BrainJuicer Group PLC
Annual Report and Accounts 2013
Registered Number 05940040 INDEX
Highlights 1
Chairman’s Statement 2
Chief Executive’s Statement 3
Business and Financial Review 5
5 Year Summary 9
Kudos 10
Board of Directors 12 
Strategic Report 13
Directors’ Report 14
Corporate Governance Report 16
Remuneration Report 19
Statement of Directors’ Responsibilities 22
Independent Auditor’s Report 23
Consolidated Income Statement 24
Consolidated Statement of Comprehensive Income 25
Consolidated Balance Sheet 26
Consolidated Cash Flow Statement 27
Consolidated Statement of Changes in Equity 28
Notes to the Consolidated Financial Statements 29
Company Balance Sheet 48
Notes to the Company Financial Statements 49
Company Information 53
  BrainJuicer Group PLC Annual Report and Accounts 2013 1
FINANCIAL FEATURES
  17% revenue growth to £24,457,000 (2012: £20,822,000)
  135% growth in operating profit to £3,550,000 (2012: £1,513,000)
  135% increase in profit before tax to £3,556,000 (2012: £1,515,000) 
  137% growth in earnings per share (diluted) 18.7p (2012: 7.9p)
  Strategically important “Juicy” products grew 28%
  Largest 10 clients by revenue grew 61%
  Strong growth in the UK and US, the Company’s largest operations
  Grew in all other geographies that we operate in other than Germany
  Voted the most innovative market research firm for the third year running in the global GreenBook Research  
 Industry Trends survey
DIVIDENDS
  Paid interim dividend of 0.9p (2012: 0.85p) 
  Paid first special dividend of 12.0p in October 2013, representing £1,508,000 return of cash to shareholders
  Proposed final dividend subject to shareholder approval of 3.0p (2012: 2.25p)
   Proposed second special dividend of 12.0p, representing a further £1,508,000 return of cash 
NET CASH
  Cash of £6,188,000 as at 31 December 2013 (31 December 2012: £3,755,000) 
  No debt
Highlights BrainJuicer Group PLC Annual Report and Accounts 2013
Chairman’s Statement
I am pleased to report that BrainJuicer has had an excellent year. An encouraging first half was followed by 
a strong second half, and in particular an excellent final quarter. For 2013 as a whole, our revenue increased by 
17% to £24,457,000, and operating profit by 135% to £3,550,000, bouncing back from the decline in 2012. Diluted 
earnings per share increased by 137% to 18.7p. This substantial progress resulted entirely from organic growth 
within the business.
The Board is proposing to pay a final dividend of 3.0p per share, an increase of 33% over the 2012 final pay-
ment. This would take the full year ordinary dividend payout to 3.9p, an increase of 26%. In addition, and 
reflecting another year of strong cash generation, £1,508,000 was returned to shareholders in October 2013 via a 
12p per share special dividend.
Even after this substantial return of capital, BrainJuicer ended 2013 with cash of £6,188,000 and no debt. 
In view of this, the Board proposes to return a further £1,508,000 to shareholders via another special dividend, 
again of 12p per share. 
The 2013 results mean that over the last 5 years (taking 2008 as the base year), revenue and operating profit 
have grown at an average annual rate of 21% and 22% respectively, despite the disappointing results in 2012. 
Over the same period, diluted earnings per share have increased from 7.4p to 18.7p. The BrainJuicer share price 
has responded very positively to the Company’s good progress. The closing share price as at 19 March 2014 was 
425p, an increase of 294% since the shares were first admitted to trading on AIM in 2006 at a price of 108p.
John Kearon, our Chief Executive or “Chief Juicer,” and James Geddes, our Chief Financial Officer, will review 
BrainJuicer’s 2013 performance and underlying progress in the sections following this Chairman’s Statement. 
From my “top down” perspective, however, the much improved results were driven essentially by a resumption of 
double digit revenue growth, primarily due to our expanding business with major multinational clients, and by a 
reduced rate of cost growth following actions taken towards the end of 2012. With revenues growing much faster 
than costs, profits rose sharply.
In terms of geography, growth in 2013 was fuelled primarily by our two main businesses, the UK and the US. 
It was pleasing to see all of our operations, with the exception of Germany, generating higher revenue, and our 
most recently established businesses, in France, Italy, India and Singapore, getting off to a promising start.
2013 saw a further encouraging shift in the balance of our revenue towards our unique “Juicy” products. Juice 
Generation, our suite of qualitative research services, also delivered impressive growth – contributing 14% of 
total revenue. Our new behavioural consultancy services, while so far generating only modest revenue in their 
own right, are helping us to work even more closely with key clients. 
All of these trends indicate strongly that BrainJuicer’s approach to market research, centred on Behavioural 
Science, leaves us well positioned to deliver further attractive growth in the years to come. While we did not win 
a major piece of international recurring business during 2013, there are signs that we are getting ever closer to 
doing so.
Finally, I would like to thank all of our employees for their hard work, determination and enterprise during 
what was a busy and successful year for BrainJuicer.
KEN FORD
Chairman
20 March 2014
2 Chief Executive’s Statement
It’s been emotional.
2012’s flat result meant a miserable start to the year but the restored 17% revenue growth in 2013 was hugely 
uplifting to Company spirits as well as financials. The year was testament to our collective tenacity and tempera-
ment, as well as to the market moving meaningfully in our direction. 
For many years we have been the most vocal and profound advocate of applying Behavioural Science to 
improving the predictive power of market research and helping clients do 5-Star marketing that improves their 
brands’ fame and fortune. This involves replacing the overly-rational existing models of research and marketing 
with more emotional measures and models that better reflect how people really make decisions. The plausible but 
flawed era of persuasion-based marketing gives way to a more challenging but effective era of seduction-based 
marketing. Homo Economicus is dead; long live Homo Emoticus. 
2013 seemed to mark the year the industry woke up to this shift, with speaker after speaker at conferences 
around the world falling over themselves to use the language of Behavioural Science. But, while the rest of the 
industry talks about the potential of Behavioural Sciences, we’re already applying our award-winning suite of 
Juicy tools and models to help clients create famous marketing that impacts their bottom line.
Advertising is the most publicly-visible manifestation of how our behavioural approach helps clients. As it 
happens, we were intimately involved in the development of two of the most successful advertising campaigns 
of 2013, one on each side of the Atlantic: 3 Mobile Moonwalking Pony (over 7m YouTube views) and Guinness 
Wheelchair Basketball (over 7m YouTube views). Both adverts continue to have a tremendous impact on their 
respective businesses and, at the time of writing, 3 Mobile have launched Singing Kitty, their 2014 follow up 
which already has over 4.9m views in just a few days. As well as helping John Lewis test their annual blockbuster 
Christmas advert in the UK, we also launched the FeelMore50™ in the US, a league table of the year’s strongest, 
most emotional adverts, which has generated a great deal of press and client interest. We’ll be repeating the 
FeelMore50™ in the US for 2014 and extending it to UK. FaceTrace®, our award winning measure of emotion has 
now been answered over five million times by over three million people. And, having tested over 3,300 adverts 
across 40 countries, we have amassed the databases to calibrate results from individual tests, and be a credible 
global ad testing partner. It’s now a case of whether and when clients move away from their current persuasion-
based models and embrace seduction-based advertising.
Tellingly, the large research groups are adopting the new language of emotions and even adding more emo-
tional measures to their tests, but critically, they are not using this data to change how they measure their 
results. Nor are they changing their model of how advertising works, because that would be to admit they’ve had 
it wrong for decades and render useless their huge normative database of redundant persuasion-based measures. 
Without changing their model of interpretation, no amount of new emotional measures will improve their recom-
mendations, and we believe this will reveal itself over the same time period BrainJuicer’s emotional and more 
predictive model becomes associated with increasingly famous ad campaigns.
 The same pattern is repeated when it comes to our other Juicy research tools. The market is starting to talk 
about how to apply Behavioural Science to concept testing, pack testing, insight generation and brand tracking, 
while we’re busy doing it. Our best-selling Juicy tool, Predictive Markets [PMs], is also our most controversial. 
It uses emotional measures, the wisdom of crowds and a game-format to ask people what they feel ‘other people’ 
would buy or not buy. It has proven highly discriminatory and predictive of winning concepts, and avoids the 
well-documented flaws of current concept testing: people being unreliable predictors of their own behaviour, 
BrainJuicer Group PLC Annual Report and Accounts 2013 3 BrainJuicer Group PLC Annual Report and Accounts 2013
Chief Executive’s Statement continued
over-rational measures being unpredictive of in-market success, nearly all concept results falling close to the 
norm and enormous differences in scoring from country to country.
Since introducing PMs in 2006, we have won several awards and more than 200 companies have used the tech-
nique, testing over 25,000 concepts across more than 70 countries and achieving significant in-market success. 
The controversial nature of PMs meant they grew slowly at first while clients trialled and proved their superior 
predictive power over current methods but, for the last 4 years, PMs have experienced significant year-on-year 
growth and are increasingly being adopted by large companies. 
Our experience with Predictive Markets is likely to prove illustrative of client adoption across our whole 
suite of Behavioural Science-inspired Juicy products, covering insight generation, concept testing, pack test-
ing, ad testing, shopper marketing and brand tracking. It’s possible the industry’s increasing enthusiasm for 
Behavioural Science may well speed acceptance, growth and the rate at which we achieve our goal of becoming 
brand leader in these areas. Last year our Juicy tools grew 28%, now accounting for 74% of our business and with 
the added advantages of being highly differentiated, premium priced, higher margin, more international, larger-
sized projects and much more likely to be mandated by large clients. As testament to the appeal of our Juicy tools 
with these clients, we grew revenue 61% with our top 10 clients in 2013 – all of which are multinationals. We’re 
also hugely proud to have been voted ‘Most Innovative Research Agency’ for the third year running in the inter-
national GRIT report’s study among 2,300 clients and agencies. The large research groups will no doubt increase 
their use of the language of Behavioural Science and add some of the new emotional measures, but unless they 
fundamentally change their models of interpretation and lose their historical normative database advantage, 
their predictive power will not improve. 
It feels we’re at a seminal moment in the research industry and BrainJuicer’s history. Fourteen years in, we 
have made a good start in our mission to reinvent market research, creating and validating a suite of market-
changing Juicy research approaches based on Behavioural Science. Hopefully for the next fourteen, the market 
will continue to move our way, we’ll continue to hire the best and the brightest, working in a truly innovative 
Juicy culture, and help more clients produce famous marketing that drives significant growth.
The coming years should be exciting.
JOHN KEARON
Chief Juicer
20 March 2014
 
4 BrainJuicer Group PLC Annual Report and Accounts 2013
In a recent internal staff feedback survey, one of our people made the comment “It would be good to under-
stand why 2012 and 2013 were so massively different in terms of success.” The 135% increase in our operating 
profit, after the decline of 45% in 2012, was a dramatic swing, and yet nothing so dramatic happened within the 
underlying business. We cannot point to a big new initiative, for example, nor a major contract win or a change in 
strategy, just as we couldn’t point to a major problem in 2012. In fact, 2013 is best characterised as another year 
of continued and consistent progress in refining our positioning, developing our products, selling our approaches 
into our client base, and building our operating capability – just as 2012 was.
So why were 2012 and 2013 so massively different in terms of success? The maths are straightforward. Revenue 
grew 17% and costs 7% in 2013, whereas revenue grew 1% and costs 9% in 2012. These percentage differences 
make a very big difference to our profit, yet are not reflective of anything we did very differently over the two 
years.
With lumpy revenues from month to month and from client to client, and some large client projects – over 
£1.7m of our 2013 revenue was from a handful of projects larger than £100,000 – it doesn’t take very much to 
tilt revenues up or down by meaningful percentage points. Yet most of our cost base is fixed – being the cost of 
the people we employ. Our administrative costs in 2013 totalled £15,537,000 (64% of revenue), and 74% of that 
(£11,563,000) related to staff costs. We have to recruit and train new people well in advance of the growth we 
are recruiting them to deliver, but have minimal visibility of future revenue. In 2012 we were caught out by a 
relatively poor November and December, traditionally our busiest months, having increased our cost base earlier 
in the year. In 2013 we weren’t. 
Furthermore, we pared back some of the increase in the 2012 cost base in December 2012, and this contributed 
to our lower cost growth than normal in 2013. It’s important to note that this cost cutting was very much a prun-
ing exercise and didn’t require any structural reorganisation or other fundamental change within the business.
A point on our staff costs: we mitigate the fixed cost nature of our staff costs to a degree through our 
bonus scheme, which is primarily correlated to profit and is therefore variable. Aggregate bonuses were high at 
£1,941,000 in 2013, representing 20% of pre-bonus staff costs, compared to £63,000 in 2012 (less than a percent 
of staff costs). Nevertheless this ability to mitigate goes only so far.
We have always been careful in how we manage costs, and how we build the resources necessary to grow the 
business. In fact, some have asked if we focus too much on cost control at the expense of thinking about inputs 
that will help to make our business impregnable, and it’s a good question.
The first point to make in response is that we have always, and continue to have, long-term organic growth 
aspirations. We are not planning on an exit; we are not looking for short cut growth; our time horizon is essen-
tially forever. The way we run the business and our bias when making decisions is with this backdrop in mind.
5
Business and Financial Review
REVENUE (£m)
For the Year Ended 31 December
OPERATING PROFIT (£m)
For the Year Ended 31 December
30
25
20
15
10
5
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
11.8
16.4
20.7 20.8
24.5
1.65
2.22
2.76
1.51
3.50
4
3
2
1 BrainJuicer Group PLC Annual Report and Accounts 2013
Business and Financial Review continued
Secondly, our investment spend – that element of our cost base which is primarily designed to help make 
our business impregnable – is a material percentage of our profits. The two areas in our business where we have 
developed capability that will most obviously benefit us in the future are in our product development “Labs” 
and in what we call Juice Generation (the part of our business which supports our creative, qualitative research 
services). Our total staff cost spend alone on Labs and Juice Generation in 2013 was £1.55 million representing 
a substantial 44% of operating profit (2012: £1.28m, 84% of operating profit). Our Juice Generation services, and 
to a lesser extent Labs, generate revenue from client projects in their own right, but they have strategic value 
significantly beyond the revenue they generate.
 Whilst we will continue to be careful in how we manage costs, we will also continue to invest in Labs and 
Juice Generation – and in other activities which help to secure our future growth.
REFINING oUR PoSITIoNING
We have further developed the Behavioural Science framework which underpins how we develop and articulate 
our research techniques. As our business is becoming more firmly entrenched within this framework, so, within 
the marketing world at large, Behavioural Science is becoming a more mainstream phenomenon. Whilst it could 
be argued that we may be losing some differentiation and so are becoming more vulnerable to competitors, we 
are finding that this industry backdrop is helpful. We remain highly differentiated, as evidenced, for example, 
by recently being voted the most innovative market research firm for the third year in a row in a global survey of 
over 2,000 market research practitioners (the GreenBook Research Industry Trends survey). Our challenge is in 
selling our methods into large clients and dislodging long-standing traditional approaches. We have to dem-
onstrate over a prolonged period that our techniques actually work, and that the sometimes counter-intuitive 
notions underpinning our techniques are backed up by academic research and credible third party opinion. The 
shifting industry dynamics are providing helpful support to our position.
It would be an exaggeration to suggest there had been a major breakthrough in 2013, but there have been fur-
ther steps in the right direction. Our 17% revenue growth, while unspectacular by historic standards, is signifi-
cant and is a fair reflection of the progress here.
DEVELoPING oUR PRoDUCTS
We have historically categorised our products into “Juicy” – those which in our view are particularly insightful 
but which are unconventional – and “Twist” – those which use traditional techniques but with an added Brain-
Juicer twist. It’s our Juicy products which will define our long-term future, and it’s therefore these that we’ve 
invested most in developing and which we’ve marketed most actively. This investment is paying off. Most of our 
business is now Juicy, with 74% of 2013 revenue from Juicy products, up from 68% in 2012 and 56% in 2011.
Product development and validation is an on-going process. As well as many incremental improvements during 
the year, we developed a new product for testing packaging and upgraded our Concept Optimizer product  
(our second biggest-selling product). We have also begun undertaking behavioural consultancy services, where 
we apply the principles of behavioural economics to marketing challenges. This provides opportunities to dem-
onstrate how these principles can be applied in practice, and therefore reinforce the power of the behavioural 
framework underpinning our research tools.
SELLING oUR APPRoACHES INTo o UR CLIENT BASE
We have 224 clients, and 57% of 2013 revenue was from our largest 20. This is broadly similar to 2012, where we 
had 217 clients and 53% of revenue from our largest 20. However, this hides the growth we experienced from our 
very largest clients. Revenue from our biggest 10 clients in 2013, all very large multinational companies, grew 
61%. Revenue from our largest client in 2013 grew 57%, and our top five clients each spent more than £1m with 
us in 2013. While these amounts represent small percentages of each of their total market research spend, they 
are nevertheless significant and hard-won. In each case, they are the result of broad and durable relationships 
that we have developed over a number of years, and in each case there is significant potential for further growth.
We are being invited to participate in an increasing number of mandate and roster applications. These vary 
from opportunities to pitch for global concept screening and advertising pre-testing, to opportunities to pitch for 
advertising and brand tracking globally and regionally, and we are getting closer to securing a significant win.
 
6 BrainJuicer Group PLC Annual Report and Accounts 2013
BUILDING oUR oPERATING CAPABILITy
In 2013 we delivered 892 projects, up from 794 projects in 2012, with an average revenue per project of £27,000 
per project (2012: £26,000). Our centralised software platform and operational functions accommodated this 
increase without issue, and with reduced average headcount company-wide (138 in 2013 compared to 148 in 
2012). We have the technical capacity to be able to process many times our current level of projects. We also have 
a well-oiled, centrally-managed operational process, and a small, dedicated team continuously improving it.
The key to scale is in building our account management teams – the people who sell and deliver our research 
projects to our clients – and then evolving our organisation structure and central functions to support those 
teams. While average headcount reduced in 2013, we increased our account management team head-count from 
95 to 97, and over the last five years by 22% (on a compound annual basis). We have a relatively smooth process 
for recruiting and on-boarding people, particularly in our larger offices in the UK and US, and believe we can 
continue in this vein and grow the business to at least two to three times its current size without any significant 
change in our structure or any major investment or disruption. We would hope that through continuous evolu-
tion of our operations, we can continue to grow well beyond that.
FINANCIAL PERFoRmANCE
Our profit and loss account is straightforward. Revenue grew 17% from £20,822,000 to £24,457,000 and gross 
profit 19% from £16,068,000 to £19,087,000 (now 78% of revenue), and this top line growth together with a 7% 
increase in administrative costs, after 9% in 2012, resulted in the bounce in operating profit from £1,513,000 to 
£3,550,000, after the decline last year. Our lower cost growth than in previous years was in part the result of our 
cost cutting in December 2012. As always growth was organic, and there were no particularly large, unusual or 
extraordinary items.
From a geographic standpoint, we did well in most of our markets. In the UK and the US, where we generate 
the majority of our business, we grew strongly with gross profit up by 12% and 25% respectively. We delivered 
£6,843,000 of gross profit in the UK and £5,794,000 in the US, which collectively represented over 66% of our 
total gross profit. We have recently consolidated our Continental European offices into one region, with our Swiss 
country manager at the helm. Gross profit in Continental Europe grew by 9% to £3,992,000 (21% of our total 
gross profit). We are established in three Continental European countries, Switzerland, Germany and Holland, 
Switzerland being, by some margin, the biggest for us. In Switzerland gross profit grew by 4%, and in Holland by 
22%, whereas in Germany it declined by 27%. While the German research market is large, we are finding it very 
traditional, and it is taking longer for our methods to be adopted by German clients. We believe, however, that 
we will get there. We have a small, effective team, and we will patiently build from what is now quite a small base 
(at £841,000 gross profit). We’re making progress in our two new European countries, Italy and France, which 
collectively generated £512,000 of gross profit. We continue to enjoy strong growth in China and Singapore with 
gross profit up 11% to £1,112,000, and in Brazil with gross profit up 86% to £1,206,000. We’ve made a promising 
start in India.
We are a capital light business, and as in previous years our capital expenditure was low at only £139,000 
(2012: £231,000), and depreciation similarly low at £465,000 (2012: £526,000). We therefore tend to have strong 
cash flow, and in 2013 it was particularly high. Cash flow before financing was £4,458,000 (nearly double profit 
after tax), and we finished the year with £6,188,000 of cash, up from £3,755,000, and that after dividends, 
including our special dividend of 12 pence per share in October, and share buy-backs totalling £2 million. This 
was partly due to negligible bonuses in 2012, paid in 2013. Our high bonuses in 2013 will rein in 2014 cash flow 
somewhat.
Our effective tax rate was 32% which is relatively high compared to the UK standard rate of 23.2%. This is in 
part due to higher tax rates in our overseas operations, particularly in the US. It is also due to tax inefficiencies 
relating to management fees chargeable by our UK parent company to our Brazilian and Chinese subsidiary com-
panies. Nevertheless the tax rate was similar to the prior year (31%) and so profit after tax grew at a similar rate 
to profit before tax (135%). We continued to purchase back most of the shares transferred to stock option hold-
ers on exercise of options, and so there was little change in the number of issued or voting shares. As a result, 
7 BrainJuicer Group PLC Annual Report and Accounts 2013
Business and Financial Review continued
our earnings per share, both diluted and undiluted, grew at a similar rate to profit after tax at 137% and 134% 
respectively.
RISkS
One of our maxims is that the paradox of success is failure – and so we actively encourage our people to be bold 
and are risk-tolerant. Having said that, we do take risk seriously. We endeavour to identify and protect the 
business from the big, remote, risks – those that do not occur very often, but which, when they do, have major 
ramifications. The types of such event that we are concerned about and seek to manage are: loss of a significant 
client; loss of key personnel; material adverse event leading to significant loss of property, software, or data, or 
an adverse legal claim; major outage in our survey platform (‘Juicing Centre’). 
LoSS oF A SIGNIFICANT CLIENT. This is a significant risk, and we do not take it lightly, with the percentage of 
business from our largest client in 2013 at 9% of revenue (2012: 7%). We therefore go to considerable lengths to 
monitor service quality and seek client feedback.
LoSS oF kEy PERSoNNEL. The loss of a senior member of the team would have a negative impact on the business. 
However, we have a large senior team, which includes each of our Country Managing Directors, our Head of 
Marketing and Business Development, our Head of Labs, as well as the COO, CFO and Chief Juicer – 18 people – 
and so do not view the business as being overly dependent on any one individual. As with many rapidly growing 
businesses, we place significant demands on our people, and we are therefore at risk of staff turnover. However 
the work environment is stimulating and we are placing further emphasis on our culture and the way we work. 
mATERIAL ADVERSE EVENT LEADING To A SIGNIFICANT LoSS oF PRoPERTy, SoFTwARE, oR DATA, oR AN ADVERSE LEGAL 
CLAIm. We can’t guarantee that all eventualities are covered, but nevertheless have continued to endeavour to 
protect the business from significant risks, through a combination of:
  Comprehensive professional indemnity insurance;
  Frequent and multiple back-ups and archiving of data on all servers and laptops;
  Sufficient focus on legal protections, for example through our terms and conditions.
Perhaps the greatest potential for material loss here would be a breach of client confidentiality or a loss of 
personal data – an area where legal requirements are becoming increasingly stringent. To respond to this we have 
recently recruited a new head of information security and are tightening our technical and procedural controls.
mAJoR oUTAGE IN oUR JUICING CENTRE. Were there to be a major outage in our Juicing Centre due, for example, 
to capacity constraints or a security breach, we could be prevented from building surveys, collecting data and 
downloading results. This may result in significant delay in delivering client projects with a consequential loss of 
revenue, reputational damage, and the costs of remedying the situation. We have suffered relatively minor out-
ages from time to time, but none has led to significant financial loss.
 
oUTLook
Over the last five years, we have grown revenues and profits by a little over 20% per annum on an annual com-
pound basis (using 2008 as the base). Over that time we’ve returned over £4.7 million to shareholders in divi-
dends and share buy-backs, and are proposing to pay a further £1.9 million in dividends during May 2014. We’ve 
also built a strong franchise in terms of our products, reputation, client relationships, geographic coverage and 
operational delivery mechanisms. We have a talented and dedicated team, bound by a well-defined unifying 
culture, and we have a strong balance sheet for our size. Looking ahead, we are planning more of the same, and 
believe we have the platform from which to deliver. We have made a promising start to 2014, but as always, given 
our limited revenue visibility, we cannot predict with any certainty how the year will unfold.
James Geddes
Chief Financial Officer
20 March 2014
8 BrainJuicer Group PLC Annual Report and Accounts 2013 9
Year to 31 December  2013 2012 2011 2010 2009
Revenue 24,457 20,822 20,713 16,360 11,814
growth 17% - 27% 38% 27%
Gross profit 19,087 16,068 16,063 12,622 8,935
growth 19% - 27% 41% 30%
Operating profit 3,550 1,513 2,758 2,216 1,645
growth 135% -45% 24% 35% 28%
Pre-tax profit 3,556 1,515 2,760 2,217 1,658
growth 135% -45% 24% 34% 21%
Post-tax profit 2,435 1,038 1,850 1,480 1,185
growth 135% - 44% 25% 25% 23%
EPS – diluted 18.7p 7.9p 14.1p 11.3p 9.0p
growth 137% - 44% 25% 26% 22%
Cash flow pre financing 4,458 868 1,448 1,785 824
Cash balance (no debt) 6,188 3,755 3,683 2,770 2,343
Dividend per share (interim and final) 3.9p 3.1p 3.0p 2.4p 1.9p
growth 26% 3% 25% 26% 27%
Special dividends per share  
(paid and proposed) 24.0p - - - -
Total dividends (paid and proposed) 3,505 390 375 315 246
Share buy-backs (net of stock option proceeds) 71 408 217 1,046 (38)
Number of projects 892 794 859 745 601
growth 12% -8% 15% 24% 20%
Average revenue per project 27.4 26.2 24.1 22.0 19.7
growth 5% 9% 10% 12% 5%
Number of clients 224 217 199 165 140
growth 3% 9% 21% 18% 22%
Average headcount 138 148 124 91 70
growth -7% 19% 36% 30% 19%
5 Year Summary
(£000s unless specified otherwise) DoN’T TAkE oUR wo RD FoR IT: Here’s what our clients are saying about us:
BrainJuicer Group PLC Annual Report and Accounts 2013
Kudos
‘‘
 BrainJuicer’s ComMotion® was one of the key catalysts behind Guinness’ hugely 
successful Basketball commercial. We tested many scripts, but this was identified by 
BrainJuicer as the 5-Star script worth investing in. They could not have been more  
right. Within 4 weeks of launch, Basketball had garnered nearly 8 million views, such  
was its ability to win hearts over minds. In my mind, this is what makes BrainJuicer’s  
ComMotion® the creative agency’s pre-test.  
’’
  
GORDON MCLEAN 
SVP Group Director, Behavioral Planning, BBDO
‘‘
 BrainJuicer has helped us to understand and monitor the evolution of 
our brand in the market, and our main competitors’ brands as well. Their  
methodology combined with in-depth analyses allows us to develop a stronger 
and successful brand in the Brazilian Market. The insights from ComMotion® , 
Brand Tracker and Predictive Markets have directed our new product launches 
and repositioned others, besides the excellent research which helped us  
rethink our pricing strategy. 
’’
 
LEANDRO FLORIO 
Head of Marketing, Brazil, Subway
‘‘
 BrainJuicer is the go-to for concept screening and market 
predictions, using their Predictive Markets “wisdom of  
the crowds” approach. My experience with them has been a 
breakthrough on how companies look at innovation, and  
that is just one of the things in which they are exceptional!  
Forward thinkers par excellence!  
’’
 
ANA KIECKBUSCH 
Insights into Strategic Planning Director, SABMiller
‘‘
 The JuicyBrains® Immersive Community was the richest 
qualitative study we’ve ever experienced. From concept to execution, 
the BrainJuicer team delivered prompt communication, constructive  
feedback and actionable insights. Can you use this brain-juice  
to mix a marketing cocktail, please? 
’’
 
KRISTEN KOLB 
Insights Strategist, Clayton Homes (subsidiary of Berkshire Hathaway)
‘‘
 Predictive Markets is one of the most powerful tools I have used for claims 
testing. It puts us in a competitive advantage early on in the game, allowing us 
to quickly identify the top performers and the reasons why behind them (a depth 
of analysis that other vendors often lack) and move forward without testing 
and retesting. Most importantly, BrainJuicer’s findings correlate to actual claim 
performance. 
’’
  
FRANCESCO VENTISETTE 
Director, Consumer Insights – International GI, Pfizer Consumer Healthcare
10 1 BrainJuicer Group PLC Annual Report and Accounts 2013
‘‘
 BrainJuicer has done an excellent job in supporting Drinkaware 
as we pilot different initiatives to explore how different ‘nudges’ can  
effectively drive behaviour change. Their expertise and advice has 
been invaluable. 
’’
 
ANNE FOSTER
Director of Marketing and Communications, Drinkaware
‘‘
 The Color Team at P&G truly appreciates BrainJuicer’s flexibility and 
expertise. They’ve tailored the output of DigiViduals® and Mobile Ethnography  
so that we get the specific answers we need for our campaigns. BrainJuicer  
has been a great ongoing partner for us, helping us consultatively and  
collaboratively to develop inspirational and actionable ideas. They truly  
understand our consumers deeply, and we all value the perspective they bring 
into our team explorations. 
’’
 
JOSE ALBERTO LOPEZ ORTEGA
Manager CMK Global Koleston & LatAm Hair Color, Procter & Gamble
‘‘
 Amongst all the agencies that offer concept development research, we have
repeatedly chosen to work with BrainJuicer. JuicyBrains® Immersive Community 
lets us see real-time action, and also gives further exploration, which allows us to 
adapt and re-evaluate with consumers before entering into the Quant phase with 
Concept Optimizer. Our BrainJuicer team goes beyond just advising if the results 
are above/below norm/control to fully understand why, how to improve and what 
other aspects are impacting. 
’’
 
JAMES JOHNSTONE
Customer Strategy & Planning Manager Europe and South Africa, Shell
‘‘
 In a tight end-of-year request, the BrainJuicer team really pulled 
through. It was a beast of a project with 40 concepts and many  
moving pieces. They provided solid organizational guidance, helped 
us tighten up our concepts, executed a four-country study, and then 
turned around a strong report in a very rapid way. Further they joined 
a very senior team in a workshop in Singapore to take the work to 
a higher place and were true collaborators in every way. My sincere 
thanks to a great team. 
’’
 
RON GAILEY
Director, Consumer & Commercial Insights, ASEAN/Pacific Group, Coca-Cola 
‘‘
 Our relationship with BrainJuicer has been rewarding in more ways than 
one – we’ve learned a lot about behavioural science and the importance of 
emotional advertising, and have appreciated the team’s ever-present willingness 
to share past learnings with our broader team and help us do better marketing. 
Even better, this is an agency that really ‘walks the walk’ – ComMotion® gave us 
great insight into how the ads would perform in-market, but also provided the 
whys behind the results, leaving us a lot to think about and a clear path to move 
forward. We can’t wait to work with them again! 
’’
 
MIKE HARPER 
Director of Brands, Adams Foods  
11 BrainJuicer Group PLC Annual Report and Accounts 2013
Board of Directors
JoHN kEARoN
CHIEF ExECUTIVE OFFICER
John founded BrainJuicer in 1999. Prior to BrainJuicer, he 
founded innovation agency Brand Genetics Limited, which 
invented new products and services for FT500 companies. 
Before this, John had been planning director of one of the 
UK’s leading advertising agencies. He started his career 
over 25 years ago as a graduate of Unilever’s management 
programme, rising to be a senior marketer at Elida Gibbs 
before moving into advertising. John’s role in establishing 
and developing the BrainJuicer business made him Ernst & 
Young’s “Emerging Entrepreneur of the Year” in 2006. 
JAmES GEDDES
CHIEF FINANCIAL OFFICER
James joined BrainJuicer in 2003. Previously, he was CFO 
of Iobox Oy (a Finnish start-up backed by Morgan Stanley 
and sold to Telefonica), Executive Director of International 
Corporate Finance at MediaOne Group (the US telecoms 
multinational now part of AT&T), and Assistant Treasurer 
of Foster’s Brewing Group. He is a Chartered Accountant, 
holds a Diploma in Corporate Treasury Management, and 
is a graduate of Harvard Business School’s Program for 
Management Development.
ALEX BATCHELoR
CHIEF OPERATING OFFICER
Alex joined BrainJuicer in 2010. Prior to BrainJuicer,  
he held various senior marketing roles, as Chief Marketing 
Officer of TomTom; Marketing Director of the Royal Mail; 
Vice President – Global Brand at Orange. Like John, Alex 
started his career at Unilever over 20 years ago, before leav-
ing to spend two years in advertising at Saatchi & Saatchi 
and then six years at brand consultancy Interbrand, where 
he was Managing Director. Alex is both a Fellow of the  
Marketing Society and a former Chairman.
kEN FoRD
NON-ExECUTIVE CHAIRMAN
Ken joined BrainJuicer in 2008 as non-executive Chairman. 
Ken has a wide City experience with past directorships 
including Morgan Grenfell and Aberdeen Asset Management 
and more recently stockbroker Teather & Greenwood. He is a 
former Chairman of the Society of Investment Analysts and 
of the Quoted Companies Alliance [QCA], remaining on its 
executive committee. Ken is also a non-executive Chairman 
of Nakama Group plc, Scientific Digital Imaging plc and 
Lewis PR.
GRAHAm BLASHILL
NON-ExECUTIVE DIRECTOR AND CHAIRMAN  
OF THE REMUNERATION COMMITTEE
Graham joined BrainJuicer in 2012. He has had a long career 
in sales and marketing of fast-moving consumer goods. 
Graham joined W.D. & H.O. Wills (a division of Imperial 
Tobacco) in 1968, holding a number of marketing and trad-
ing roles, and becoming Managing Director Imperial Tobacco 
UK in 1995. In 2003 he was Regional Director for Western 
Europe, and in 2005 appointed Group Sales and Marketing 
Director, responsible for Imperial Tobacco’s global trading 
operations in over 160 countries. He served as a main board 
director of Imperial Tobacco Group plc, a leading FTSE 100 
company, for six years before retiring in 2011.
RoBERT BRAND
NON-ExECUTIVE DIRECTOR AND CHAIRMAN  
OF THE AUDIT COMMITTEE
Robert joined BrainJuicer in 2012. He began his career in 
1977, initially as a research analyst and then as Managing 
Director of UK Equity research at BZW, then the invest-
ment banking division of Barclays Bank. In 1990 he joined 
Makinson Cowell, a capital markets advisory firm, as a 
director. Over a period of 18 years he advised a wide range 
of FTSE 100 and FTSE 250 companies, focusing on their 
link with institutional investors. He retired from Makinson 
Cowell in 2008.
12 BrainJuicer Group PLC Annual Report and Accounts 2013
REVIEw o F THE BUSINESS
The CEO statement on pages 3 and 4 sets out a review of the Group’s strategy and positioning. The business and 
financial review on pages 5 to 8 sets out progress and our business model.
PERFoRmANCE INDICAToRS
The Company’s main financial key performance indicators are set out on page 9 (the 5 year summary), and 
described in the business and financial review (refer to the financial performance section). The Company also 
monitors client and employee satisfaction via client feedback surveys and periodic employee surveys, and  
takes corrective action where required.
RISk
The business and financial review on pages 5 to 8 describe the Group’s attitude to risk, the key risks that the 
business faces and the mitigating factors (refer to the risk section).
ON BEHALF OF THE BOARD
James Geddes
Chief Financial Officer
20 March 2014
13
Strategic Report BrainJuicer Group PLC Annual Report and Accounts 2013
REVIEw o F THE BUSINESS AND FUTURE DEVELoPmENTS
The Chairman’s and CEO statements and the business and financial review on pages 2 to 8 set out a review of the 
business, key risks and future developments.
DIVIDENDS
The Company has paid and proposes to pay the following dividends:
 2013  2012 
 £’000 £’000
Ordinary Shares  
Interim paid, 0.9p per share (2012: 0.85p per share) 112 107
Special dividend, 12p per share (2012: NIL) 1,508 -
Proposed final, 3p per share (2012: 2.25p per share) 377 283
Proposed special, 12p per share 1,508 -
ToTAL oRDINARy DIVIDENDS, 27.9P PER SHARE (2012: 3.1P) 3,505 390
The Company paid interim and special dividends on 24 October 2013 to shareholders on the register at the 
close of business on 4 September 2013.
DIRECToRS
The following are the current directors of the parent company, BrainJuicer Group PLC, and each served through-
out the whole year.
John Kearon (executive)
James Geddes (executive)
Alex Batchelor (executive)
Ken Ford (non-executive)
Robert Brand (non-executive)
Graham Blashill (non-executive)
The Remuneration report on pages 19 to 21 sets out directors’ interests in the shares of the Company.
SHARE CAPITAL
Changes in the share capital of the Company during the year are given in note 11 to the financial statements. As 
at 31 January 2014, the Company was aware of the following significant interests in the ordinary issued share 
capital of the Company.
AT 31 JANUARy 2014 Number %
John Kearon 3,859,996 30.7
Blackrock Investment Management (UK) 1,211,975 9.6
The Nomad Investment Partnership L.P. 1,092,088 8.7
Liontrust Asset Management 1,041,714 8.3
Herald Investment Management Limited 700,000 5.6
Standard Life Investments Ltd 643,847 5.1
Allianz Global Investors KAG 450,000 3.6
Cluny Hill Capital Limited 420,000 3.3
  
