apply in relation to the input 
of CREST Proxy Instructions. It is the responsibility of the CREST member concerned to take (or, if the CREST member is a CREST personal 
member or sponsored member or has appointed a voting service provider(s), to procure that his CREST sponsor or voting service provider(s) 
take(s)) such action as shall be necessary to ensure that a message is transmitted by means of the CREST system by any particular time. 
In this connection, CREST members and, where applicable, their CREST sponsors or voting service providers are referred in particular 
to those sections of the CREST Manual concerning practical limitations of the CREST system and timings.
 (c)  The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5)(a) of the Uncertificated 
Securities Regulations 2001.
5.  Copies of the service agreements of the Executive Directors and the letters of appointment of the Non‑executive Directors will be available 
for inspection during the normal business hours from the date of dispatch of this notice until the date of the meeting (Saturdays, Sundays and 
public holidays excepted) at the registered office of the Company and will also be made available for inspection at the place of the Annual 
General Meeting from 15 minutes prior to and during the Annual General Meeting. advisers
CoMpany seCretary
James Geddes
reGIstered offICe
13–14 Margaret Street 
London WIW 8RN 
Tel: 020 7043 1000 
www.brainjuicer.com
reGIstered nuMber
5940040
soLiCiTors
Barlow lyde & GilBert llP
7th Floor
Beaufort House
15 St. Botolph Street
London EC3A 7NJ
Independent audItor
Grant thornton UK llP
Chartered Accountants  
and Registered Auditors
Byron House
Cambridge Business Park
Cowley Road
Cambridge CB4 0WZ
noMInated advIser 
and stoCkbroker
l andsBanKi secUrities (UK) limited Beaufort House
15 St. Botolph Street
London EC3A 7QR
reGIstrars
caPita reGistrars The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU