Fresher Insights, 
Better Marketing.
BrainJuicer Group PLC Annual Report and Accounts 2009
www.brainjuicer.com
BrainJuicer Group PLC Annual Report and Accounts 2009 b BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
FaceTrace
®
Which of these faces best expresses how you 
currently feel about BrainJuicer Group PLC?
How you feel about something is a better predictor 
of what you will do than asking you what you will do. 
[See how you feel about BrainJuicer Group PLC when you reach the 
inside back cover]
Sadness
Contempt
Surprise
Happiness Anger
Fear Disgust
Neutral
Working with BrainJuicer
®
 to validate consumer 
insights, generate ideas and screen concepts has 
taken our European innovation process to new levels 
of inspiration and effectiveness. Our experience with 
the client service team was highly collaborative and 
creative, and we were impressed by their expertise both 
in market research and marketing.
Wolfgang Frost,  
Head of Insight & Innovation Research Global Brands  
Sara Lee Household and Body Care
“ BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009 1
• Innovative Market Research
• 140 Household Name Clients
• Top 10 Global Agency Ambition
BrainJuicer Group PLC is a leading international online 
market research agency.
BrainJuicer
®
 was established in 1999 to reinvent the 
way market research is done, introducing innovative 
techniques that provide better ways to understand 
and predict consumer behaviour and improve the 
success of clients’ marketing spend.
BrainJuicer
®
 has over 140 household name clients, 
including 11 of the world’s top 20 largest buyers of 
market research, and is regarded as one of the leading 
innovators in the research industry.
Fresher Insights, 
Better Marketing.
HigHLigHtS 02
BuSineSS ProfiLe 03
tHe Year in review 
Chairman’s Statement 13 
Chief Executive’s Statement 14 
Business and Financial Review 16 
Directors  18
Senior Management  19 
governanCe
Directors’ Report 21  
Corporate Governance Report 23  
Remuneration Report 25  
Statement of Directors’ Responsibilities 27
ConSoLidated finanCiaL StatementS
Report of the Independent Auditor 29 
Consolidated Income Statement 30 
Consolidated Statement of  
Comprehensive Income 31  
Consolidated Balance Sheet 32
Consolidated Cash Flow Statement 33 
Consolidated Statement of  
Changes in Equity  34  
Notes to the Consolidated  
Financial Statements 35
ComPanY finanCiaL StatementS
Company Balance Sheet 55 
Notes to the Company  
Financial Statements 56
ComPanY information 60 2 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
+22%
06
Revenue Operating profit Cash Earnings per share
+27% +27% +36%
2009 Financial Highlights 
 27% revenue growth to £11,814,000  
(2008: £9,322,000)
 27% growth in operating profit to £1,645,000  
(2008: £1,290,000)
 21% increase in pre-tax profit to £1,658,000  
(2008: £1,372,000) 
 22% growth in fully diluted earnings per share  
to 9.0p (2008: 7.4p)
 36% increase in cash to £2,343,000  
(2008: £1,727,000), and no debt
 1.3p final dividend proposed, making 1.9p 
for the year (2008: 1.5p plus special one-off 
dividend of 1.7p)
2010 early Highlights
 Secured second international mandate, as a 
preferred supplier, from a large global foods 
group, for concept screening using our award 
winning, ‘Predictive Markets’
 Management further strengthened –  
Chief Operating Officer appointed
 Canadian licence partner becomes fully owned 
BrainJuicer Canada
2009 Operational Highlights
 Significant growth despite market declining  
for the first time in decades
 New Swiss and German offices both profitable  
in their first full year
 Total overseas revenue greater than UK revenue  
for the first time
 Strong growth in US; the largest and most 
competitive research market 
 Clients include 11 of world’s top 20 market 
research buyers (nine in 2008)
 ‘Juicy’ products grew 66%; now 61% of revenue  
(46% in 2008)
 Increased product development investment  
to drive innovative growth
 Increased investment in technology platforms  
to drive profit and capacity 
HigHLigHtS
11.8m
6.6m
9.3m
4.6m
1.65m
0.84m
1.29m
0.47m
9p
5p
7.4p
2.3m
1.9m
1.7m
1.2m
06 06 06 07 07 07 07 08 08 08 08 09 09 09 09
“
Especially in a category which seems quite rational like 
Consumer Health Care, it’s essential to convey consumer 
messages in emotional ways. Communications testing 
using BrainJuicer’s unique and intuitive CommScan
®
 
method has helped us identify which advertising ideas 
are emotionally powerful – and why – in various markets 
around the world. The BrainJuicer
®
 team is highly responsive 
and professional, and they’re great fun to work with as well.
Dr. Christiane Quaas,  
Marketing Research Manager,  
Consumer Health Care, Boehringer ingelheim gmbH 3 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
2006 2007 2008 2009
- Twist
- Juicy
4.6m
6.6m
9.3m
11.8m
67%
56%
44%
54%
39%
33%
46%
61%
What we do
BuSineSS ProfiLe
BrainJuicer Group PLC is a leading  
international online market research agency
Freshly squeezed  
insight during  
early stage of clients’  
innovation funnel
We have two types of products:
 Juicy.  These are BrainJuicer’s award-winning, 
new to the world research methodologies that 
challenge the traditional approaches and are the 
future of market research.
 Twist.  These are industry standard 
quantitative research methods with the BrainJuicer 
twist of adding qualitative diagnostics via our unique 
diagnostics, MindReader
®
 and FaceTrace
®
Revenue Growth
BrainJuicer Focus
For insight
And innovation 
Seek em   tion 
And be creative  BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009 4
BuSineSS ProfiLe Continued
Where we are and where  
we’ve done research
60% of global research market
Licence partner in Australia
Offices in 6 countries
90% of global research market Research conducted in 57 countries Priority target markets
90% of global research market Research conducted in 57 countries
Priority target markets
Research in 57 countries covering  
over 90% of the world’s research spend
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
“ BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
CommScan
®
5
 JuiceGeneration™
Gifted creative consumers available online to 
generate ideas for clients’ NPD, promotions, 
communications & packaging.
 CommScan
®
Uses our award winning FaceTrace
®
 to measure 
emotional engagement of client communications  
and predict their success.
 Insights Validator
®
Quantitative testing of client insights to sort 
wheat from chaff and ensure the best consumer 
hook is used and optimised.
 Predictive Markets
Utilises the wisdom of crowds to more accurately 
screen new concepts & communications.  
Won ESOMAR Best Methodology 2005.
Our ‘Juicy’ products
Predictive Markets
Juice Generation™
Insights Validator
®
Juicy revenue growth
140 household name clients, including 11 of the 
world’s top 20 largest buyers of market research
2006 2007 2008 2009
232
930
366
506
1,805
195
393
1,568
1,231
858
659
2,996
1,065
1,468
1,636
£1.5m
£2.9m
£4.3m
£7.2m
Not only did BrainJuicer
®
 deliver top quality analysis and consulting 
(using your Predictive Markets solution) – your professionalism and 
pro-active customer orientation were outstanding.”
Uta Formeseyn
Senior Manager 
Business insights 
Coca Cola gmbH
“ 6 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
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 (Fabric and Home Care)
Procter & gamble
“
Preferred supplier of concept screening 
to one of the world’s largest food 
companies and used by 10 of the world’s 
20 largest buyers of market research
BuSineSS ProfiLe Continued
Predictive Markets
Human beings can be unreliable witnesses 
to their own motivations, but are actually very 
good at predicting the behaviour of others.  
Predictive Markets is BrainJuicer’s award 
winning methodology for screening concepts, 
which departs from traditional concept testing 
by asking a ‘crowd’ of respondents what they 
notice, believe, and predict about others.
Based on the notion of the ‘wisdom of 
crowds’, in Predictive Markets, a crowd of 
500 respondents are told to imagine they 
hold shares in all ideas (concepts) presented, 
and asked in which they would buy and sell 
shares.  The output provides rich, diagnostics 
with detailed quali-quant feedback for each 
concept.  In over 300 head-to-head concept 
testing experiments across 15 categories, 
Predictive Markets has proven to be as 
accurate as gold standard monadic testing 
but far more discriminating.  The approach 
is able to separate really good from deeply 
average concepts to a far greater degree than 
current methodologies.  Enabling Marketing 
Directors to make better decisions early in the 
process saves their company significant time, 
effort and resources that would otherwise 
be wasted on concepts that never make it 
to market.  Predictive Markets is also able 
to identify polarising concepts, ensuring 
companies don’t miss potentially breakthrough 
ideas with deceptively low average scores that 
might have blockbuster potential. 
Predictive Markets has been used by 10 of the  
world’s 20 largest buyers of market research.
Esomar Congress Award – 
Best Methodological  
Paper 2005 7 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
Preferred supplier of insights validation 
to one of the world’s largest electronics 
companies and used by 4 of the world’s  
20 largest buyers of market research
“
Insights Validator
®
Most new products fail due to inadequate 
consumer understanding – they fail because 
they are not grounded in great consumer 
insights. BrainJuicer
®
 believes that a good 
insight will make a consumer say, ‘wow, you 
really understand me… almost better than I 
understand myself’.  BrainJuicer’s process 
for insights validation measures the critical 
components of a good insight: Resonance 
(‘wow, you really understand me…’) and Edge 
(‘…almost better than I understand myself’). 
Insights Validator
®
 is, we believe, the 
industry’s first methodology for quantitative 
insight validation.  Using our award-winning 
qualitative and quantitative tools, Insights 
Validator
®
 is an innovative solution that 
assesses whether an insight strongly resonates 
with consumers and helps diagnose reasons 
why.  We have developed a large quantitative 
insights database (well over 2,500 strong 
across many countries and categories) which 
provides normable results for assessing the 
potential of our clients’ insights. Insights 
Validator
®
 determines whether an insight is 
good, average or poor and provides actionable 
recommendations for improvement.  Strong, 
validated insights are used by our clients 
as the springboard for strong product 
development and powerful communication.
Insights Validator
®
 has been used by four of the 
world’s 20 largest buyers of market research.
BrainJuicer
®
 has developed an effective tool for identifying 
and validating the most powerful insights which become 
our new product development platforms. They understand 
what really matters in insights: resonance and edge. Their 
people do not stop at the research project but transform 
the learning’s into consumer knowledge and effectively 
capture the emotional implication even in the quantitative 
testing! A pleasure to work with!”
Federico Trovato,
Vice President Consumer Market Intelligence and Strategy 
Philips Consumer Lifestyle 8 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
“
BuSineSS ProfiLe Continued
Supplier of advertising testing to one of the 
world’s largest banks and used by 4 of the 
world’s 20 largest buyers of market research
CommScan
®
Advances in neuroscience and psychology 
have proven emotions drive our decisions 
and behaviour.  At BrainJuicer
®
, we believe 
that the most important predictor of future 
behaviour is a consumer’s emotional reaction 
to the communication. 
CommScan
®
 is our revolutionary approach 
to measuring advertising effectiveness using 
our award winning emotional response 
methodology, FaceTrace
®
 [see inside front 
cover], based on the work of psychologist, 
Paul Ekman. Ekman found there are seven 
basic emotions; surprise, happiness, anger, 
sadness, fear, contempt and disgust, which 
are universally expressed and recognised, 
regardless of culture, country or upbringing. 
FaceTrace
®
 asks customers which of 
the seven universally recognised facial 
expressions of emotion (or neutrality) best 
describes how they feel about the advert 
in question, and to select one of three 
magnitudes to represent the intensity of their 
emotional response.  We then use BrainJuicer’s 
MindReader
®
 to quantitatively analyse why 
they feel a specific emotion in their own words. 
Using these measures, CommScan
®
 is able 
to measure the strength of an advert and its 
likely in-market impact. 
We have undertaken large scale experiments 
in conjunction with the Institute of Practitioners 
of Advertising (IPA) which show that 
BrainJuicer’s emotional measure is a better 
predictor of business effectiveness than the 
measures currently used by the market leading 
advertising testing companies. CommScan
®
 
helps companies make better judgments about 
highly emotional adverts, like the Cadbury 
Gorilla advert that can produce very strong 
business returns. 
CommScan
®
 has been used by four of the  
world’s 20 largest buyers of market research.
FaceTrace
®
 has been instrumental in helping our business 
pull apart the emotional power of our communication 
and in understanding the extent to which it could influence 
subsequent consumer behavior. I am not sure it would have 
been possible with more ‘traditional’ methods.’’
Yvan Goupil
Insights Director  
Pepsico international
Esomar Congress Award – 
Best Methodological  
Paper 2007 9 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
BrainJuicer Labs – Our Commitment to Innovation
“The only way to keep ahead is to experiment...  
When there’s no experimenting, there’s no progress”
Thomas Edison
DigiViduals™
Programmed on Twitter, to 
search for people who fit their 
profile and listen, learn, collect 
their thoughts as his/her own
Me to We 
Research™
The potential of respondents 
as researchers; mass 
ethnographers, mass 
semioticians & co-creators
Mood Metrics™
New to the world metric, 
created to prove the ability 
of a client’s product to 
improve peoples’ mood 
Mobile Moments 
of Truth™
Real-time research 
e.g. shopper marketing, ad 
tracking, new launch tracking
Consumer Deep 
Dives
Consumer deep dives to 
unearth new insight and  
revisit existing research to  
pull out insights
Shopper Marketing
Using leading-edge 
research design to 
understand how best to 
maximise in-store sales
Awards
Most innovative 
use of IT
Most effective use 
of IT in professional 
services
Entrepreneur of the year 
awards 2005 – 
John Kearon
Esomar Congress Award – 
Best Methodology BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009 10
BuSineSS ProfiLe Continued
Our Juicers
“Passion, wit and wisdom; the three words that 
encapsulate BrainJuicer’s spirit and staff”
Orlando Wood, BrainJuicer Innovation Director BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009 11
To find your drive; seek autonomy, gain mastery, 
know your purpose.
BrainJuicer HR haiku 12
Chairman’s Statement 13 
Chief Executive’s Statement 14 
Business and Financial Review 16 
Directors  18
Senior Management  19 
tHe Year in review
BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009 13 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
BrainJuicer
®
 has had another good 
year in financial, operational and 
strategic terms.  Driven entirely by 
continued organic growth, 2009 
revenues increased by 27% to  
£11,814,000.  Operating profit  
also grew by 27% to £1,645,000.
These results were achieved 
against a difficult economic 
background which had an impact 
on many of our clients.  Overall 
spending on market research 
declined in 2009 for the first 
time in many years, and so to 
generate such strong growth 
was no mean achievement.
A look at where our revenues 
and profits arose in 2009 helps 
to illustrate the extent to which 
BrainJuicer
®
 is becoming a truly 
international business.  For the 
first time last year total overseas 
revenues exceeded those 
generated in the UK, reflecting 
in particular strong growth in our 
US business and encouraging 
progress in our new offices in 
Switzerland and Germany.   
Non-UK operating profits also  
increased substantially both in 
absolute terms and as a proportion 
of the total.  We intend to extend  
our geographic footprint further 
by opening new offices in  
China and Brazil in 2010.
We are making progress by 
developing innovative products 
for our clients, which include 
many of the world’s largest 
buyers of market research, 
and by consistently providing 
them with an excellent service.  
Revenues from our distinctive, 
leading edge products, which we 
call “Juicy” products, rose by two 
thirds in 2009.  Levels of client 
satisfaction remain very high as 
evidenced by the continued high 
level of repeat business (clients 
generating around 80% of 2008 
revenue returned in 2009).
BrainJuicer
®
 continues to strike 
what we believe is an appropriate 
balance between delivering 
profit growth in the short term 
and at the same time laying the 
foundations for the substantially 
larger business which we intend 
to become over the next several 
years.  As well as generating 
good growth in profits in 2009, 
we continued to invest heavily 
for a business or our size.  We 
increased headcount in our client 
servicing, operations and product 
development teams.  After the 
year end, in February 2010, we 
announced the appointment 
of Alex Batchelor to the newly 
created position of Chief 
Operating Officer.  Alex brings 
a wealth of relevant experience 
and skills to BrainJuicer
®
, and his 
appointment will enable our Chief 
Executive, John Kearon, to devote 
more of his time to driving growth.
Our investment in generating, 
testing and validating new 
products was stepped up again 
in 2009, an essential element 
in the process of increasing 
our market share with major 
multinational clients.  We have also 
once again committed significant 
funds to enhancing efficiency 
and scalability of our technology 
platform.  A new online survey 
platform is nearing completion.
Market conditions are likely to 
remain difficult in 2010.  We 
nonetheless intend to deliver 
further progress, while continuing 
to invest in those resources 
which will, we believe, enable 
BrainJuicer
®
 to establish itself as 
one of the world’s leading market 
research firms.
Ken ford
Chairman
9 March 2010
tHe Year in review
BrainJuicer
®
 has had another good year in 
financial, operational and strategic terms
Chairman’s Statement BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
Introduction
In 2009 we have continued to 
grow our revenue and profits, 
and we have done so while 
investing more than ever before 
in our product development and 
operations, and in expanding our 
geographic footprint.
While the market has been 
difficult we have nevertheless 
made further steps along the 
path toward our ambitious long 
term goals: to alter and improve 
the way in which major consumer 
companies undertake market 
research and eventually to 
become one of the world’s  
leading research companies.
We recognise that we have a 
long way to go, but we remain 
confident in the building blocks 
we are putting in place and are 
encouraged by the progress we 
are making.  Perhaps the three 
most important data-points which 
under-pin our confidence: we 
are now working with 11 of the 
world’s 20 largest buyers of market 
research (up from nine in 2008), 
our revenue from these clients in 
2009 grew by over 70% year on 
year and since the year end we have 
secured an additional international 
research mandate as a preferred 
supplier from one of them.
If we can continue to attract and 
delight these highly demanding 
buyers of market research, we believe 
our innovative and radical client 
proposition is on the right track.
Priorities
Ultimately and simply, we are trying 
to help some of the world’s largest 
companies create better products, 
packaging and advertising.  We 
understand the challenges they 
face in their creative and innovation 
processes, and we believe that 
sensitive consumer engagement, 
undertaken in the right way, 
plays a key role in inspiring and 
enlightening those innovation 
processes.  Our priority is to 
develop and deliver large scale, 
robust quantitative market research 
which provides that inspiration, and 
not just the validation for which 
such research is traditionally known.
Our focus is often on the difficult 
early stage of the innovation 
process, where creativity and 
consumer insight is most needed, 
and which we believe is the 
segment least well served by our 
competitors.  We also believe that it 
is this early stage which is the most 
critical in the innovation process.
We have two categories of 
product: “Juicy” and “Twist”.  Juicy 
products are entirely different 
from those available elsewhere 
and challenge traditional 
approaches.  Twist products utilise 
industry standard quantitative 
research methods but add our 
unique qualitative diagnostics 
MindReader
®
 and FaceTrace
®
.  
Juicy products offer higher 
value to our clients, and are 
strategically more important 
to the Company.  Because they 
are so different from established 
methods, they take longer to gain 
client acceptance but due to their 
differentiation and defensibility, 
it is these products which will 
fuel our growth.  The success 
of these ‘Juicy’ products is the 
best indicator of our longer term 
positioning and success.  In 2009, 
our Juicy products grew by 66%, 
and represented 61% of our total 
revenue, up from 46% in 2008 
and 44% in 2007.
Our clients tend to be very large, 
and we are a small supplier to 
most of them.  We, therefore, 
have considerable potential from 
our existing client base, and our 
big challenge is to gain a more 
significant share of their market 
research spend.  To achieve this, 
we are looking to secure preferred 
supplier status. 
tHe Year in review
In 2009 we have continued to grow our 
revenue and profits, while investing in 
product development, operations and 
expanding our geographic footprint
14
Chief Executive’s Statement 15 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
Whilst we believe we have the 
innovative products to succeed, 
we recognise we need to establish 
our credibility as an international 
partner to the world’s largest 
companies.  Market research 
tends to be a risk averse and 
conservative industry, and it 
can take a number of years of 
demonstrating value, proving 
validity, and building trusted 
relationships before clients will 
nominate a particular product 
and a particular supplier to such 
preferred status.  However, it is a 
prize worth winning.
To date the Group has one 
established preferred supplier 
relationship, and the revenue from 
that client was around £1 million 
in 2009.  We are beginning to 
be invited to tender more often 
for these positions, alongside 
the largest market research 
companies.  Since the year 
end we have secured a second 
international mandate with one of 
the world’s largest food companies 
and we are optimistic that in due 
course we will win more.
It is important for us to continue to 
expand our geographic coverage.  
Whilst our online platform enables 
us to undertake research wherever 
our clients need it, we also need 
offices in those countries in which 
our multinational clients have their 
main buying points.  We now have 
offices in the three largest market 
research markets: US, UK and 
Germany, and also in Switzerland 
where many multinational companies 
have located their European 
headquarters.  We are also 
represented in Australia through 
a licensing agreement, and in 
Canada where our former licence 
partner has become a wholly 
owned subsidiary since the year 
end.  The next priority countries 
for us are the high growth and 
strategically important markets for 
our clients; China and Brazil.
Profitability and growth
Our revenue growth at 27% 
was below our previous average 
annual growth rate of 37%, but 
nevertheless was very pleasing 
in a year when the economic 
backdrop was so difficult.  We 
have bold long term ambitions, so 
despite the challenging economic 
conditions, we continued to invest 
for the future whilst continuing to 
deliver short term profitability.  In 
2009, we maintained our margins, 
and operating profit therefore 
also grew by 27%.  The business 
remains strongly cash generative, 
and even after substantial 
investment for future growth 
our year end net cash balance 
increased significantly.
Prospects
In 2010 we intend to launch 
more innovation, open offices 
in Brazil and China and deliver 
further significant growth and 
strategic progress.  Our ambitious 
aim over the next decade is to 
become a top 10 global market 
research group.
John Kearon
Chief Juicer
9 March 2010
In 2010 we intend to launch more innovation, open 
offices in Brazil and China and deliver further significant 
growth and strategic progress BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
Operations
The Company grew revenue by 
27% in 2009 in actual terms, and 
22% in constant currency terms, 
to £11,814,000.  This revenue 
increase was driven by continued 
strong progress in the US, growing 
at 60% (48% in constant currency 
terms) to £2,576,000, and by very 
encouraging contributions from 
our new offices in Switzerland and 
Germany.  The US is a very large, 
sophisticated and competitive 
research market, and it is very 
encouraging that our products are 
being so well received by our large 
US clients.  The Company’s UK 
business recovered after a slow 
start to the year (revenue for the full 
year was 2% down).  Our Dutch 
business held its own, with revenue 
growing at 10% (0% in constant 
currency terms).  For the first 
time, aggregate overseas revenue, 
at £6,289,000, exceeded that 
generated in the UK (£5,525,000).
All of our offices were profitable, 
including Switzerland and Germany 
in only their first full year of 
operation.  Some 51% of total 
EBIT before central overheads 
of £4,913,000 arose in the 
UK, compared with 70% in 
2008.  This reflected a modest 
8% decline in UK profit, strong 
profit growth in the US and 
Netherlands, and maiden full year 
contributions from our new offices 
in Switzerland and Germany.
Together with our licence partner 
in Australia and our operation in 
Canada, which became a wholly 
owned subsidiary in January 2010, 
our offices are located in countries 
which cover 60% of the global 
research market.  This broad 
geographic coverage is important  
as we need to align our client 
service teams to the regional buying 
points of our multinational clients.
The Company’s client base has 
remained at around 140 companies, 
but the concentration toward our 
largest clients has increased.  We 
now serve 11 of the world’s 20 
largest buyers of market research 
(up from nine in 2008) and the year-
on-year revenue growth from those 
clients in 2009 was 70%.  Client 
satisfaction and repeat business 
remains high with 80% of 2008 
revenue from clients who have 
returned in 2009.  We delivered a 
total of 601 client projects in 2009, 
and the average revenue per project 
was £20,000 (2008: £19,000), 
which is indicative of continued 
progress in winning larger, more 
international projects from clients.
We have continued to build our 
teams.  Average headcount in 
2009 was 70 people, up from 59 
in 2008.  As well as increasing our 
front line client servicing teams, we 
have also increased significantly 
our operations and product 
development (“BrainJuicer Labs”) 
teams.  This represents a sizeable 
investment for the Company, and 
one which while dilutive to our 
profits in 2009 will, we believe, 
position us well to achieve our 
growth aspirations.  Through 
efficiency and scale gains, we 
have still managed to increase our 
average revenue per employee to 
£169,000 (2008: £158,000). 
Financial Performance
The Company grew revenue in 
2009 to £11,814,000 (2008: 
£9,322,000).  Gross profit grew 
by 30% to £8,935,000 (2008: 
£6,864,000), representing 76% 
of revenue (up from 74% in 2008).  
Administrative expenses grew 
by 31% to £7,290,000 (2008: 
£5,574,000) due primarily to the 
headcount increase.  However, within 
administrative expenses is a foreign 
exchange loss of £164,000 (2008: 
£158,000 gain).  Administrative 
expenses before these foreign 
exchange items rose by 24%.  
Operating profit grew 27% to 
£1,645,000 (2008: £1,290,000) and 
operating margin was flat at 13.9% 
(2008: 13.8%).  Interest income from 
our cash balances was negligible at 
£13,000 (2008: £82,000) due to the 
fall off in interest rates, giving a profit 
before tax of £1,658,000 (2008: 
£1,372,000).  Our tax charge was 
£473,000 (2008: £408,000) and 
the effective tax rate was 29% (2008: 
30%).  Profit after tax grew 23% to 
£1,185,000 (2008: £964,000).
Basic earnings per share grew 
to 9.2p (2008: 7.6p) and diluted 
earnings per share to 9.0p (2008: 
7.4p).  Basic earnings per share is 
calculated as profit after tax divided 
by the weighted average number 
of shares in issue during the year 
(12,923,663, up from 12,610,803 
in 2008).  Diluted earnings per 
share accounts for shares that 
would be issued on exercise of 
employee stock options.  The 
weighted average number of 
shares for our diluted earnings per 
share calculation was 13,107,085 
shares (2008: 13,108,126 shares).
The Company generated £811,000 
(2008: £43,000) of cash flow 
before dividends, interest and 
share transactions (employee stock 
option share issues and treasury 
share purchases), after investing 
£470,000 (2008: £550,000) in its 
software technology and other non-
current assets.  It paid £207,000 
in dividends (2008: £277,000 
including a 1.7p per share special 
dividend), received £13,000 of 
interest (2008: £82,000) received 
£38,000 from stock option share 
issues (2008: £4,000) and paid 
£39,000 in treasury share purchases 
(2008: £nil).  The Company’s net
The Company grew revenue by 27% in 
2009 to £11,814,000 and gross profit 
grew by 30% to £8,935,000
16
tHe Year in review
Business and Financial Review 17 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
increase in cash was £616,000 
(2008: a decline of £148,000) and 
its cash balance at year end was 
£2,343,000 (2008: £1,727,000).  
The Company’s trade and other 
receivables (its biggest asset) 
was £4,073,000 at year end 
(2008: 3,206,000), and the debtor 
payback period was 75 days (2008: 
66 days).  Its net assets were 
£4,735,000 (2008: £3,627,000).
The Company’s non-current 
assets include £832,000 (2008: 
£516,000) of software development 
in progress.  This represents a new 
online survey platform that has taken 
several years to build and is nearing 
completion.  It is anticipated that 
this new platform will be deployed 
during the second half of 2010, and 
will have a useful economic life of at 
least four years.  The Company has 
not started to depreciate this asset, 
as it is not yet ready for use, but will 
do so once it starts to deploy it.
The Company paid an interim 
dividend of 0.6p per share in 
September 2009, a 20% increase 
on the 2008 interim payment of 0.5p 
per share.  The Board now proposes 
a final dividend of 1.3p per share, 
30% higher than the 1.0p per share 
2008 final dividend (in 2008 we 
also paid a special one-off dividend 
of 1.7p per share).  The Board has 
also approved a first interim dividend 
for 2010 of 0.6p per share, for 
payment prior to 6 April 2010 when 
the income tax rate increases for 
higher rate tax payers.  Our financial 
position remains strong, with healthy 
cash flows and cash balances, and 
we expect to maintain a progressive 
dividend policy.
Risks
Loss of a significant client 
This is perhaps the biggest risk the 
Company faces.  We, therefore, go 
to considerable lengths to monitor 
our service quality.  Client feedback 
is sought on many projects from 
a member of staff not connected 
with the project itself.  Over the 
last financial year, this independent 
feedback has again revealed high 
levels of client satisfaction.
Loss of key personnel 
Whilst the loss of a senior member 
of the team would have a negative 
impact on the business, the Board 
does not view the business as 
being overly dependent on any one 
individual.  We place considerable 
demands on our people, and we are, 
therefore, at risk of staff turnover.  
However, the work environment 
is stimulating and we attempt 
to ensure that our remuneration 
levels and structure encourages 
loyalty.  We offer a combination of 
competitive basic salaries, attractive 
performance related bonuses, a 
comprehensive package of benefits 
(commensurate with those found 
in larger corporates) and a broad-
based employee stock option plan.
Material adverse event leading to a 
significant loss of property, software, 
or data, or an adverse legal claim 
Whilst it is not possible to ensure 
all eventualities are covered, we 
have continued to endeavour to 
protect the business in a sensible 
manner through a combination of:
 • Comprehensive professional 
indemnity insurance;
 Frequent and multiple backups • 
and archiving of data on all 
servers; and
 Sufficient focus on legal • 
protections, for example through 
our terms and conditions.
Major outage in our survey 
delivery platform 
All of our research is online and is 
run through our software platform.  
Were there to be a major outage 
due to a security breach or 
capacity issues or other problems, 
we could be prevented from 
building surveys, collecting data 
and downloading results.  This 
may result in a significant delay 
in delivering client projects, with 
the consequent loss of revenue, 
reputational damage, and costs of 
remedying the situation.  We have 
suffered relatively minor outages 
from time-to-time but none has led 
to significant financial loss.  Our 
new software platform which is 
nearing completion will provide 
significantly enhanced capacity, 
and we are planning on improving 
our software security.  Most of our 
physical hardware is located in a 
secure third party data centre.
Summary
The Company has emerged from 
a year with a difficult economic 
backdrop in a strong postition.  
Growth is down on our trend rate, 
but we have grown significantly 
nevertheless.  Revenue, profit, 
earnings per share, cash flow 
and dividends are all up on 
2008, and in all cases by healthy 
percentages.  Perhaps more 
importantly, we have not held back 
on investment in any of the areas 
that we feel are key to our future 
growth: product development, 
geographic expansion, operations, 
and our technical platform.  We 
continue to feel confident in our 
positioning, with our innovative 
products, multinational client base 
and highly regarded team.
James geddes
Chief Financial Officer
9 March 2010
The company has emerged from a year with a 
difficult economic backdrop in good shape BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009 18
Ken Ford
Chairman
Ken was previously Chief 
Executive of Teather & Greenwood, 
the investment bank, becoming 
Deputy Chairman and Chairman 
of Corporate Finance in 2004, and 
brings 36 years City experience to 
the Company, including a strong 
understanding of shareholder 
value, strategic planning and 
corporate transactions. Ken was 
Chairman of the UK Society of 
Investment Analysts between 
1985 and 1987, Chairman of 
the Quoted Company’s Alliance 
(QCA) in 2003-2004 and is a 
former member of the EU Advisory 
Committee to the Corporation 
of London. Ken’s previous 
directorships include Aberdeen 
Asset Management, Morgan 
Grenfell and Wedd Durlacher.
John Kearon
Chief Executive Officer 
John is responsible for overall 
strategic direction and commercial 
development of the Group. John’s 
role in establishing and developing 
the BrainJuicer
®
 business made 
him Ernst & Young’s “Emerging 
Entrepreneur of the Year” in 2005. 
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.
Mark Muth
Non-executive director
Mark is one of the three directors of 
Unilever Ventures and negotiated 
Unilever UK Holdings’ investment 
in BrainJuicer
®
 in January 2003. He 
has over 20 years of experience 
in banking and venture capital. 
Unilever Ventures leads and 
manages investments in start-
up and early stage companies, 
drawing on the Unilever group 
of companies’ expertise in food, 
home and personal care consumer 
products to bring value to its 
portfolio companies. 
James Geddes
Chief Finance Officer
James is responsible for the finance 
and administrative functions within 
the Group. James is a Chartered 
Accountant, holds a Diploma in 
Corporate Treasury Management 
and is graduate of Harvard 
Business School’s executive 
programme. He has over 20 years of 
financial management experience 
and was previously Assistant 
Treasurer of Fosters Brewing 
Group Limited, Executive Director, 
International Corporate Finance at 
MediaOne Group and CFO of Iobox 
Oy (backed by Morgan Stanley 
Capital and sold to Telefonica). 
James has been BrainJuicer’s CFO 
since the Unilever UK Holdings’ 
investment in January 2003.
Simon godfrey
Non-executive director
Simon has over 30 years’ 
experience in the quantitative 
research industry. Simon 
was a director of Research 
Bureau Limited (now Research 
International UK Limited) until 
1985 when he founded Simon 
Godfrey Associates (“SGA”). 
SGA was one of the largest UK 
research suppliers when acquired 
by WPP Plc in 1998. Simon has 
been a non-executive director of 
BrainJuicer UK since the Unilever 
UK Holdings’ investment in 
January 2003.
tHe Year in review
Directors 19 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
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.
Jonathan Gable
Germany  
Managing Director 
Jonathan has broad international 
experience in FMCG marketing 
and research, and has worked at 
both start-ups and well established 
blue chip companies such as 
Colgate-Palmolive, General Mills, 
and Dunkin’ Brands. His experience 
as both a buyer and supplier 
of quantitative and qualitative 
research has given him a strong 
understanding of clients’ research 
and business needs, especially 
in the German market. Jonathan 
comes from Southern California but 
has lived and worked in Germany 
for the past 20 years. 
Mark Johnson
Switzerland  
Managing Director 
Mark started his career as a 
strategic planner working for 
market research, innovation and 
branding consultancies – first in 
London, then in Paris. In these 
roles, he has advised more than 
30 companies in a broad range 
of categories and sectors. Before 
joining BrainJuicer
®
, Mark was 
responsible for market research 
studies linked to innovation at 
Cereal Partners Worldwide (the 
joint venture between Nestlé 
and General Mills). Mark has a 
degree in Political Science from 
the University of Geneva and a 
Masters in Communications from 
the University of Stirling, Scotland. 
Ari Popper 
North America  
Managing Director
Ari joined BrainJuicer
®
 in 
January 2007 and now leads 
our North American Team. Ari 
was previously a Vice President 
at Millward Brown and Senior 
Manager of its Los Angeles 
Office. Ari’s areas of specialism 
include consumer segmentation, 
early creative development, 
brand strategy and marketing 
communication effectiveness.
Susan Griffin 
Vice President of Marketing and 
Business Development 
With over 20 years of experience, 
Susan comes to BrainJuicer
®
 with a  
keen understanding of the research 
industry as a client as well as a 
consultant. Most recently at vendors 
like GMI, Material ConneXion 
and Aberdeen Group, at Thomas 
Publishing and at entrepreneurial 
start ups like SoftWatch, and 
Voyager on the client side, 
Susan established herself as a 
highly successful marketeer and 
business development professional. 
Susan’s domain expertise extends 
to consumer and industrial products 
development, supply chain 
management, healthcare informatics, 
and financial services, having started 
her career at the American Stock 
Exchange where she rose to the 
rank of Vice President.
Evert Bos
Netherlands  
Managing Director
Evert has been with BrainJuicer
®
 
since the end of 2004 as 
Netherlands Managing Director. 
Evert has twelve years’ marketing 
and research experience with the 
Unilever Group of companies in 
the Netherlands. He managed 
the Dutch integration of 
Bestfood’s Knorr and Conimex 
brands and was Head of Market 
Research at Bestfood before 
joining BrainJuicer
®
.
Senior Management 20
Directors’ Report 21 
Corporate Governance Report 23 
Remuneration Report 25 
Statement of Directors’ Responsibilities 27 
Governance
BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009 21
Directors’ report
The directors present the annual report and audited financial statements of BrainJuicer Group plc (Registered Company 
Number: 5940040) for the year ended 31 December 2009.
principal activities and business review
We are a full service quantitative market research agency.
The profit attributable to equity holders of the Company for the financial year was £1,185,000 (2008: £964,000) as 
shown in the consolidated income statement set out on page 30.
A further review of the business and likely future developments of the Group is given in the Chairman’s Statement on 
page 13 and in the Business and financial review on pages 16 to 17.
The Directors have declared dividends as follows:
2009 
£’000
2008 
£’000
Ordinary Shares
Interim paid, 0.6p per share (2008: 0.5p interim and 1.7p per share special) 77 277
Proposed final, 1.3p per share (2008: 1p per share) 168 130
Total ordinary dividends, 1.9p per share (2008: 1.5p and 1.7p per share special) 245 407
The interim dividend was paid on 30 October 2009 to shareholders on the register at the close of business on  
2 October 2009.
the directors and their interests
The present membership of the Board is set out below.  All directors served throughout the year.
John Kearon
James Geddes
Ken Ford
Simon Godfrey
Mark Muth
Directors’ interests in the Ordinary Shares of the Company and in share options are disclosed in the Remuneration report.
principal risks and uncertainties
The principal risks and uncertainties affecting the Group are explained in the business and financial review. 
post balance sheet events
On 7 January 2010, the Group entered into a share purchase agreement to acquire the entire issued share capital of High 
Level Research Inc., a company incorporated in Canada, for cash consideration of CAD$1.  The net assets and goodwill 
of the acquiree are not material to the Group.
On 4 January 2010, the Company purchased 37,000 ordinary shares of 1 pence each in the Company into treasury at 
a price of 131.5 pence in accordance with the authority granted to it by shareholders at the Annual General Meeting 
held on 13 May 2009.  17,000 of the shares purchased have been transferred out of treasury to award shares under the 
Company’s Employee Share Incentive Plan.
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 2009, trade payables represent 54 days 
of average purchases of the Group (2008: 67 days).
Donations
There were no donations to political parties or charitable organisations (2008: £nil). 22 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
share capital
Details of changes in the share capital of the Company during the year are given in note 11 to the financial statements.  
As at 28 February 2010, the Company was aware of the following interests in 3% or more of the ordinary issued share 
capital of the Company.
substantial shareholdings
At 28 February 2010 
Number %
John Kearon 5,535,164 42.8
Unilever UK Holdings Limited 4,883,643 37.8
purchase of own shares
On 8 July 2009, the Company purchased 30,000 Ordinary Shares (nominal value of £300) into treasury at a price of 
130 pence per share (representing 0.23% of the called up share capital) in accordance with the authority granted to it by 
shareholders at the Annual General Meeting held on 13 May 2009.  The purchased shares have been transferred out of 
treasury to award shares under the Company’s Employee Share Incentive Plan.
employment policies
The Group is committed to following the applicable employment laws in each territory in which it operates.  The Group 
is committed to fair employment practices, including the prohibition of all forms of discrimination and attempts as far as 
possible to give equal access and fair treatment to all employees on the basis of merit.  Wherever possible we provide the 
same opportunities for disabled people as for others.  If employees become disabled we would make every effort to keep 
them in our employment, with appropriate training where necessary.
Health and safety policies
The Group is committed to conducting its business in a manner which ensures high standards of health and safety for its 
employees, visitors and the general public.
auditor
The auditors, Grant Thornton UK LLP, have indicated their willingness to continue in office, and a resolution that they be 
re-appointed will be proposed at the Annual General Meeting.
BY ORDER OF THE BOARD
James Geddes
Chief Financial Officer
9 March 2010
Directors report continueD BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009 23
introduction
The Board of BrainJuicer Group plc is committed to high standards of corporate governance, which it considers a   
pre-requisite to support the growth and ambitions of the Group.  Whilst it is not a requirement for companies listed on the 
Alternative Investment Market (“AiM”) to comply with all the provisions in the Combined Code, the Board takes the Code 
seriously.  The Group also places particular importance on the guidelines issued by the Quoted Companies Alliance for 
AiM Companies. 
There are areas where the Group is not in compliance with the Combined Code but the Directors believe that full 
compliance is not practicable for a group of BrainJuicer’s size and at its stage of development.  This report sets out the 
procedures and systems currently in place at BrainJuicer
®
 and explains why the Board considers them effective.  The 
Board has committed to reviewing compliance with the Code regularly.
the Board
The Board comprises two executive directors and three non-executive directors.  Their biographical details are presented 
on page 18.
The Board meets formally on a monthly basis and each of the directors in office during the year attended all 12 meetings.  
The Board discharges its responsibilities through both monthly management team meetings which are attended by the 
executive directors and the five country managers and regular informal meetings as would be expected in a Group of 
BrainJuicer’s size.
Ken Ford is Chairman of the Group and John Kearon its Chief Executive Officer.  John is also the founder of BrainJuicer
®
 
and a significant shareholder.  His role centres on formulating the Group’s strategy and driving its commercial 
development.  The Board’s three non-executive directors act as a sounding board and challenge the executive directors 
both at monthly Board meetings and on a regular and informal basis.  Matters referred to the Board are considered by 
the Board as a whole and no one individual has unrestricted powers of decision.  There are procedures and controls, 
including a schedule of matters that require the Board’s specific approval.  This schedule includes:
 approval of the Group’s strategy, long-term objectives and business plan; • 
 approval of  the extension of the Group’s activities into new territories; • 
 approval of significant capital expenditure beyond that budgeted; • 
 changes relating to the Group’s capital structure, including debt-raising, reduction of capital, share issues and buy backs; • 
 ensuring that the Group has effective reporting and internal control systems and an adequate risk assessment procedure; • 
 nominations for Board and Committee appointments; and • 
 consideration of key senior management appointments. • 
Where directors have concerns which cannot be resolved in connection with the running of the Group or a proposed 
action, their concerns would be recorded in the Board Minutes.  This course of action has not been required to date.
The directors can obtain independent professional advice at the Company’s own expense in performance of their duties 
as directors.
Each year at the Annual General Meeting, one-third of directors are required to retire by rotation, provided all directors are 
subject to re-election at intervals of no more than three years.  This year, Simon Godfrey and Mark Muth are scheduled to 
retire by rotation and have confirmed their willingness to be put forward for re-election at the Annual General Meeting.
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.  However, the Board considers Mark to have acted in an independent 
manner, and at all times to have endeavoured to act in the interests of all shareholders.  Moreover, Mark does not have a 
material economic interest in BrainJuicer
®
 given his 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 pages 25 and 26.
corporate Governance report 24 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
audit committee
The Audit Committee, comprising Mark Muth (Chairman), Simon Godfrey and Ken Ford, the three non-executive directors, 
was established on 17th November 2006.
The Board considers that Mark Muth has recent and relevant financial experience.  He has built a career in banking and 
venture capital and is a member of the Board of several small, entrepreneurial companies.  If required, the committee is 
entitled to request independent advice at the Company’s expense in order for it to effectively discharge its responsibilities.
The Committee’s main role and responsibilities are to:
 monitor the integrity of the financial statements of the Group; • 
 review the Group’s internal financial controls and risk management systems; • 
 make recommendations to the Board, for it to put to the shareholders for their approval in relation to the appointment of • 
the external auditor and to approve the remuneration and terms of reference of the external auditor;
 discussion of the nature, extent and timing of the external auditor’s procedures and discussion of external auditor’s findings; • 
 review and monitor the external auditor’s independence and objectivity and the effectiveness of the audit process; • 
 develop and implement policy on the engagement of the external auditor to supply non-audit services; • 
 report to the Board, identifying any matters in respect of which it considers that action or improvement is required; and • 
 ensure a formal channel is available for employees and other stakeholders to express any complaints in respect of • 
financial accounting and reporting.  
The Committee is scheduled to meet twice in each financial year and at other times if necessary. 
The Group does not currently have an internal audit function, which the Board considers appropriate for a Group of BrainJuicer’s 
size.  The Audit Committee will review risk assessments and the need for an internal audit function on a periodic basis.
internal control procedures
The Board is responsible for the Group’s system of internal controls and risk management, and for reviewing the 
effectiveness of these systems.  These systems are designed to manage, rather than eliminate, the risk of failure to 
achieve business objectives, and to provide reasonable, but not absolute assurance against material misstatement or loss.
The key features of the Group’s internal controls are described below:
 a clearly defined organisational structure with appropriate delegation of authority; • 
 the approval by the Board of a one year budget, including monthly income statements, balance sheets and cash flow • 
statements.  The budget is prepared in conjunction with Country Managers to ensure targets are feasible;
 the business plan is updated on a periodic basis to take into account the most recent forecasts.  On a monthly basis, • 
actual results are compared to the budget and to the latest forecast and presented to the Board on a timely basis;
 regular reviews by the Board and by the senior management team of key performance indicators; • 
 a limited number of directors and senior executives are able to sign cheques and authorise payments.  Payments are • 
not permitted without an approved invoice; and
 reconciliations of key balance sheet accounts are performed and independently reviewed by the finance team. • 
The Board in conjunction with the Audit Committee keeps under review the Group’s internal control system on a periodic 
basis.  The Board acknowledges that there is room to improve procedures and intends to ensure risk assessment 
procedures and responses are continuously improved.
communications with shareholders
The Board recognises the importance of regular and effective communication with shareholders.  The primary forms of 
communication are:
 the annual and interim statutory financial reports and associated investor and analyst presentations and reports; • 
 announcements relating to trading or business updates released to the London Stock Exchange; and • 
 the Annual General Meeting provides shareholders with an opportunity to meet the Board of directors and to ask • 
questions relating to the business.
Going concern
After making enquiries, at the time of approving the financial statements the Directors have a reasonable expectation that 
the Company and the Group have adequate resources to continue in operational existence for the foreseeable future.   
For this reason, the Directors continue to adopt the going concern basis in preparing the financial statements.  
corporate Governance report continueD BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009 25
remuneration committee
The Group has established a Remuneration Committee, comprising the three non-executive directors, Ken Ford,  
Simon Godfrey and Mark Muth.
The Committee’s main role and responsibilities are as follows:
 to review, and determine on behalf of the Board, the specific remuneration and incentive packages for each of the • 
company’s executive directors;
 to review, and approve on behalf of the Board, the remuneration and benefits of senior management; • 
 to review, and make recommendations to the Board in respect of, the design of remuneration structures and levels of • 
pay and other incentives for employees of the Group, including share option awards and any adjustments to the terms 
of share ownership and share option schemes; and
 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 2009 are given in note 11 to the financial statements.
service agreements
The executive directors entered into service agreements with BrainJuicer Limited, a wholly owned subsidiary of the 
Company on 22nd January 2003.  The agreements include restrictive covenants which apply during employment and for a 
period of 12 months after termination.  
John Kearon’s agreement can be terminated on six month’s notice in writing by either the Company or by John.  James 
Geddes’ agreement can be terminated on 12 months notice in writing by the Company and 6 months’ notice by James.
non-executive directors
The remuneration of the non-executive directors is determined by the executive directors.
Ken, Mark and Simon’s appointments can be terminated on six months’ notice in writing by either the Company or by the 
non-executive director.  However, the Company has entered into an agreement not to exercise its right to terminate Mark’s 
appointment for as long as Unilever UK Holdings Limited remains the registered holder of not less than 10 per cent of the 
issued share capital of the Company.
remuneration report 26 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
Directors’ emoluments
Remuneration in respect of the directors was as follows:
2009 
£ 
2008 
£ 
Aggregate emoluments 368,867 375,264
Gains made on exercise of share options 258,571 –
Money purchase pension contributions 15,883 14,908
643,321 390,172
Emoluments of highest paid director:
2009 
£ 
2008 
£ 
Aggregate emoluments 135,829 178,025
Gains made on exercise of share options 188,956 –
Money purchase pension contributions 6,954 8,118
331,739 186,143
Two of the directors (2008: Two) participated in a money purchase pension scheme operated by the Company.
Directors’ interests 
Directors’ interests in Ordinary Shares of 1p each as at 31 December 2009 are shown below:
Number of 1p Ordinary Shares
31 Dec 2009 1 Jan 2009
John Kearon 5,630,187 5,660,187
James Geddes 373,325 144,515
Ken Ford 20,000 20,000
Simon Godfrey 84,298 –
The following directors held share options over 1p Ordinary Shares in the Company as at 31 December 2009:
Date of grant
Earliest 
exercise 
date Expiry date
Exercise 
price (p)
Number at
1 Jan 2009
Granted
in year
Exercised 
in year
Number at 
31 Dec 2009
John Kearon
19/01/2007 01/01/2008 18/01/2017 162.5p 60,213 – – 60,213
James Geddes
15/09/2003 01/01/2004 14/01/2013 11.4p 228,810 – (228,810) –
19/01/2007 01/01/2008 18/01/2017 162.5p 60,213 – – 60,213
289,023 – (228,810) 60,213
Simon Godfrey
21/01/2003 01/01/2004 20/01/2013 11.4p 84,298 – (84,298) –
An option will normally vest as to one third on 1 January following the date of grant and a further third on the next 
1 January and the remaining third on the following 1 January so that the option will be fully vested from the second 
anniversary of 1 January following the date of grant.  It is then exercisable until the tenth anniversary of the date of grant.  
The exercise price at grant date is equal to the Company’s share price at the date of grant.
simon Godfrey
Chairman of the Remuneration Committee
9 March 2010 
remuneration report continueD BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009 27
statement of Directors’ responsiBilities
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 as adopted 
by the European Union (IFRSs) and have elected 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 group and parent company and of 
the profit or loss of the group for that period.  In preparing these financial statements, the directors are required to:
 select suitable accounting policies and then apply them consistently; • 
 make judgments and estimates that are reasonable and prudent; • 
 state whether applicable IFRSs and United Kingdom Accounting Standards in respect of the group and parent • 
company financial statements respectively, have been followed, subject to any material departures disclosed and 
explained in the financial statements; and
 prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will • 
continue in business.
The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any 
time the financial position of the Company and the Group and enable them to ensure that the financial statements comply 
with the Companies Act 2006.  They are also responsible for safeguarding the assets of the Company and the Group and 
hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as each of the directors is aware:
 there is no relevant audit information of which the Company’s auditors are unaware; and • 
 the directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit • 
information and to establish that the auditors are aware of that information.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on 
the Company’s website.  Legislation in the United Kingdom governing the preparation and dissemination of financial 
statements may differ from legislation in other jurisdictions. 
James Geddes
Company Secretary and Chief Financial Officer
9 March 2010
  28 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
Report of the Independent Auditor 29 
Consolidated Income Statement 30 
Consolidated Statement of  
Comprehensive Income 31  
Consolidated Balance Sheet 32 
Consolidated Cash Flow Statement 33  
Consolidated Statement of  
Changes in Equity  34 
Notes to the Consolidated  
Financial Statements 35
BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
consoliDateD financial statements BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009 29
We have audited the financial statements of BrainJuicer Group plc for the year ended 31 December 2009 which 
comprise the consolidated balance sheet and parent company balance sheet, the consolidated income statement, the 
consolidated statement of comprehensive income, the consolidated statement of cash flows, the consolidated statement 
of changes in equity and the related notes.  The financial reporting framework that has been applied in the preparation of 
the group financial statements is applicable law and International Financial Reporting Standards (IFRSs) as adopted by 
the European Union.  The financial reporting framework that has been applied in the preparation of the parent company 
financial statements is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted 
Accounting Practice).
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the 
Companies Act 2006.  Our audit work has been undertaken so that we might state to the company’s members those 
matters we are required to state to them in an auditor’s report and for no other purpose.  To the fullest extent permitted by 
law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, 
for our audit work, for this report, or for the opinions we have formed.
respective responsibilities of directors and auditors
As explained more fully in the Statement of Directors Responsibilities set out on page 27, the directors are responsible for  
the preparation of the financial statements and for being satisfied that they give a true and fair view.  Our responsibility is 
to audit the financial statements in accordance with applicable law and International Standards on Auditing (UK and  
Ireland).  Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.
scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on the APB’s website at www.frc.org.uk/apb/
scope/UKNP.
opinion on financial statements
In our opinion:
 the financial statements give a true and fair view of the state of the group’s and of the parent company’s affairs as at  • 
31 December 2009 and of the group’s profit for the year then ended; 
 the group financial statements have been properly prepared in accordance with IFRS as adopted by the European Union; • 
 the parent company financial statements have been properly prepared in accordance with United Kingdom Generally • 
Accepted Accounting Practice; and
 the financial statements have been prepared in accordance with the requirements of the Companies Act 2006. • 
opinion on other matter prescribed by the companies act 2006
In our opinion the information given in the Directors’ Report for the financial year for which the financial statements are 
prepared is consistent with the financial statements.
matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you 
if, in our opinion:
 adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not • 
been received from branches not visited by us; or
 the parent company financial statements are not in agreement with the accounting records and returns; or • 
 certain disclosures of directors’ remuneration specified by law are not made; or • 
 we have not received all the information and explanations we require for our audit. • 
John corbishley
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
Central Milton Keynes
9 March 2010
report of tHe inDepenDent auDitor  
to tHe memBers of BrainJuicer Group plc  30 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
Note
2009
£’000
2008
£’000
Revenue 4 11,814 9,322
Cost of sales (2,879) (2,458)
Gross profit 8,935 6,864
Administrative expenses (7,290) (5,574)
Operating profit 4 1,645 1,290
Investment income 18 13 82
Finance costs – –
Profit before taxation 1,658 1,372
Income tax expense 19 (473) (408)
Profit for the financial year 1,185 964
Attributable to equity holders of the Company 1,185 964
Earnings per share for profit attributable 
to the equity holders of the Company
Basic earnings per share 21 9.2p 7.6p
Diluted earnings per share 21 9.0p 7.4p
All of the activities of the Group are classed as continuing.
The notes on pages 35 to 53 are an integral part of these consolidated financial statements.
consoliDateD income statement 
for tHe year enDeD 31 DecemBer 2009 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009 31
2009
£’000
2008
£’000
Profit for the financial year 1,185 964
Other comprehensive income:
Exchange differences on translating foreign operations (65) 163
Other comprehensive income for the year, net of tax 1,120 1,127
Total comprehensive income for the year and amounts attributable to equity holders 1,120 1,127
consoliDateD statement of compreHensive income
for tHe year enDeD 31 DecemBer 2009
The notes on pages 35 to 53 are an integral part of these consolidated financial statements. 32 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
Note
2009
£’000
2008
£’000
2007
£’000
ASSETS
Non-current assets
Property, plant and equipment 5 112 157 119
Intangible assets 6 862 625 328
Financial assets – available for sale 
investments 7 133 90 –
Deferred tax asset 20 41 61 222
1,148 933 669
Current assets
Inventories 9 12 14 16
Trade and other receivables 10 4,073 3,206 2,630
Cash and cash equivalents 2,343 1,727 1,875
6,428 4,947 4,521
Total assets 7,576 5,880 5,190
EQUITY
Capital and reserves attributable to 
equity holders of the Company
Share capital 11 129 126 126
Share premium account 1,447 1,412 1,408
Merger reserve 477 477 477
Foreign currency translation reserve 149 214 51
Other reserve 449 290 278
Retained earnings 2,084 1,108 412
Total equity 4,735 3,627 2,752
LIABILITIES
Non-current
Provisions 12 28 48 –
Non-current liabilities 28 48 –
Current
Provisions 12 25 – –
Trade and other payables 13 2,593 2,074 2,092
Current income tax liabilities 195 131 346
Current liabilities 2,813 2,205 2,438
Total liabilities 2,841 2,253 2,438
Total equity and liabilities 7,576 5,880 5,190
These financial statements were approved by the directors on 9 March 2010 and are signed on their behalf by:
John Kearon James Geddes
Director Director
consoliDateD Balance sHeet 
as at 31 DecemBer 2009
The notes on pages 35 to 53 are an integral part of these consolidated financial statements. BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009 33
Note
2009
£’000
2008
£’000
Net cash generated from operations  24 1,645 1,138
Tax paid (364) (545)
Net cash generated from operating activities 1,281 593
Cash flows from investing activities
Purchases of property, plant and equipment (70) (124)
Purchase of intangible assets (357) (336)
Purchase of available for sale financial assets (43) (90)
Interest received 13 82
Net cash used by investing activities (457) (468)
Cash flows from financing activities
Proceeds from other issuance of Ordinary Shares 38 4
Dividends paid (207) (277)
Purchase of own shares (39) –
Net cash used by financing activities (208) (273)
Net increase/(decrease) in cash and cash equivalents  616 (148)
Cash and cash equivalents at beginning of year 1,727 1,875
Cash and cash equivalents at end of year 2,343 1,727
consoliDateD casH flow statement  
for tHe year enDeD 31 DecemBer 2009
The notes on pages 35 to 53 are an integral part of these consolidated financial statements. 34 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
consoliDateD statement of cHanGes in equity 
for tHe year enDeD 31 DecemBer 2009
Share 
capital
£’000
Share 
premium 
account
£’000
Merger 
reserve
£’000
Foreign 
currency 
translation 
reserve
£’000
Other 
reserve
£’000
Retained 
earnings
£’000
Total
£’000
At 1 January 2008  126 1,408 477 51 278 412 2,752
Profit for the financial year – – – – – 964 964
Other comprehensive income:
– currency translation differences – – – 163 – – 163
Total comprehensive income – – – 163 – 964 1,127
Transactions with owners:
Employee share options scheme:
– value of employee services – – – – 105 – 105
– proceeds from shares issued – 4 – – – – 4
– deferred tax debited to equity – – – – (93) 9 (84)
Dividends paid to owners – – – – – (277) (277)
– 4 – – 12 (268) (252)
At 31 December 2008 126 1,412 477 214 290 1,108 3,627
Profit for the financial year – – – – – 1,185 1,185
Other comprehensive income:
– – – (65) – – (65) – currency translation differences
Total comprehensive income – – – (65) – 1,185 1,120
Transactions with owners: 
Employee share options scheme:
– value of employee services – – – – 133 – 133
– proceeds from shares issued 3 35 – – – – 38
– deferred tax debited to equity – – – – (43) (2) (45)
– current tax credited to equity – – – – 69 – 69
Dividends paid to owners – – – – – (207) (207)
Repurchase of own shares – – – – – (39) (39)
Employee Share incentive award – – – – – 39 39
3 35 – – 159 (209) (12)
At 31 December 2009 129 1,447 477 149 449 2,084 4,735
 
The notes on pages 35 to 53 are an integral part of these consolidated financial statements. BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009 35
notes to tHe consoliDateD financial statements  
for tHe year enDeD 31 DecemBer 2009
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 60.  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 pages 21 and 22.
The financial statements for the year ended 31 December 2009 (including the comparatives for the year ended  
31 December 2008) were approved by the board of directors on 9 March 2010.
2 Basis of preparation
The Group has prepared its Annual Report in accordance with International Financial Reporting Standards (“IFRSs”) as 
adopted in the European Union, IFRIC Interpretations and the Companies Act 2006 applicable to companies reporting 
under IFRS.
The consolidated financial statements have been prepared under the historical cost convention.
The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting estimates.  
It also requires management to exercise its judgement in the process of applying the Group’s accounting policies.  The 
areas involving a high degree of judgement or complexity, or areas where assumptions and estimates are significant to the 
consolidated financial statements are disclosed in note 3.
Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary 
economic environment in which the entity operates (‘the functional currency’).  The consolidated financial statements are 
presented in Pounds Sterling (GBP), which is the Company’s functional and presentation currency.  
3 principal accounting policies
The principal accounting policies applied in the preparation of these consolidated financial statements are set out below.  
These policies have been consistently applied to all the years presented, unless otherwise stated.
The following new standards and amendments to standards are mandatory for the first time for the financial year 
beginning 1 January 2009.
ias 1 (revised), ‘presentation of financial statements’
The revised standard prohibits the presentation of items of income and expenses (that is ‘non-owner changes in equity’) 
in the statement of changes in equity, requiring ‘non-owner changes in equity’ to be presented separately from owner 
changes in equity.  All ‘non-owner changes in equity’ are required to be shown in a performance statement.
Entities can choose whether to present one performance statement (the statement of comprehensive income) or two 
statements (the income statement and statement of comprehensive income).  
The Group has elected to present two statements: an income statement and a statement of comprehensive income.   
The Group financial statements have been prepared under the revised disclosure requirements.
The Standard also requires that two comparative periods be presented for the Consolidated Balance Sheet when an 
entity: (i) applies an accounting policy retrospectively; (ii) makes a retrospective restatement of items in its financial 
statements; or (iii) reclassifies items in the financial statements.
ifrs 8, ‘operating segments’
IFRS 8 replaces IAS 14, ‘Segment reporting’.  It requires a ‘management approach’ under which segment information 
is presented on the same basis as that used for internal reporting purposes.  This has resulted in an increase in the 
number of reportable segments presented, as the previously reported Continental Europe segment has been split into 
Netherlands, Switzerland and Germany.
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating 
decision-maker.  The chief operating decision-maker has been identified as the Chief Executive Officer (“the CEO”).
standards, amendments and interpretations in issue but not yet effective
The following standards, amendments and interpretations to existing standards, relevant to the financial statements of the 
Group, have been published and are mandatory for the Group’s accounting periods beginning on or after 1 January 2010 
or later periods, but the Group has not adopted them early: 36 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
notes to tHe consoliDateD financial statements continueD
for tHe year enDeD 31 DecemBer 2009
3 principal accounting policies continued
ifrs 3, (revised 2009) ‘Business combinations’ (effective from 1 July 2009)
The revised standard continues to apply the acquisition method to business combinations, with some significant 
changes.  For example, all payments to purchase a business are to be recorded at fair value at the acquisition date, 
with contingent payments classified as debt subsequently re-measured through the income statement.  There is a 
choice on an acquisition-by-acquisition basis to measure the non-controlling interest in the acquiree at fair value or at 
the non-controlling interest’s proportionate share of the acquiree’s net assets.  All acquisition-related costs should be 
expensed.  The Group will apply IFRS 3 (revised) prospectively to all business combinations from 1 January 2010.
ifrs 9, ‘financial instruments’ (effective from 1 January 2013)
In November 2009, the IASB issued IFRS 9 ‘Financial Instruments’ as the first step in its project to replace IAS 39 
Financial Instruments: Recognition and Measurement.  IFRS 9 introduces new requirements for classifying and measuring 
financial assets that must be applied for all accounting periods beginning on or after 1 January 2013, with early adoption 
permitted.  The IASB intends to expand IFRS 9 during 2010 to add new requirements for classifying and measuring 
financial liabilities, derecognition of financial instruments, impairment, and hedge accounting.  By the end of 2010 IFRS 
9 will be a complete replacement for IAS 39.  Of particular relevance to the Group will be the measurement of equity 
instruments.  All equity investments within the scope of IFRS 9 are to be measured at fair value in the balance sheet, with 
value changes recognised in profit or loss, except for those equity investments for which the entity has elected to report 
value changes in ‘other comprehensive income’.  There will be no ‘cost exception’ for unquoted equities.  As explained 
in Note 7 to these financial statements, at the balance sheet date the carrying amount of unquoted equities and related 
derivatives measured at cost amounts to £133,000 (2008: £90,000).  From 1 January 2013, there will be no exemption 
from the requirement to measure such instruments at fair value where the underlying securities are unquoted. 
Basis of consolidation
The Group financial statements consolidate those of the Company and all of its subsidiary undertaking drawn up to  
31 December 2009.  Subsidiaries are entities over which the Group has the power to control the financial and operating 
policies so as to obtain benefits from its activities.  The Group obtains and exercises control through voting rights.
Unrealised gains on transactions between the Group and its subsidiaries are eliminated.  Unrealised losses are also 
eliminated unless the transaction provides evidence of an impairment of the asset transferred.  Amounts reported in the 
financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting 
policies adopted by the Group.
Acquisitions of subsidiaries are dealt with by the purchase method.  The purchase method involves the recognition at 
fair value of all identifiable assets and liabilities, including contingent liabilities of the subsidiary, at the acquisition date, 
regardless of whether or not they were recorded in the financial statements of the subsidiary prior to acquisition.  On 
initial recognition, the assets and liabilities of the subsidiary are included in the consolidated balance sheet at their fair 
values, which are also used as the bases for subsequent measurement in accordance with the group accounting policies.   
Goodwill is stated after separating out identifiable intangible assets.  Goodwill represents the excess of acquisition cost 
over the fair value of the Group’s share of the identifiable net assets of the acquired subsidiary at the date of acquisition.
To date, the only business combination has been a group reconstruction upon the incorporation and listing of the parent 
company in 2006 that was accounted for as a common control transaction.
property, plant and equipment
Property, plant and equipment are stated at historical cost less accumulated depreciation and accumulated impairment 
losses.  Depreciation is provided to write off the cost of all property, plant and equipment to its residual value on a 
straight-line basis over their expected useful economic lives, which are as follows:
Furniture, fittings and equipment  5 years
Computer hardware 2 to 3 years
The residual value and useful life of each asset is reviewed and adjusted, if appropriate, at each balance sheet date. 
intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses.  
Acquired computer software licenses are capitalised at the cost of acquisition.  These costs are amortised on a straight-line 
basis over their estimated useful economic life of two years.  Such amortisation is charged to administrative expenses.
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. BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009 37
3 principal accounting policies continued 
intangible assets continued
Furthermore, internally-generated software is recognised as an intangible asset only if the Group can demonstrate all of 
the following conditions:
the technical feasibility of completing the intangible asset so that it will be available for use or sale; (a) 
its intention to complete the intangible asset and use or sell it; (b) 
its ability to use or sell the intangible asset; (c) 
how the intangible asset will generate probable future economic benefits.  Among other things, the Group can (d) 
demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or, if it is to 
be used internally, the usefulness of the intangible asset;
the availability of adequate technical, financial and other resources to complete the development and to use or sell (e) 
the intangible asset; and
its ability to measure reliably the expenditure attributable to the intangible asset during its development. (f) 
Internally-generated intangible assets are amortised on a straight-line basis over their useful economic lives.  Where no 
internally-generated intangible asset can be recognised, development expenditure is charged to administrative expenses 
in the period in which it is incurred.
Once completed, and available for use in the business, internally developed software is amortised on a straight-line basis 
over its useful economic life which varies between 2 and 4 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 it relates to items charged 
or credited directly to equity.
Deferred income taxes are calculated using the liability method on temporary differences.  This involves the comparison 
of the carrying amounts of assets and liabilities in the consolidated financial statements with their respective tax bases.  
In addition, tax losses available to be carried forward as well as other income tax credits to the Group are assessed for 
recognition as deferred tax assets.
Deferred tax liabilities are always provided for in full.  Deferred tax assets are recognised to the extent that it is probable 
that the underlying deductible temporary differences will be able to be offset against future taxable income.  Deferred tax 
assets and liabilities are calculated, without discounting, at tax rates that are expected to apply to their respective period 
of realisation, provided they are enacted or substantively enacted at the balance sheet date.
Deferred tax is recognised as a component of tax expense in the income statement, except where it relates to items 
charged or credited directly to equity.
operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor 
are charged to the income statement net of any incentives received from the lessor on a straight-line basis over the period 
of the lease.
revenue recognition
Revenue is recognised only after the final written debrief has been delivered to the client, except on the rare occasion that 
a large project straddles a financial period end, and that project can be sub-divided into separate discrete deliverables; in 
such circumstances revenue is recognised on delivery of each separate deliverable.
employee benefits
All accumulating employee-compensated absences that are unused at the balance sheet date are recognised as a liability. 38 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
notes to tHe consoliDateD financial statements continueD
for tHe year enDeD 31 DecemBer 2009
3 principal accounting policies continued 
share-based payment transactions
The Group issues equity settled share-based compensation to certain employees (including directors).  Equity settled 
share-based payments are measured at fair value at the date of grant.  The fair value determined at the grant date of 
the equity-settled share-based payment is expensed on a straight-line basis over the vesting period, together with 
a corresponding increase in equity, based upon the Group’s estimate of the shares that will eventually vest.  These 
estimates are subsequently revised if there is any indication that the number of options expected to vest differs from 
previous estimates.  Any cumulative adjustment prior to vesting is recognised in the current period.  No adjustment is 
made to any expense recognised in prior periods.
Fair value is measured using the Hull-White option pricing model.  The expected life used in the model has been adjusted, 
based on management’s best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations.
provisions
Provisions for dilapidations are recognised when: the Group has a legal or constructive obligation as a result of past 
events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably 
estimated.  Where material, provisions are measured at the present value of the expenditures expected to be required to 
settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks 
specific to the obligation.  The increase in the provision due to passage of time is recognised as interest expense.
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 the Group’s 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:
assets and liabilities for each balance sheet presented are translated at the closing rate at the balance sheet date; (a) 
income and expenses for each income statement are translated at average exchange rates; and (b) 
all resulting exchange differences are recognised as a separate component of equity. (c) 
On consolidation, exchange differences arising from the translation of the net investment in foreign operations are taken to 
shareholders’ equity.  When a foreign operation is partially disposed of or sold, exchange differences that were recorded 
in equity are recognised in the income statement as part of the gain or loss on sale.
segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating 
decision-maker.  The chief operating decision-maker, who is responsible for allocating resources and assessing 
performance of the operating segments, has been identified as the Chief Executive Officer.
financial instruments
financial assets
The Group classifies its financial assets into the following categories: loans and receivables, available-for-sale, at fair 
value through profit or loss.  However, at present, only the first two of these categories are relevant for the Group.  The 
classification is determined by management at initial recognition, being dependent upon the purpose for which the 
financial assets were acquired.
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in 
an active market.  They are included in current assets.  The Group’s loans and receivables comprise trade and other 
receivables and cash and cash equivalents in the balance sheet.
Trade receivables are initially recorded at fair value, but subsequently at amortised cost using the effective interest rate 
method.  Provision against trade receivables is made when there is objective evidence that the Group will not be able to 
collect all amounts due to it in accordance with the original terms of those receivables.  The amount of the write-down is 
determined as the difference between the asset’s carrying amount and the present value of estimated future cash flows. BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009 39
3 principal accounting policies continued 
financial instruments continued
Available-for-sale financial assets
‘Available-for-sale’ financial assets include all financial assets other than derivatives, loans and receivables.  They are classified 
as non-current unless management intend to dispose of the investment within 12 months of the balance sheet date. 
Investments are initially recorded in the balance sheet at fair value plus transaction costs, unless the asset is held for 
trading, in which case the transaction cost is expensed in the income statement.  Financial assets are derecognised when 
the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred 
substantially all risks and rewards of ownership.  Available-for-sale financial assets are subsequently carried at fair value.
The fair values of quoted investments are based on current bid prices.  If the market for a financial asset is not active (or 
the financial asset is an unlisted security), the Group establishes fair value by reference to other recent comparable arm’s 
length transactions or other quoted instruments that are substantially the same, and, or, by discounted cash flow analysis.
Investments in equity instruments that do not have a quoted market price in an active market and whose fair value 
cannot be reliably measured and derivatives that are linked to, and must be settled by delivery of such unquoted equity 
instruments, are measured at cost.
The Group assesses at each balance sheet date whether there is objective evidence that a financial asset or a group 
of financial assets is impaired.  In the case of equity securities classified as available-for-sale, a significant or prolonged 
decline in the fair value of the security below its cost is considered as an indicator that the securities are impaired.  If any 
such evidence exists for available-for-sale financial assets, the cumulative loss – measured as the difference between the 
acquisition cost and the current fair value – is removed from equity and recognised in the income statement.  Impairment 
losses recognised in the income statement on equity instruments are not reversed through the income statement.
financial liabilities
Financial liabilities are initially recognised at fair value and subsequently carried at amortised 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.
Trade payables
Trade payables are initially recorded at fair value, but subsequently at amortised cost using the effective interest rate method.
impairment of property, plant and equipment and intangible assets
At each balance sheet date the Group reviews the carrying amount of its property, plant and equipment and intangible 
assets for any indication that those assets have suffered an impairment loss.  If any such indication exists, the recoverable 
amount of the asset is estimated in order to determine the extent of the impairment loss, if any.  Intangible assets not 
available for use are tested for impairment on at least an annual basis.  The recoverable amount is the higher of the fair 
value less costs to sell and value in use.  
share capital
Ordinary shares are classified as equity.  Equity instruments issued by the Company are recorded at the proceeds 
received, net of direct issue costs.
share premium 
Share premium represents the excess over nominal value of the fair value of consideration received for equity shares, net 
of expenses of the share issue.
other reserve
The other reserve represents equity-settled share-based employee remuneration until such share options are exercised 
and deferred tax taken directly to equity in respect of such options. 40 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
notes to tHe consoliDateD financial statements continueD
for tHe year enDeD 31 DecemBer 2009
3 principal accounting policies continued 
merger reserve
The merger reserve represents the difference between the parent company’s cost of investment and a subsidiary’s 
share capital and share premium.  The merger reserve in these accounts has arisen from a group reconstruction upon 
the incorporation and listing of the parent company that was accounted for as a common control transaction.  Common 
control transactions are accounted for using merger accounting rather than the acquisition method.
foreign currency translation reserve 
The foreign currency translation reserve represents the differences arising from translation of investments in overseas subsidiaries. 
t reasury shares
Where the Company purchases the Company’s equity share capital, the consideration paid is deducted from the total 
shareholders’ equity and classified as treasury shares until they are cancelled.  Where such shares are subsequently sold 
or re-issued, any consideration received is included in total shareholders’ equity.
significant accounting estimates and judgements
intangible assets
To date, the Group has invested £834,000 in developing a new software platform to deliver its research.  No amortisation 
has been charged to date as the platform is not yet ready for use.  As required by IAS 38, management has performed an 
impairment review and remain confident that the carrying amount of the asset is adequately supported by the future cash 
flows attributable to that asset.
financial instruments
As explained in Note 7, during 2009 and 2008 the Group acquired an interest in an unlisted company, Slater Marketing 
Group Pty Limited.  Under the terms of the share purchase agreement, cash consideration of AUD$1,040,000 and a variable 
number of ordinary shares to the value of AUD$1,000,000 become payable on or before 31 December 2012 subject to 
certain performance conditions being met by Slater Marketing Group Pty Limited.  On the last working day of February, May, 
August and November in each of 2009, 2010, 2011 and 2012, the Group has the option to acquire Slater Marketing Group 
Pty Limited whether or not the performance conditions have been satisfied.
Because there is no active market for the shares of Slater Marketing Group Pty Limited and given the range of possible 
outcomes, no reliable method of valuation, the investment and associated derivatives in respect of the share purchase 
agreement for the acquisition of Slater Marketing Group Pty Limited have been recorded at cost.
If it were possible to reliably value the investment and related derivatives the investment would be recorded at fair value, 
with changes in fair value taken to equity and the derivatives would categorised as financial instruments at fair value 
through profit or loss with any changes in their fair value being recorded in the income statement.
consolidation
The share purchase agreement for the acquisition of Slater Marketing Pty Group Limited has not been accounted for as 
an acquisition as control has not passed to the Group. 
As explained above, the Group has a call option over the share capital of Slater Marketing Group Pty Limited.  In some 
circumstances the existence of a call option would require consolidation.  However, given that the call option is not exercisable at 
the balance sheet date and then only exercisable at discrete time intervals, in our view it would not be appropriate to consolidate 
the assets and liabilities of Slater Marketing Group Pty Limited in these accounts as control cannot be demonstrated.
share options
Share options are granted on a discretionary basis and vest evenly over a three year period.  The fair value of options granted 
is determined using the Hull-White option valuation model, which requires a number of estimates and assumptions.  The 
significant inputs into the model are share price at grant date, exercise price, historic exercise multiples, expected volatility 
and the risk free rate.  Volatility is measured at the standard deviation of expected share prices returns based on statistical 
analysis of historical share prices. BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009 41
4 segment information
The CEO reviews the Group’s internal reporting in order to assess performance and allocate resources.  Management has 
determined the operating segments based upon these reports.
The CEO considers the business from both a geographic and product perspective.  From a product perspective, 
management assesses the performance of its ‘Juicy’ and ‘Twist’ products.
The CEO assesses the performance of the operating segments based on earnings before interest and taxation.  Interest 
income is not included in the result for each operating segment that is reviewed by the CEO.
2009 2008
Revenue 
from external 
customers
£’000
EBIT
£’000
Revenue 
from external 
customers
£’000 
EBIT
£’000
United Kingdom 5,525 2,527 5,613 2,755
Netherlands 2,290 958 2,083 771
United States 2,576 859 1,612 465
Switzerland 872 391 14 (58)
Germany 551 178 – –
11,814 4,913 9,322 3,933
Juicy 7,170 61% 4,316 46%
Twist 4,644 39% 5,006 54%
11,814 9,322
A reconciliation of total EBIT for reportable segments to total profit before income tax is provided as follows:
2009
£’000
2008
£’000 
EBIT for reportable segments 4,913 3,933
Central overheads (3,268) (2,643)
Operating profit 1,645 1,290
Finance income 13 82
Profit before income tax 1,658 1,372
Revenues are attributed to geographical areas based upon the location in which the sale originated.  42 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
notes to tHe consoliDateD financial statements continueD
for tHe year enDeD 31 DecemBer 2009
4 segment information continued
Total assets
2009
£’000
Total assets
2008
£’000 
United Kingdom 1,866 1,874
Netherlands 1,083 680
United States 716 678
Switzerland 389 –
Germany 77 –
4,131 3,232
Reportable segments’ assets are reconciled to total assets as follows:
2009
£’000
2008
£’000 
Segment assets for reportable segments 4,131 3,232
Central assets 3,445 2,648
Total assets per the balance sheet 7,576 5,880
IFRS 8 has been amended so that a measure of segment assets is only required to be disclosed if the measure is regularly 
provided to the chief operating decision maker.  The amendment is effective for periods beginning on or after 1 January 2010.  
Consolidated cash, trade receivable, property, plant and equipment and intangible asset balances are regularly provided 
to the chief operating decision-maker but segment assets and segment liabilities are not provided.
The entity is domiciled in the UK.  The result of its revenue from external customers in the UK is £5,525,000 (2008: 
£5,613,000), and the total of revenue from external customers from other countries is £6,289,000 (2008: £3,709,000).
The total of non-current assets other than financial instruments and deferred tax assets located in the UK is £939,000 
(2008: £728,000), and the total of these non-current assets located in other countries is £35,000 (2008: £54,000).
Revenues of £1,909,000 (2008: £1,067,000) are derived from a single external customer.  £1,202,000 (2008: 
£734,000) of these revenues are attributable to the UK operating segment with £461,000 (2008: £173,000) and 
£246,000 (2008: £160,000) attributable to the Netherlands and United States segments respectively.
5 property, plant and equipment
For the year ended 31 December 2009
Furniture, fittings 
and equipment
£’000s
Computer 
hardware
£’000s
Total
£’000s
At 1 January 2009
Cost 107 201 308
Accumulated depreciation (43) (108) (151)
Net book amount 64 93 157
Year ended 31 December 2009
Opening net book amount 64 93 157
Additions 13 57 70
Depreciation charge for the year (26) (87) (113)
Foreign exchange (2) – (2)
Closing net book amount 49 63 112
At 31 December 2009
Cost 118 254 372
Accumulated depreciation (69) (191) (260)
Net book amount 49 63 112 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009 43
5 property, plant and equipment continued
For the year ended 31 December 2008
Furniture, fittings 
and equipment
£’000s
Computer 
hardware
£’000s
Total
£’000s
At 1 January 2008
Cost 80 94 174
Accumulated depreciation (22) (33) (55)
Net book amount 58 61 119
Year ended 31 December 2008
Opening net book amount 58 61 119
Additions 22 102 124
Disposals – (4) (4)
Depreciation charge for the year (20) (74) (94)
Eliminated on disposal – 3 3
Foreign exchange 4 5 9
Closing net book amount 64 93 157
At 31 December 2008
Cost 107 201 308
Accumulated depreciation (43) (108) (151)
Net book amount 64 93 157
6 intangible assets
Software licenses
£’000
Software
£’000
Software 
development in 
progress
£’000
Total 
£’000
At 1 January 2009
Cost 91 68 516 675
Accumulated amortisation (42) (8) – (50)
Net book amount 49 60 516 625
Year ended 31 December 2009
Opening net book amount 49 60 516 625
Additions 38 3 316 357
Amortisation charge for the year (56) (63) – (119)
Foreign exchange (1) – – (1)
Closing net book amount 30 – 832 862
At 31 December 2009
Cost 198 – 832 1,030
Accumulated depreciation (168) – – (168)
Net book amount 30 – 832 862
Additions to software development in progress during the year relate to capitalised software development costs for the 
cost of building a new software platform for delivering our research.  44 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
notes to tHe consoliDateD financial statements continueD
for tHe year enDeD 31 DecemBer 2009
6 intangible assets continued
Software licenses
£’000
Software
£’000
Software 
development in 
progress
£’000
Total 
£’000
At 1 January 2008
Cost 52 – 280 332
Accumulated amortisation (4) – – (4)
Net book amount 48 – 280 328
Year ended 31 December 2008
Opening net book amount 48 – 280 328
Additions 32 68 236 336
Amortisation charge for the year (36) (8) – (44)
Foreign exchange 5 – – 5
Closing net book amount 49 60 516 625
At 31 December 2008
Cost 91 68 516 675
Accumulated depreciation (42) (8) – (50)
Net book amount 49 60 516 625
7 financial assets – available for sale investments
On 9 January 2009, the Group entered into a share purchase agreement to acquire the entire issued share capital of 
High Level Research Inc., an unlisted company incorporated in Canada, subject to certain performance conditions being 
met.  Subsequent to the year-end the Group entered into a replacement share purchase agreement pursuant to which the 
entire share capital of High Level Research Inc was acquired for cash consideration of CAD$1.
Under the terms of the initial share purchase agreement, had the performance conditions been met, the contingent 
consideration would have comprised cash of CAD$450,000 and a variable number of ordinary shares to the value of 
CAD$450,000.  On the 15th working day in each of February, May, August and November in each of 2009, 2010, 2011, 
2012, 2013 or February 2014, the Group had the right to waive any of the performance conditions.
The derivatives in respect of the share purchase agreement for the acquisition of High Level Research Inc.  have been 
recorded at the balance sheet date at a carrying amount of £nil. 
During the previous year the Group acquired an interest of 3.64% in Slater Marketing Group Pty Limited, an unlisted 
company incorporated in Australia, for cash consideration of £40,000 plus transaction costs of £50,000.  During the 
current year the Group acquired a further interest of 3.64% for cash consideration of £43,000.
Under the terms of the share purchase agreement, cash consideration of AUD$1,040,000 and a variable number of 
ordinary shares to the value of AUD$1,000,000 become payable on or before 31 December 2012 subject to certain 
performance conditions being met by Slater Marketing Group Pty Limited.  On the last working day of February, May, 
August and November in each of 2009, 2010, 2011 and 2012, the Group has the option to acquire Slater Marketing 
Group Pty Limited whether or not the performance conditions have been satisfied.
The investment has been classified as an available for sale financial asset and measured at cost.
As stated in our principal accounting policies note, investments in equity instruments that do not have a quoted market 
price in an active market and whose fair value cannot be reliably measured and derivatives that are linked to, and must be 
settled by delivery of such unquoted equity instruments, are measured at cost.
There is no active market for the shares of Slater Marketing Group Pty Limited and given the range of possible outcomes, 
no reliable method of valuation.  The investment and associated derivatives in respect of the share purchase agreement 
for the acquisition of Slater Marketing Group Pty Limited have been recorded at a cost of £133,000 (2008: £90,000) 
and £nil (2008: £nil) respectively.  In the opinion of the directors no reliable fair value information can be disclosed for 
these financial instruments. BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009 45
8 financial risk management
The Group’s activities expose it to some financial risks.  The Group monitors these risks but does not consider it 
necessary to use any derivative financial instruments to hedge 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 only ever suffered minimal bad debts.
The Group has concentrations of credit risk as follows:
2009
£’000
2008
£’000
Cash and cash equivalents
HSBC Bank PLC 2,333 1,727
UBS 10 –
2,343 1,727
Trade receivables
Related parties – Unilever group of companies (Note 23) 806 471
market risk – foreign exchange risk
The Group operates in the United States, the Netherlands, Germany and Switzerland 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 2009, if GBP had strengthened by 17% against the US Dollar, with all other variables held constant, 
post tax profit for the year would have been £24,000 (2008: £25,000) lower, mainly as a result of foreign exchange 
losses on the translation of intra-group balances.  Conversely, if GBP had weakened by 17% against the US Dollar, with 
all other variables held constant, post tax profits for the year would have been £24,000 (2008: £25,000) higher.
At 31 December 2009, if GBP had strengthened by 9% against the Euro, with all other variables held constant, post tax 
profit for the year would have been £14,000 (2008: £23,000) lower, mainly as a result of foreign exchange losses on the 
translation of trade receivables and intra-group balances.  Conversely, if GBP had weakened by 9% against the Euro with 
all other variables held constant, post tax profits for the year would have been £14,000 (2008: £23,000) higher.
At 31 December 2009, if GBP had strengthened by 12% against the Swiss Franc, with all other variables held constant, 
post tax profit for the year would have been £12,000 (2008: £Nil) lower, mainly as a result of foreign exchange losses on 
the translation of intra-group balances.  Conversely, if GBP had weakened by 12% against the Swiss Franc, with all other 
variables held constant, post tax profits for the year would have been £12,000 (2008: £Nil) higher.
At 31 December 2009, if the Euro had strengthened by 11% against the Swiss Franc, with all other variables held 
constant, post tax profit for the year would have been £7,000 (2008: £Nil) higher, mainly as a result of foreign exchange 
gains on the translation of trade receivables.  Conversely, if the Euro had weakened by 11% against the Swiss Franc, with 
all other variables held constant, post tax profits for the year would have been £7,000 (2008: £Nil) lower.
Management have estimated a reasonable shift in currency rates based upon the historical volatility of each currency pair 
over a two year period to the balance sheet date. 
liquidity risk
The Group forecasts cashflows as part of its business planning procedures and monitors progress against forecasts on a 
monthly basis.  Cash is not invested on a long-term basis in order to prudently manage liquidity risk.  At present the Group 
has no overdraft or similar borrowing facilities. 46 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
notes to tHe consoliDateD financial statements continueD
for tHe year enDeD 31 DecemBer 2009
8 financial risk management continued
financial instruments by category
At the balance sheet date the Group held the following financial instruments by category: 
Assets as per balance sheet
2009 
£’000
2008 
£’000
Loans and receivables
Trade and other receivables 4,073 3,206
Cash and cash equivalents 2,343 1,727
Available-for-sale
Available-for-sale financial assets 133 90
6,549 5,023
Liabilities as per balance sheet
2009 
£’000
2008 
£’000
Other Financial liabilities carried at amortised cost
Trade payables 757 728
Accruals 1,343 1,200
2,100 1,928
The table below analyses the Group’s financial instruments which will be settled on a gross basis into relevant maturity 
groupings based on the remaining period at the balance sheet date to the contractual maturity date.  The amounts 
disclosed in the table are the contractual undiscounted cash flows.
Less than
1 year
£’000
Between
1 and 2 years
£’000
Between
2 and 5 years
£’000
Other Financial liabilities carried at amortised cost 2,100 – –
Contingent consideration (Note 7) – – 578
2,100 – 578
These cash outflows will be financed from existing cash reserves and operating cash flows.  
9 inventory
2009 
£’000
2008
£’000
Work in progress 12 14
10 t rade and other receivables
2009 
£’000
2008 
£’000
Trade receivables 3,427 2,809
Other receivables 44 40
Prepayments and accrued income 602 357
4,073 3,206
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 2009, 
trade receivables of £566,000 (2008: £398,000) were past due but not impaired. BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009 47
10 t rade and other receivables continued
The ageing analysis of these trade receivables is as follows:
2009
£’000
2008 
£’000
Up to 3 months 506 398
3 to 6 months 60 –
566 398
As of 31 December 2009, trade receivables of £Nil (2008: £Nil) were impaired.
The carrying amount of the Group’s trade and other receivables are denominated in the following currencies: 
2009 
£’000
2008 
£’000
Sterling 1,658 1,523
Euro 1,434 1,027
US dollar 701 646
Swiss Francs 280 –
Australian Dollar – 10
4,073 3,206
11 share capital
The share capital of BrainJuicer Group plc consists only of fully paid Ordinary Shares with a par value of 1p each.  All shares 
are equally eligible to receive dividends and the repayment of capital and represent one vote at the Annual General Meeting.
Authorised share capital:
2009 
£’000
2008 
£’000
36,000,000 (2008: 36,000,000) Ordinary Shares of 1p each 360 360
Allotted, called up and fully paid:
Ordinary Shares
Number £’000
At 1 January 2008 12,589,518 126
Exercise of share options 27,008 –
At 31 December 2008 12,616,526 126
Exercise of share options 316,119 3
At 31 December 2009 12,932,645 129
On 8 July 2009, the Company purchased 30,000 Ordinary Shares (nominal value of £300) into treasury at a price of 
130 pence per share (representing 0.23% of the called up share capital) in accordance with the authority granted to it by 
shareholders at the Annual General Meeting held on 13 May 2009.  The purchased shares have been transferred out of 
treasury to award shares under the Company’s Employee Share Incentive Plan.  48 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
notes to tHe consoliDateD financial statements continueD
for tHe year enDeD 31 DecemBer 2009
11 share capital continued 
share options
The Group issues share options to directors and to employees under an HM Revenue and Customs approved Enterprise 
Management Incentive (EMI) scheme.  Employees resident overseas are eligible to participate in the scheme but their 
options do not qualify as HM Revenue and Customs approved. 
The grant price for share options is equal to the average quoted market price of the Company’s shares on the date of 
grant.  Options vest evenly over a period of one to three years following grant date.  If share options remain unexercised 
after a period of ten years from the date of grant, the options expire.  Share options are forfeited if the employee leaves the 
Group before the options vest.
Movements in the number of share options outstanding and their related weighted average exercise prices are as follows:
2009 2008
Average exercise 
price per share
p
Options
No
Average exercise 
price per share
p
Options
No
Outstanding at 1 January 77.8 1,202,386 62.7 1,033,854
Granted 94.0 207,313 147.5 222,635
Lapsed 147.5 (4,012) 141.4 (27,095)
Exercised 11.9 (316,119) 15.2 (27,008)
Outstanding at 31 December 99.7 1,089,568 77.8 1,202,386
Exercisable at 31 December 83.7 663,584 41.6 794,093
The weighted average share price at date of exercise of options exercised during the year was 94.0p (2008: 131.8p).  
The weighted average fair value of options granted in the year was 42.7p (2008: 68.5p).
The total charge for the year relating to employee share-based payment plans was £172,000 (2008: £105,000), all of 
which related to equity-settled share-based payment transactions.
The fair value of options granted outstanding was determined using the Hull-White valuation model. 
Significant inputs into the model include a weighted average share price of 94.0p (2008: 147.5p) at the grant date, the 
exercise prices shown above, weighted average volatility of 38% (2008: 40.9%), dividend yield of Nil (2008: Nil), an 
expected option life derived from historic exercise multiples and an annual risk-free interest rate of 4.5% (2008: 4.5%).
The expected volatility inputs to the model were calculated using historic daily share prices of the Company’s shares.
At 31 December, the Group had the following outstanding options and exercise prices:
2009 2008
Expiry date
Average 
exercise price 
per share
p
Options
No
Weighted 
average 
remaining 
contractual life
Months
Average 
exercise price 
per share
p
Options
No
Weighted 
average 
remaining 
contractual life
Months
2013 11.4 148,204 37.0 11.4 461,312 53.0
2014 43.3 105,673 56.9 43.3 105,673 68.9
2015 62.3 72,556 63.0 62.3 72,556 75.0
2016 62.3 90,326 78.4 62.3 93,337 90.3
2017 162.5 270,959 85.0 162.5 270,959 97.0
2018 147.5 194,537 99.0 147.5 198,549 111.0
2019 94.0 207,313 109.0 – – –
At 31 December 99.70 1,089,568 80.8 77.8 1,202,386 78.1 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009 49
12 provisions
Dilapidation 
provisions
£’000
At 1 January 2008 –
Provided in the year 48
At 31 December 2008 48
Provided in the year 6
Exchange differences (1)
At 31 December 2009 53
Dilapidation provisions represent the Group’s best estimate of costs required to meet its obligations under property lease 
agreements.  At the balance sheet date £25,000 (2008: Nil) was included within current liabilities.
13 t rade and other payables
2009 
£’000 
2008 
£’000
Trade payables 757 728
Social security and other taxes 493 146
Accruals and deferred income 1,343 1,200
2,593 2,074
Trade and other payables are due within one year and are non-interest bearing.  The contractual terms for the payment of 
trade payables are generally 30 days from receipt of invoice.
14 commitments 
The Group leases offices under non-cancellable operating leases for which the future aggregate minimum lease payments 
are as follows:
2009 
£’000 
2008 
£’000 
No later than 1 year 126 122
Later than 1 but no later than 5 years 163 71
289 193
Included within the amounts disclosed above, the Group has the benefit of nine months rent free for the first three years 
of a lease with an annual rental commitment of £66,360.  At the balance sheet date no rent free months were outstanding 
(2008: nil).  The benefit of the rent free months has been spread over the term of the lease.