FINANCIAL RISk mANAGEmENT
The Group’s activities expose it to the following financial risks to a small degree.
CREDIT RISk
We manage credit risk on a Group basis, arising from credit exposures to outstanding receivables and cash and 
cash equivalents. Since the majority of the Group’s clients are large blue-chip organisations, the Group rarely suf-
fers a bad debt. The Group’s cash balances are held, in the main, at HSBC Bank.
Directors’ Report
14 BrainJuicer Group PLC Annual Report and Accounts 2013
mARkET RISk – FoREIGN EXCHANGE RISk
In addition to the United Kingdom, the Group operates in the United States, Continental Europe, Brazil, China, 
Singapore and India and is exposed to currency movements impacting future commercial transactions and net 
investments in those countries. Management believe that both foreign currency transaction and translation risk 
are not material to the financial performance of the Group. 
LIqUIDITy RISk
The Company monitors its cash balances regularly and holds its cash in immediately-available current accounts 
to minimise liquidity risk.
oTHER RISkS
Management do not consider price risk or interest rate risk to be material to the Group. 
CAPITAL RISk mANAGEmENT
The Company manages its capital to ensure that it is able to continue as a going concern while maximising its 
return to shareholders. The Company’s capital structure consists of cash and cash equivalents and share capital. 
The Group has no borrowings or borrowing facilities and is not subject to any externally imposed capital require-
ments.
The Group does not hedge its financial risks and has not entered into any derivative contracts.
RESEARCH AND DEVELoPmENT
BrainJuicer’s Labs team is involved in the development and validation of new market research methods and prod-
ucts centred on Behavioural Science.
PURCHASE oF ow N SHARES
During the year the Company transferred 63,043 Ordinary Shares (with an aggregate nominal value of £630, rep-
resenting 0.48% of the called up share capital of the Company) out of treasury to satisfy the exercise of employee 
share options over 63,043 Ordinary Shares, for cash consideration of £82,000. The Company subsequently repur-
chased 63,043 of these shares (with an aggregate nominal value of £630, representing 0.48% of the called up 
share capital of the Company) for cash consideration of £153,000. 
Following these transactions, at 31 December 2013 there were 13,136,448 ordinary shares in issue (2012: 
13,136,448) of which 572,784 shares were held in treasury (2012: 572,784).
EmPLoy EES
The Group maintains fair employment practices, and attempts to eliminate all forms of discrimination and to 
give equal access. Wherever possible we provide the same opportunities for disabled people as for others. If an 
employee were to become disabled we would make every effort to keep him or her in our employment, with appro-
priate training where necessary.
HEALTH AND SAFETy PoLICIES
The Group does not have significant health and safety risks, and is committed to maintaining high standards of 
health and safety for its employees, visitors and the general public.
AUDIToR
The Company will be seeking shareholder approval to reappoint its auditor, Grant Thornton UK LLP, at its Annual 
General Meeting.
ON BEHALF OF THE BOARD
James Geddes
Chief Financial Officer
20 March 2014
15 BrainJuicer Group PLC Annual Report and Accounts 2013
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 UK Corporate Gover-
nance Code 2012, the Board takes the Code seriously. The Group also places particular importance on the guide-
lines issued by the Quoted Companies Alliance for Companies. 
The Group does not comply with the UK Corporate Governance Code 2012. The Directors believe that full com-
pliance 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
The Board comprises three executive directors and three independent non-executive directors. Their biographical 
details are presented on page 11.
The Board meets formally 11 times a year and no director in office during the year missed more than 1 meet-
ing. The Board discharges its responsibilities through management team meetings 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 pro-
posed 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.
Corporate Governance Report
16 BrainJuicer Group PLC Annual Report and Accounts 2013
Each year at the Annual General Meeting, one-third of directors are required to retire by rotation, provided  
all directors are subject to re-election at intervals of no more than three years. This year, James Geddes  
and Ken Ford are scheduled to retire by rotation and have each confirmed their willingness to be put forward  
for re-election at the 2014 Annual General Meeting.
NoN-EXECUTIVE DIRECToRS
The three non-executive directors are independent of management. The terms and conditions of the non-execu-
tive directors’ appointments are available for inspection at the Company’s registered office.
REmUNERATIoN CommITTEE
The Remuneration Committee membership and a summary of its terms of reference are on page 19.
AUDIT CommITTEE
The Audit Committee, comprising Robert Brand (Chairman), Graham Blashill and Ken Ford, the three non-exec-
utive directors, was established on 17th November 2006. Robert Brand has recent and relevant financial experi-
ence. 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;
  Discuss 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; and 
  Report to the Board, identifying any matters in respect of which it considers that action or improvement is  
 required; and
  Ensure a formal channel is available for employees and other stakeholders to express any complaints in  
 respect of financial accounting and reporting. 
The Committee is scheduled to meet twice in each financial year and at other times if necessary.
The Group does not currently have an internal audit function, which the Board considers appropriate for a 
Group of BrainJuicer’s size.
17 BrainJuicer Group PLC Annual Report and Accounts 2013
Corporate Governance Report continued
INTERNAL CoNTRoL PRoCEDURES
The Board is responsible for the Group’s system of internal controls and risk management, and for reviewing the 
effectiveness of these systems. These systems are designed to manage, rather than eliminate, the risk of failure 
to achieve business objectives, and to provide reasonable, but not absolute assurance against material misstate-
ment or loss.
The key features of the Group’s internal controls are described below:
  The Group has a clearly-defined organisational structure with appropriate delegation of authority;
  The Board approves a one year budget. The budget is prepared in conjunction with Country Managers to  
 ensure targets are feasible;
  The Group updates forecasts periodically to take into account the most recent estimates. On a monthly basis,  
 actual results are compared to the budget and presented to the Board on a timely basis;
  The Board and senior management team review client and employee feedback;
  A limited number of directors and senior executives are able to sign cheques and authorise payments.  
 Payments are not permitted without an approved invoice or similar documentation;
  Reconciliations of key balance sheet accounts are performed and independently reviewed by the finance team.
The Board in conjunction with the Audit Committee reviews the Group’s internal control system on a periodic 
basis. The Board seeks to ensure risk assessment procedures and responses are continuously improved.
CommUNICATIoNS w ITH 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;
  The Annual General Meeting.
GoING CoNCERN
After making enquiries, at the time of approving the financial statements the Directors have a reasonable expec-
tation that the Company and the Group have adequate resources to continue in operational existence for at least 
12 months from the approval of these financial statements. For this reason, the Directors continue to adopt the 
going concern basis in preparing the financial statements.       
 
18 BrainJuicer Group PLC Annual Report and Accounts 2013
Remuneration Report
REmUNERATIoN CommITTEE
The remuneration committee (the “Committee”) comprises the three non-executive directors, Graham Blashill 
(Chairman), Robert Brand and Ken Ford. The Committee’s main role and responsibilities are to:
  Determine the remuneration and incentive packages for each of the Company’s executive directors;
  Review and approve the remuneration and benefits of senior management;
  Review and make recommendations to the Board on the design of remuneration structures and levels of pay  
 and other incentives for employees of the Group;
  Report to the Group’s shareholders in relation to remuneration policies applicable to the Group’s executive  
 directors.
The Committee may invite the Chief Executive Officer, the Chief Financial Officer and Chief Operating Officer 
to attend meetings of the Remuneration Committee. The Chief Executive Officer is consulted on proposals relat-
ing to the remuneration of the Chief Financial Officer and Chief Operating Officer and of other senior executives 
of the Group. The Chief Executive Officer is not involved in setting his own remuneration.
The Committee may use remuneration consultants to advise it in setting remuneration structures and policies. 
The Committee is exclusively responsible for appointing such consultants and for setting their terms of reference.
REmUNERATIoN PoLICy
We aim to ensure that management remuneration encourages long-term shareholder value creation, is deemed 
fair from the points of view of all stakeholders, and is not excessive. The Committee takes into account remunera-
tion packages of comparable companies.
SHARE oPTIoNS
We have stock options under an old employee stock option plan; for details please see note 11 to the Financial 
Statements. We are no longer granting options under the plan.
SERVICE AGREEmENTS
John Kearon and James Geddes entered into service agreements with BrainJuicer Limited, a wholly-owned sub-
sidiary 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 Ford, Robert Brand and Graham Blashill’s appointments can be terminated on six months’ notice in writ-
ing by either the Company or by the non-executive director. 
19 BrainJuicer Group PLC Annual Report and Accounts 2013
Remuneration Report continued
DIRECToRS’ EmoLUmENTS
Remuneration in respect of the directors was as follows:
   Benefits  
  Salary in kind Bonus 2013  2012 
  £ £ £ £  £ 
John Kearon  190,400 3,730 57,120 251,250 194,027
James Geddes  165,075 4,458 49,523 219,056 168,898
Alex Batchelor  165,075 3,678 49,523 218,276 168,507
Ken Ford  33,990 - - 33,990 33,990
Robert Brand  30,900 - - 30,900 30,900
Graham Blashill  28,583 - - 28,583 14,292
  614,023 11,866 156,166 782,055 610,614
Money purchase pension contributions in respect of the directors were as follows:
 2013  2012
 £  £ 
John Kearon 11,424 11,424
James Geddes 9,905 9,905
Alex Batchelor 9,905 9,904
 31,234 31,233
 
DIRECToRS’ INTERESTS 
Directors’ interests in Ordinary Shares of 1p each as at 31 December 2013 are shown below:
 Number of 1p ordinary shares
 31 December 2013  1 January 2013
  (or date of  
  appointment  
  if later)
John Kearon 3,859,996 3,846,102
James Geddes 158,325 158,325
Alex Batchelor 101,852 101,852
Ken Ford 20,000 20,000
Robert Brand 30,000 30,000
Graham Blashill 5,000 5,000
Directors’ interests in share options over 1p Ordinary Shares in the Company were as follows:
EmPLoy EE SHARE SCHEmE 
Date of grant Earliest Exercise Number at Granted Exercised Number 
 exercise date price (p) 1 Jan 2013 in year in year at 31 Dec 2013
JOHN KEARON      
19/01/2007 01/01/2008 162.5p 60,213 - - 60,213
JAMES GEDDES      
19/01/2007 01/01/2008 162.5p 60,213 - - 60,213
ALEx BATCHELOR      
22/03/2010 01/04/2011 149.0p 113,334 - - 113,334
18/05/2010 01/01/2011 0.0p 116,666 - - 116,666
   230,000 - - 230,000
   350,426 - - 350,426
      
20 BrainJuicer Group PLC Annual Report and Accounts 2013
LoNG TERm INCENTIVE SCHEmE
In 2010 the Company established a long term incentive plan for senior executives.
The awards vest on 30 April 2014 (the “Performance Date”), if what is called the “Achieved Share Price” is at 
least £3 per share, where the Achieved Share Price is the average of the market value of a share for a period of 30 
days finishing on 29 April 2014.
The total value payable under the scheme is calculated as 15% of the difference between the Achieved Share 
Price (if in excess of £3 per share), and £3 per share multiplied by the number of issued shares at the Performance 
Date. This is then allocated amongst the participants in the scheme in accordance with the number of units they 
were granted, as a percentage of the total number of units available to be awarded under the scheme (10,000 
units).
Each of the three executive directors (John Kearon, James Geddes and Alex Batchelor), were awarded 1,235 
units in 2010. During 2012 each of the three directors were awarded an additional 265 units. So the percentage of 
the total value payable under the scheme to each of them would be 15.00% (2012: 15.00%).
Payment under the scheme will be by way of shares (or zero cost options), where the number of shares (or zero 
cost options) granted to participants would be determined by reference to the value of the units and the share 
price at the Performance Date. At the Renumeration Committee’s discretion payment under the scheme may be 
cash settled.
The number of units awarded to directors during the year was as follows:
 Performance Expiry  Share price  Number Granted Exercised Number
Date of award Date date target  at 1 Jan 2013 in year in year  at 31 Dec 2013
JOHN KEARON      
18/05/2010 30/04/2014 18/05/2020 £3 1,500 - - 1,500
JAMES GEDDES       
18/05/2010 30/04/2014 18/05/2020 £3 1,500 - - 1,500
ALEx BATCHELOR       
18/5/2010 30/04/2014 18/05/2020 £3 1,500 - - 1,500
The Remuneration Committee believes that the dilution to shareholders would be relatively modest, given the 
growth in the Group’s share price that must be achieved before any shares are awarded.
For the three year period commencing 2014, the Remuneration Committee is proposing new arrangements for 
the remuneration of the management team which more closely follow the guidelines for quoted companies.
Under this proposed scheme the executive directors will forego all annual bonuses, but receive equity options 
based on a substantial increase in earnings per share over the three years, backed by a share price underpin. The 
members of the senior management team will have an increased bonus potential of up to 50% of base salary, but 
without any future equity participation. 
The Remuneration Committee believes that this will:
  align the executive directors’ remuneration to the shareholder value they are attempting to create;
  provide flexible, simple and more immediate rewards for the wider management team;
  contain the dilutive impact on our equity.
Graham Blashill
Chairman of the Remuneration Committee
20 March 2014 
21 BrainJuicer Group PLC Annual Report and Accounts 2013
Statement of Directors’ Responsibilities
The directors are responsible for preparing the Strategic Report, 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 elected to prepare the group financial statements in accordance with International Financial 
Reporting Standards as adopted by the European Union (IFRSs) and the parent company financial statements 
in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting 
Practice). Under company law the directors must not approve the financial statements unless they are satisfied 
that they give a true and fair view of the state of affairs and profit or loss of the Company and Group for that 
period. In preparing these financial statements, the directors are required to:
  select suitable accounting policies and then apply them consistently;
  make judgments and accounting estimates that are reasonable and prudent;
  state whether applicable IFRSs and United Kingdom Accounting Standards in respect of the group and parent  
 company financial statements respectively, have been followed, subject to any material departures disclosed  
 and explained in the financial statements;
  prepare the financial statements on the going concern basis unless it is inappropriate to presume that the  
 Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain 
the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the 
Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are 
also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the preven-
tion and detection of fraud and other irregularities. 
The directors confirm that:
  so far as each director is aware, there is no relevant audit information of which the Company’s auditor is  
 unaware; and
  the directors have taken all steps that they ought to have taken to make themselves aware of any relevant  
 audit information and to establish that the auditor is aware of that information.
The directors are responsible for the maintenance and integrity of the corporate and financial information 
included on the Company’s website. Legislation in the United Kingdom governing the preparation and dissemina-
tion of financial statements may differ from legislation in other jurisdictions. 
JAMES GEDDES
Company Secretary and Chief Financial Officer
20 March 2014 
22 BrainJuicer Group PLC Annual Report and Accounts 2013
Independent Auditor’s Report  
to the members of BrainJuicer Group PLC
We have audited the financial statements of BrainJuicer Group PLC for the year ended 31 December 2013 which 
comprise the consolidated income statement, the consolidated statement of comprehensive income, the consoli-
dated balance sheet, the consolidated cashflow statement, the consolidated statement of changes in equity, the 
company balance sheet and the related notes. The financial reporting framework that has been applied in the 
preparation of the group financial statements is applicable law and International Financial Reporting Standards 
(IFRSs) as adopted by the European Union. The financial reporting framework that has been applied in the prepa-
ration 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 per-
mitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s 
members as a body, for our audit work, for this report, or for the opinions we have formed.
RESPECTIVE RESPoNSIBILITIES oF DIRECToRS AND AUDIToR
As explained more fully in the Statement of Directors’ responsibilities set out on page 22 the directors are respon-
sible for the preparation of the financial statements and for being satisfied that they give a true and fair view. 
Our responsibility is to audit and express an opinion on the financial statements in accordance with 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/private.cfm.
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 2013 and of the group’s profit for the year then ended; 
 the group financial statements have been properly prepared in accordance with IFRSs as adopted by the  
 European Union;
 the parent company financial statements have been properly prepared in accordance with United Kingdom  
 Generally Accepted Accounting Practice; and
 the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
oPINIoN oN oTHER mATTER PRESCRIBED By THE ComPANIES ACT 2006
In our opinion the information given in the Strategic Report and the Directors’ Report for the financial year for 
which the financial statements are prepared is consistent with the financial statements.
mATTERS oN w HICH w E ARE REqUIRED To REPoRT By EXCEPTIoN
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report 
to you if, in our opinion:
 adequate accounting records have not been kept by the parent company, or returns adequate for our audit  
 have not been received from branches not visited by us; or
 the parent company financial statements are not in agreement with the accounting records and returns; or
 certain disclosures of directors’ remuneration specified by law are not made; or
 we have not received all the information and explanations we require for our audit.
MALCOLM GOMERSALL
Senior Statutory Auditor for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
Central Milton Keynes
20 March 2014
23 BrainJuicer Group PLC Annual Report and Accounts 2013
  2013 2012
 Note £’000 £’000
REVENUE 4 24,457 20,822
Cost of sales  (5,370) (4,754)
GRoSS PRoFIT  19,087 16,068
   
Administrative expenses  (15,537) (14,555)
oPERATING PRoFIT 4 3,550 1,513
Gain on disposal of available for sale investments 7 14 -
Finance income 18 1 2
Finance costs 18 (9) -
PRoFIT BEFoRE TAXATIoN  3,556 1,515
   
Income tax expense 19 (1,121) (477)
PRoFIT FoR THE FINANCIAL yEAR  2,435 1,038
ATTRIBUTABLE To EqUITy HoLDERS oF THE ComPANy  2,435 1,038
EARNINGS PER SHARE ATTRIBUTABLE To THE EqUITy HoLDERS oF THE ComPANy
Basic earnings per share 21 19.4p 8.3p
Diluted earnings per share 21 18.7p 7.9p
The notes on pages 29 to 47 are an integral part of these consolidated financial statements.
All of the activities of the Group are classed as continuing.
Consolidated Income Statement
For the Year Ended 31 December 2013
24 BrainJuicer Group PLC Annual Report and Accounts 2013
  2013 2012
  £’000 £’000
PRoFIT FoR THE FINANCIAL yEAR 2,435 1,038 
 
oTHER ComPREHENSIVE INComE:
ITEmS THAT mAy BE SUBSEqUENTLy RECLASSIFIED To PRoFIT oR LoSS  
Exchange differences on translating foreign operations  (55) (72)
Other comprehensive income for the year, net of tax  (55) (72)
ToTAL ComPREHENSIVE INComE FoR THE yEAR AND AmoUNTS 
ATTRIBUTABLE To EqUITy HoLDERS 2,380 966
The notes on pages 29 to 47 are an integral part of these consolidated financial statements.
Consolidated Statement of Comprehensive Income
For the Year Ended 31 December 2013
25 BrainJuicer Group PLC Annual Report and Accounts 2013
Consolidated Balance Sheet
As at 31 December 2013
  2013 2012
 Note £’000 £’000
ASSETS   
NON-CURRENT ASSETS   
Property, plant and equipment 5 112 178
Intangible assets 6 1,000 1,260
Financial assets – available for sale investments 7 - 83
Deferred tax asset 20 670 293
  1,782 1,814
CURRENT ASSETS   
Inventories 9 238 51
Trade and other receivables 10 7,344 5,825
Cash and cash equivalents  6,188 3,755
  13,770 9,631
ToTAL ASSETS  15,552 11,445
EqUITy   
CAPITAL AND RESERVES ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY   
Share capital  11 131 131
Share premium account  1,579 1,579
Merger reserve  477 477
Foreign currency translation reserve  (2) 53
Retained earnings  5,924 5,100
ToTAL EqUITy  8,109 7,340
LIABILITIES   
NON-CURRENT   
Provisions 12 390 173
Non-current liabilities  390 173
CURRENT   
Provisions 12 206 96
Trade and other payables 13 6,336 3,773
Current income tax liabilities  511 63
Current liabilities  7,053 3,932
ToTAL LIABILITIES  7,443 4,105
ToTAL EqUITy AND LIABILITIES  15,552 11,445
The notes on pages 29 to 47 are an integral part of these consolidated financial statements.
REGISTERED COMPANY NO. 05940040
These financial statements were approved by the directors on 20 March 2014 and are signed on their behalf by:
JOHN KEARON JAMES GEDDES
Director Director
26 BrainJuicer Group PLC Annual Report and Accounts 2013 27
  2013 2012
 Note £’000 £’000
NET CASH GENERATED FRom oPERATIoNS  24 5,343 1,921
Tax paid  (835) (824)
NET CASH GENERATED FRom oPERATING ACTIVITIES  4,508 1,097
   