15 expenses by nature
2009 
£’000 
2008 
£’000 
Changes in work in progress (2) (2)
Employee benefit expense 4,571 3,528
Depreciation and amortisation 232 138
Net foreign exchange losses 164 (158)
Other expenses 5,204 4,526
10,169 8,032
Analysed as:
Cost of sales 2,879 2,458
Administrative expenses 7,290 5,574
10,169 8,032 50 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
notes to tHe consoliDateD financial statements continueD
for tHe year enDeD 31 DecemBer 2009
16 profit before taxation
Profit before taxation is stated after charging:
2009 
£’000 
2008 
£’000 
Auditor’s remuneration:
Audit fees 27 25
Taxation services 12 8
Other services supplied pursuant to such legislation 3 7
Other services – 15
Operating lease expenses:
Land and buildings 173 161
Depreciation and amortisation 232 138
Net loss/(gain) on foreign currency translation 164 (158)
17 employee benefit expense
The average number of staff employed by the Group during the financial year amounted to:
2009 
No 
2008 
No 
Number of administrative staff 70 59
The aggregate payroll costs of the above were:
2009 
£’000 
2008 
£’000 
Wages and salaries 3,839 3,026
Social security costs 405 302
Other pension costs 155 95
Share-based remuneration 172 105
4,571 3,528
The directors have identified 11 (2008: 9) key management personnel, including directors.  Compensation to key 
management is set out below:
2009 
£’000 
2008 
£’000 
Wages and salaries 1,119 773
Social security costs 96 79
Other pension costs 43 21
Share-based remuneration 112 50
1,370 923
Details of directors’ emoluments are given in the Remuneration Report on page 26.
18 investment income
2009 
£’000 
2008 
£’000 
Bank interest receivable 13 82 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009 51
19 income tax expense
2009 
£’000 
2008 
£’000 
Current tax 498 330
Deferred tax (25) 78
473 408
Income tax expense for the year differs from the standard rate of taxation as follows:
Profit on ordinary activities before taxation 1,658 1,372
Profit on ordinary activities multiplied by standard rate of tax of 28% (2008: 28%) 464 384
Difference between tax rates applied to Group’s subsidiaries 4 19
UK corporation tax at 30% for portion of year – 5
Expenses not deductible for tax purposes 41 45
Other temporary differences (24) 16
Utilisation of previously unrecognised tax losses – (41)
Adjustment to current tax in respect of prior years (12) (20)
Total tax 473 408
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:
2009 
£’000 
2008 
£’000 
Deferred tax assets:
– Deferred tax assets to be recovered after more than 12 months 85 119
Deferred tax liabilities:
– Deferred tax liability to be recovered within 12 months (44) (58)
Deferred tax asset (net): 41 61
The gross movement in deferred tax is as follows:
2009 
£’000 
2008 
£’000 
At 1 January 61 222
Income statement (charge)/credit 25 (78)
Tax charged directly to equity (45) (83)
At 31 December 41 61
 
The movement in deferred income tax assets and liabilities during the year, without taking into consideration the offsetting 
of balances within the same tax jurisdiction, is as follows:
Deferred tax assets
Share option 
scheme
£’000 
Dilapidation 
provisions
£’000 
Total
£’000 
At 1 January 2009 119 – 119
Charged to income statement – 11 11
Charged directly to equity (45) – (45)
At 31 December 2009 74 11 85 52 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
notes to tHe consoliDateD financial statements continueD
for tHe year enDeD 31 DecemBer 2009
20 Deferred tax continued
Deferred tax liabilities
Accelerated 
capital allowances
£’000 
Total
£’000 
At 1 January 2009 (58) (58)
Charged to income statement 14 14
At 31 December 2009 (44) (44)
There are no unrecognised deferred tax assets.
Deferred tax assets are recognised only to the extent that their recoverability is considered probable.  
The deferred tax asset in respect of the Company’s share option scheme relates to corporate tax deductions available on 
exercise of HM Revenue and Customs approved share options. 
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 number of Ordinary Shares in issue during the year.
2009 
£’000 
2008 
£’000 
Profit attributable to equity holders of the Company 1,185 964
Weighted average number of Ordinary Shares in issue 12,923,663 12,610,803
Basic earnings per share 9.2p 7.6p
In January 2010, 222,011 options over Ordinary Shares were granted to employees pursuant to the Company’s Share 
Option Scheme and 17,000 Ordinary Shares issued under the Company’s Employee Share Incentive Plan. 
(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.
2009 
£’000 
2008 
£’000 
Profit attributable to equity holders of the Company and profit used to determine 
diluted earnings per share 1,185 964
Weighted average number of Ordinary Shares in issue 12,923,663 12,610,803
Share options 183,422 497,323
Weighted average number of Ordinary Shares for diluted earnings per share 13,107,085 13,108,126
Diluted earnings per share 9.0p 7.4p
22 Dividends per share
2009 
£’000
2008 
£’000
Dividends paid on Ordinary Shares
Interim, 0.6p per share (2008: 0.5p interim) 77 63
Special dividend, Nil (2008: 1.7p per share) – 214
77 277
Final dividend relating to 2008 (1p per share) 130 –
Total ordinary dividends paid in the year 207 277
A dividend in respect of the year ended 31 December 2009 of 1.3p per share, is to be proposed at the AGM.  These 
financial statements do not reflect this dividend payable. BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009 53
23 related party transactions
The Group made sales to companies connected to Unilever UK Holdings Limited, a significant shareholder, during the 
year totalling 1,906,286 (2008: £1,063,525).  The balance outstanding at the year end was 805,545 (2008: £471,145).
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 £Nil (2008: £18,181).  There 
was no balance outstanding at the year end (2008: £Nil). 
24 cash generated from operations
2009 
£’000 
2008 
£’000 
Profit before taxation 1,658 1,372
Depreciation 113 94
Amortisation 119 44
Interest received (13) (82)
Share-based payment expense 172 105
Decrease in inventory 2 2
Increase in receivables (867) (576)
Increase in payables 524 30
Exchange differences (63) 149
Net cash generated from operations 1,645 1,138
25 post balance sheet events
On 7 January 2010 the Group entered into a share purchase agreement to acquire the entire issued share capital of High 
Level Research Inc., a company incorporated in Canada, for cash consideration of CAD$1.  The net assets and goodwill 
of the acquiree are not material to the Group.
On 4 January 2010 the Company purchased 37,000 Ordinary Shares of 1p each in the Company into treasury at a price 
of 131.5p in accordance with the authority granted to it by shareholders at the Annual General Meeting held on  
13 May 2009.  17,000 of the shares purchased have been transferred out of treasury to award shares under the Company’s 
Employee Share Incentive Plan.
26 seasonality of revenues
Based upon prior experience, Group revenues tend to be higher in the second-half of the financial year than in the 
first six months. 
For the year ended 31 December 2009, revenues for the second half of the year represented 59% of total revenues 
compared to 57% for the year ended 31 December 2008.
27 reclassification of comparative amounts
Provisions for dilapidations as at 31 December 2008 amounting to £48,000 (2007: £Nil) have been reclassified from 
current liabilities to non-current liabilities.  Provisions for dilapidations are now disclosed in the consolidated balance 
sheet under provisions rather than trade and other payables.  This reclassification has been made in order to show 
separately on the consolidated balance sheet, provisions previously included within trade and other payables. 54 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
Company Balance Sheet 55
Notes to the Company  
Financial Statements 56
company financial statements
BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009 55
company Balance sHeet
as at 31 DecemBer 2009
Note
2009
£’000
2008
£’000
Fixed assets
Tangible assets 4 834 –
Investments 5 623 408
1,457 408
Current assets
Debtors due within one year 6 1,003 1,338
Cash at bank 600 –
1,603 1,338
Creditors – amounts falling due within one year 7 (345) –
Net current assets 1,258 1,338
Total assets less current liabilities 2,715 1,746
Capital and reserves
Share capital 8 129 126
Share premium account 9 1,447 1,413
Other reserve 9 340 207
Retained earnings 9 799 –
Equity shareholders’ funds 2,715 1,746
These financial statements were approved by the directors on 9 March 2010 and are signed on their behalf by:
John Kearon James Geddes
Director Director  56 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
notes to tHe company financial statements
for tHe year enDeD 31 DecemBer 2009
1 accounting policies
Basis of accounting
The separate financial statements of the Company are presented as required by the Companies Act 2006.  They have been 
prepared under the historical cost convention and in accordance with applicable United 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. 
related party transactions
In accordance with Financial Reporting Standard Number 8: Related Party Disclosures, the Company is exempt from 
disclosing transactions with wholly owned entities that are part of the BrainJuicer Group as it is a parent company publishing 
consolidated financial statements.
share-based payments
Equity-settled, share-based payments are measured at fair value at the date of grant.  Equity-settled, share-based 
payments that are made available to employees of the Company’s subsidiaries are treated as increases in equity over the 
vesting period of the award, with a corresponding increase in the Company’s investments in subsidiaries, based on an 
estimate of the number of shares that will eventually vest. 
2 profit for the year
The Company has made full use of the exemptions as permitted by Section 408 of the Companies Act 2006 and 
accordingly the profit and loss account of the Company is not presented as part of the accounts.  The parent company profit 
for the year to 31 December 2009 of £1,006,000 (2008: £631,000) is included in the Group profit for the financial year.  
Details of executive and non-executive directors’ emoluments and their interest in shares and options of the company are 
shown within the directors’ remuneration report on page 26.
3 staff costs 
The average number of staff employed by the Company, including directors, was 26 (2008: 4).  Staff costs for staff 
employed by the Company during the year were as follows:
2009 
£’000 
2008 
£’000 
Wages and salaries 1,361 –
Social security costs 161 –
Other pension costs 75 –
Share-based remuneration 93 –
1,690 –
In the prior year, staff costs for the Company were borne by BrainJuicer Limited.  BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009 57
4 fixed assets
Cost
Plant and 
machinery
£’000 
Assets in the 
course of 
construction
£’000
Total
£’000 
At 1 January 2009 – – –
Additions 2 126 128
Transfer from BrainJuicer Limited – 706 706
At 31 December 2009 2 832 834
Net book amount
At 31 December 2009 2 832 834
At 31 December 2008 – – –
Assets in the course of construction represent amounts capitalised in respect of the new software platform for delivering 
our research.  No depreciation has yet been charged as the asset is not yet ready for use.
5 investments
Cost
Other 
investments
£’000
Group
companies
£’000
Total
£’000
At 1 January 2009 90 318 408
Share-based payment charge in respect of subsidiaries – 172 172
Additions 43 – 43
At 31 December 2009 133 490 623
Net book amount
At 31 December 2009 133 490 623
At 31 December 2008 90 318 408
subsidiary undertakings
Details of subsidiary undertakings at 31 December 2009 are as follows:
Activity
Interest in issued 
share capital
Country of 
incorporation
BrainJuicer Limited Provision of online market research services 100% UK
BrainJuicer BV* Provision of online market research services 100% Netherlands
BrainJuicer Inc* Provision of online market research services 100% USA
BrainJuicer Sarl* Provision of online market research services 100% Switzerland
BrainJuicer GmbH* Provision of online market research services 100% Germany
* BrainJuicer BV, BrainJuicer Inc, BrainJuicer Sarl and BrainJuicer GmbH are subsidiaries of BrainJuicer Limited. 58 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
notes to tHe company financial statements continueD
for tHe year enDeD 31 DecemBer 2009
6 Debtors
2009
£’000
2008 
£’000 
Amounts due from Group undertakings 966 1,338
Prepayments 37 –
1,003 1,338
7 creditors – amounts falling due within one year
2009
£’000
2008 
£’000 
Trade creditors 82 –
Amounts owed to Group undertakings 40 –
Accruals and deferred income 223 –
345 –
8 share capital
Authorised share capital:
2009
£’000
2008 
£’000 
36,000,000 (2008: 36,000,000) Ordinary Shares of 1p each 360 360
Allotted, called up and fully paid:
Number £’000 
At 1 January 2009 12,616,526 126
Exercise of share options 316,119 3
At 31 December 2009 12,932,645 129
At 1 January 2008 12,589,518 126
Exercise of share options 27,008 –
At 31 December 2008 12,616,526 126 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009 59
9 reserves
Share capital
£’000 
Share 
premium
£’000 
Other reserve
£’000 
Retained  
earnings
£’000
Total
£’000
At 1 January 2009 126 1,413 207 – 1,746
Share-based remuneration charge – – 133 – 133
Profit for the financial year – – – 1,006 1,006
Dividend paid – – – (207) (207)
Share options exercised 3 34 – – 37
Purchase of own shares – – – (39) (39)
Share Incentive award – – – 39 39
At 31 December 2009 129 1,447 340 799 2,715 60 BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009
company information
company secretary
James Geddes
registered office
13-14 Margaret Street
London 
W1W 8RN
registered number
5940040
solicitors
Barlow Lyde & Gilbert LLP
7th Floor, Beaufort House
15 St Botolph Street
London
EC3A 7NJ
independent auditor
Grant Thornton UK LLP
Chartered Accountants and 
Registered Auditors
202 Silbury Boulevard
Central Milton Keynes
MK9 1LW
registrars
Capita plc
34 Beckenham Road
Beckenham
Kent
BR3 4TU
stockbrokers
Canaccord Adams Limited 
Cardinal Place
80 Victoria Street
7th Floor
London
SW1E 5JL
This report is printed on 350gsm Satimat Silk and 150gsm Satimat Silk BrainJuicer Group PLC  Annual Report & Accounts for the year ended 31 December 2009 61
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