CASH FLow S FRom INVESTING ACTIVITIES   
Purchases of property, plant and equipment  (70) (108)
Purchase of intangible assets  (69) (123)
Sale of available for sale investments  97 -
Interest (paid)/received  (8) 2
NET CASH USED By INVESTING ACTIVITIES  (50) (229)
NET CASH FLow BEF oRE FINANCING ACTIVITIES  4,458 868
  
CASH FLow S FRom FINANCING ACTIVITIES  
Proceeds from sale of treasury shares  82 325
Purchase of own shares  (153) (733)
Dividends paid to owners  (1,903) (388)
NET CASH USED By FINANCING ACTIVITIES  (1,974) (796)
NET INCREASE IN CASH AND CASH EqUIVALENTS   2,484 72
CASH AND CASH EqUIVALENTS AT BEGINNING oF yEAR  3,755 3,683
EXCHANGE LoSSES oN CASH AND CASH EqUIVALENTS*  (51) -
CASH AND CASH EqUIVALENTS AT END oF yEAR  6,188 3,755
* Foreign exchange losses on cash and cash equivalents for the year ended 31 December 2012 amounted to £48,000.
The notes on pages 29 to 47 are an integral part of these consolidated financial statements.
Consolidated Cash Flow Statement
For the Year Ended 31 December 2013 BrainJuicer Group PLC Annual Report and Accounts 2013
     Foreign  
   Share  currency    
  Share premium Merger translation Retained  
  capital account reserve reserve earnings Total
 Note £’000 £’000 £’000 £’000 £’000 £’000
AT 1 JANUARY 2012  131 1,579 477 125 4,676 6,988
PROFIT FOR THE FINANCIAL YEAR  - - - - 1,038 1,038
Other comprehensive income:       
Currency translation differences  - - - (72) - (72)
ToTAL ComPREHENSIVE INComE  - - - (72) 1,038 966
Transactions with owners:
Employee share options scheme:       
- value of employee services  - - - - 175 175
- current tax credited to equity  - - - - 127 127
- deferred tax debited to equity  - - - - (120) (120)
Dividends paid to owners  - - - - (388) (388)
Sale of treasury shares  - - - - 325 325
Purchase of treasury shares  - - - - (733) (733)
 - - - - (614) (614)
AT 31 DECEmBER 2012  131 1,579 477 53 5,100 7,340
       
PRoFIT FoR THE FINANCIAL yEAR  - - - - 2,435 2,435
Other comprehensive income:       
Currency translation differences  - - - (55) - (55)
ToTAL ComPREHENSIVE INComE  - - - (55) 2,435 2,380
Transactions with owners:       
Employee share options scheme:       
- value of employee services  - - - - 148 148
- deferred tax credited to equity 20 - - - - 206 206
- current tax credited to equity  - - - - 9 9
Dividends paid to owners  - - - - (1,903) (1,903)
Sale of treasury shares  - - - - 82 82
Purchase of treasury shares  - - - - (153) (153)
  - - - - (1,611) (1,611)
AT 31 DECEmBER 2013  131 1,579 477 (2) 5,924 8,109
The notes on pages 29 to 47 are an integral part of these consolidated financial statements.
 
Consolidated Statement of Changes in Equity
For the Year Ended 31 December 2013
28 BrainJuicer Group PLC Annual Report and Accounts 2013
Notes to the Consolidated Financial Statements
For the Year Ended 31 December 2013
 1 GENERAL INFoRmATIoN
BrainJuicer Group PLC (“the Company”) was incorporated on 19 September 2006 in the United Kingdom. The Com-
pany’s principal operating subsidiary company, BrainJuicer Limited was at that time already well established, 
having been incorporated on 29th December 1999. The Company is United Kingdom resident. The address of the 
registered office of the Company, which is also its principal place of business, is given on pages 29 to 53. The  
Company’s shares are listed on the Alternative Investment Market of the London Stock Exchange (“AIM”). 
The Company and its subsidiaries (together “the Group”) provide on-line market research services. Further 
detail of the Group’s operations and its principal activity is set out in the Chairman’s and CEO Statements and the 
Business and Financial Review on pages 2 to 8.
The financial statements for the year ended 31 December 2013 (including the comparatives for the year ended 
31 December 2012) were approved by the board of directors on 20 March 2014.
 2  BASIS oF PREPARATIoN
The Group has prepared its consolidated financial statements in accordance with International Financial Report-
ing 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 account-
ing policies. The areas involving a high degree of judgement or complexity, or areas where assumptions and 
estimates are significant to the consolidated financial statements are disclosed in note 3.
Items included in the financial statements of each of the Group’s entities are measured using the currency of 
the primary economic environment in which the entity operates (‘the functional currency’). The consolidated 
financial statements are presented in Pounds Sterling (GBP), which is the Company’s functional and presentation 
currency. 
 3  PRINCIPAL ACCoUNTING PoLICIES
The principal accounting policies applied in the preparation of these consolidated financial statements are set 
out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
STANDARDS, AMENDMENTS AND INTERPRETATIONS IN ISSUE BUT NOT YET EFFECTIVE
The following standards, amendments and interpretations to existing standards, relevant to the financial state-
ments of the Group, have been published and are mandatory for the Group’s accounting periods beginning on or 
after 1 January 2014 or later periods, but the Group has not adopted them early:
IFRS 9, ‘FINANCIAL INSTRUMENTS’ (EFFECTIVE FROM 1 JANUARY 2015). 
In November 2009, the IASB issued IFRS 9 ‘Financial Instruments’ as the first step in its project to replace IAS 39 
Financial Instruments: Recognition and Measurement. IFRS 9 introduces new requirements for classifying and 
measuring financial assets that must be applied (once endorsed by the EU).
All equity investments within the scope of IFRS 9 are to be measured at fair value in the balance sheet, with 
value changes recognised in profit or loss, except for those equity investments for which the entity has elected to 
report value changes in ‘other comprehensive income’. There will be no ‘cost exception’ for unquoted equities.
BASIS OF CONSOLIDATION
The Group financial statements consolidate those of the Company and all of its subsidiary undertakings drawn up 
to 31 December 2013. Subsidiaries are all entities over which the Group has the power to control the financial and 
operating policies so as to obtain benefits from its activities. The Group obtains and exercises control through 
voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are 
considered when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from 
the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases.
The Group uses the acquisition method of accounting to account for business combinations. The consideration 
transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred 
and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset 
29 BrainJuicer Group PLC Annual Report and Accounts 2013
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2013
 3  PRINCIPAL ACCoUNTING PoLICIES  continued
or liability resulting from a contingent consideration arrangement. Acquisition related costs are expensed as 
incurred. Identifiable assets acquired, liabilities and contingent liabilities assumed in a business combination 
are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the 
Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling inter-
est’s proportionate share of the acquirer’s net assets.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and 
the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group’s 
share of the identifiable net assets acquired is recorded as goodwill.
All transactions and balances are eliminated on consolidation. Unrealised gains on transactions between the 
Group and its subsidiaries are eliminated. Unrealised losses are also eliminated unless the transaction provides 
evidence of an impairment of the asset transferred. Amounts reported in the financial statements of subsidiaries 
have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group.
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are stated at historical cost less accumulated depreciation and accumulated 
impairment losses. Depreciation is provided to write off the cost of all property, plant and equipment to its 
residual value on a straight-line basis over its expected useful economic lives, which are as follows:
Furniture, fittings and equipment  5 years
Computer hardware 2 to 3 years
The residual value and useful life of each asset is reviewed and adjusted, if appropriate, at each balance sheet 
date.
INTANGIBLE ASSETS
SOFTWARE
Acquired computer software licenses are capitalised at the cost of acquisition. These costs are amortised on a 
straight-line basis over their estimated useful economic life of two years. 
Costs incurred in the development of identifiable and unique software products controlled by the Group, and 
that will probably generate economic benefits exceeding costs beyond one year, are recognised as intangible 
assets. Costs include professional fees and directly-attributable employee costs required to bring the software 
into working condition. Non-attributable costs are expensed under the relevant income statement heading.
Furthermore, internally-generated software is recognised as an intangible asset only if the Group can demon-
strate all of the following conditions:
(a)  the technical feasibility of completing the intangible asset so that it will be available for use or sale;
(b)  its intention to complete the intangible asset and use or sell it;
(c)  its ability to use or sell the intangible asset;
(d)  how the intangible asset will generate probable future economic benefits;
(e)  among other things, the Group can demonstrate the existence of a market for the output of the intangible 
  asset or the intangible asset itself or, if it is to be used internally, the usefulness of the intangible asset;
(f)  the availability of adequate technical, financial and other resources to complete the development and to  
 use or sell the intangible asset;
(g)  its ability to measure reliably the expenditure attributable to the intangible asset during its development.
Internally-generated intangible assets are amortised on a straight-line basis over their useful economic 
lives. Where no internally-generated intangible asset can be recognised, development expenditure is charged 
to administrative expenses in the period in which it is incurred. Once completed, and available for use in the 
business, internally developed software is amortised on a straight line basis over its useful economic life which 
varies between 2 and 7 years.
The Group’s main research software platform, which it developed over a number of years, was brought into use 
on 1 January 2011 and is being amortised over its estimated useful economic life of 7 years.
Amortisation on all intangible assets is charged to administrative expenses.
30 BrainJuicer Group PLC Annual Report and Accounts 2013
 3  PRINCIPAL ACCoUNTING PoLICIES  continued
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 recover-
able amount is the higher of the fair value less costs to sell and value in use. 
CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash in hand and bank deposits available on demand.
INVENTORIES - WORK IN PROGRESS
Work in progress comprises directly-attributable external costs on incomplete market research projects and is 
held in the balance sheet at the lower of cost and net realisable value.
INCOME TAxES
Current income tax liabilities comprise those obligations to fiscal authorities relating to the current or prior 
reporting period, that are unpaid at the balance sheet date. They are calculated according to the tax rates and 
tax laws applicable to the fiscal periods to which they relate, based on the taxable profit for the year. All changes 
to current tax assets or liabilities are recognised as a component of tax expense in the income statement, except 
where it relates to items charged or credited to other comprehensive income or directly to equity.
Deferred income taxes are calculated using the liability method on temporary differences. This involves the 
comparison of the carrying amounts of assets and liabilities in the consolidated financial statements with their 
respective tax bases. In addition, tax losses available to be carried forward as well as other income tax credits to 
the Group are assessed for recognition as deferred tax assets.
Deferred tax liabilities are always provided for in full. Deferred tax assets are recognised to the extent that it 
is probable that the underlying deductible temporary differences will be able to be offset against future taxable 
income. Deferred tax assets and liabilities are calculated, without discounting, at tax rates that are expected to 
apply to their respective period of realisation, provided they are enacted or substantively enacted at the balance 
sheet date. Deferred tax is recognised as a component of tax expense in the income statement, except where it 
relates to items charged or credited to other comprehensive income or directly to equity.
OPERATING LEASE AGREEMENTS
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with 
the lessor are charged to the income statement net of any incentives received from the lessor on a straight line 
basis over the period of the lease.
REVENUE RECOGNITION
Revenue is recognised only after the final written debrief has been delivered to the client, except on the rare 
occasion that a large project straddles a financial period end, and that project can be sub-divided into separate 
discrete deliverables; in such circumstances revenue is recognised on delivery of each separate deliverable. Rev-
enue is measured by reference to the fair value of consideration receivable, excluding sales taxes.
COST OF SALES
Cost of sales includes external costs attributable to client projects including: respondent sample, data processing, 
language translation and similar costs.
EMPLOYEE BENEFITS
All accumulating employee-compensated absences that are unused at the balance sheet date are recognised as a 
liability.
The Group operates several defined contribution pension plans. The Group pays contributions to these plans 
based upon the contractual terms agreed with each employee. The Group has no further payment obligations 
once the contributions have been paid. The contributions are recognised as employee benefit expense when they 
are due.
31 BrainJuicer Group PLC Annual Report and Accounts 2013
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2013
 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. With the exception of market-based awards, these estimates are subsequently revised if there is 
any indication that the number of options expected to vest differs from previous estimates. 
Any cumulative adjustment prior to vesting is recognised in the current period. No adjustment is made to any 
expense recognised in prior periods.
The fair value of option awards with time vesting performance conditions are measured at the date of grant 
using the Hoadley Employee Stock Option Valuation model. The expected life used in the model has been 
adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions and 
behavioural considerations.
The fair value of awards made with market-based performance conditions (for example, the entity’s share 
price) are measured at the grant date using a Monte Carlo simulation method incorporating the market con-
ditions in the calculations. The awards made in respect of the Group’s long term incentive scheme have been mea-
sured using such a method.
Social security contributions payable in connection with the grant of share options is considered integral to 
the grant itself, and the charge is treated as a cash-settled transaction.
PROVISIONS
Provisions for sabbatical leave and dilapidations are recognised when: the group has a legal or constructive obli-
gation as a result of past events; it is probable that an outflow of resources will be required to settle the obliga-
tion; and the amount has been reliably estimated. Where material the increase in provisions due to passage of 
time is recognised as interest expense. The provision for sabbatical leave is measured using the projected unit 
credit method. The provision for dilapidations is measured at the present value of expenditures expected to be 
required to settle those obligations.
FOREIGN CURRENCIES
Items included in the individual financial statements of each of the Group’s subsidiaries are measured using the 
currency of the primary economic environment in which the subsidiary operates (‘the functional currency’). The 
consolidated financial statements are presented in Sterling (‘GBP’), which is the Company’s functional and the 
Group’s presentation currency.
Transactions in foreign currencies are translated into the functional currency at the exchange rates prevailing 
at the dates of the transactions. Foreign exchange gains and losses arising from the settlement of such transac-
tions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in 
foreign currencies are recognised in profit or loss.
The results and financial position of all Group companies that have a functional currency different from the 
presentation currency are translated into the presentation currency as follows:
(a) assets and liabilities for each balance sheet presented are translated at the closing rate at the balance  
 sheet date;
(b) income and expenses for each income statement are translated at average exchange rates; and
(c) all resulting exchange differences are recognised as a separate component of equity.
On consolidation, exchange differences arising from the translation of the net investment in foreign opera-
tions are recognised in other comprehensive income. When a foreign operation is partially disposed of or sold, 
exchange differences that were recorded in equity are recognised in the income statement as part of the gain or 
loss on sale.
32 BrainJuicer Group PLC Annual Report and Accounts 2013
 3  PRINCIPAL ACCoUNTING PoLICIES  continued
SEGMENT REPORTING
Operating segments are reported in a manner consistent with the internal reporting provided to the main deci-
sion-making body of the Company, which collectively comprises the Executive Directors. The Executive Directors 
are responsible for allocating resources and assessing performance of the operating segments.
FINANCIAL INSTRUMENTS
FINANCIAL ASSETS
The Group classifies its financial assets into the following categories: loans and receivables and available-for-sale 
financial assets. The classification is determined by management at initial recognition, being dependent upon 
the purpose for which the financial assets were acquired. Financial assets are derecognised when the rights to 
receive cash flows from the investments have expired or have been transferred and the Group has transferred 
substantially all risks and rewards of ownership.
LOANS AND RECEIVABLES
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not 
quoted in an active market. They are included in current assets. The Group’s loans and receivables comprise trade 
and other receivables and cash and cash equivalents in the balance sheet.
Trade receivables are initially recorded at fair value, but subsequently at amortised cost using the effective 
interest rate method. Provision against trade receivables is made when there is objective evidence that the Group 
will not be able to collect all amounts due to it in accordance with the original terms of those 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.
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. 
Available-for-sale financial assets are subsequently carried at fair value, with changes recognised in other com-
prehensive income.
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 securi-
ties are impaired. If any such evidence exists for available-for-sale financial assets, the cumulative loss – mea-
sured 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 instru-
ments are not reversed through the income statement.
FINANCIAL LIABILITIES
Financial liabilities are initially recognised at fair value, net of transaction costs, and subsequently carried at 
amortised cost using the effective interest rate method. Financial liabilities and equity instruments are classi-
fied according to the substance of the contractual arrangements entered into. An equity instrument is any con-
tract 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 defini-
tion of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to 
equity instruments are debited directly to equity.
33 BrainJuicer Group PLC Annual Report and Accounts 2013
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2013
 3  PRINCIPAL ACCoUNTING PoLICIES  continued
TRADE PAYABLES
Trade payables are initially recorded at fair value, but subsequently at amortised cost using the effective interest 
rate method.
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.
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 trans-
action. Common control transactions are accounted for using merger accounting rather than the acquisition 
method.
FOREIGN CURRENCY TRANSLATION RESERVE 
The foreign currency translation reserve represents the differences arising from translation of investments in 
overseas subsidiaries.
TREASURY SHARES
Where the Company purchases the Company’s equity share capital, the consideration paid is deducted from the 
total shareholders’ equity and classified as treasury shares until they are cancelled. Where such shares are  
subsequently sold or re-issued, any consideration received is included in total shareholders’ equity. No gain or 
loss is recognised on the purchase, sale, issue or cancellation of the Company’s own equity instruments.
SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS
SHARE BASED PAYMENTS
The fair value of options granted is determined using the Hoadley Employee Stock Option Valuation model (for 
the employee share option scheme) and a Monte Carlo simulation model (for the long term incentive scheme). 
These models require a number of estimates and assumptions. The significant inputs into the models are share 
price at grant date, exercise price, historic exercise multiples, expected volatility and the risk free rate. Volatility 
is measured at the standard deviation of expected share prices returns based on statistical analysis of historical 
share prices.
EMPLOYEE BENEFITS
As explained in Note 12, the Group has a sabbatical leave scheme, open to all employees, that provides 20 days 
paid leave for each six years’ of service. The provision for liabilities under the scheme is measured using the 
projected unit credit method. This model requires a number of estimates and assumptions. The significant inputs 
into the model are rate of salary growth and average staff turnover. 
 4 SEGmENT INFoRmATIoN
The Executive Directors (“the Executives”) review the Group’s internal reports in order to assess performance and 
allocate resources and have determined the operating segments.
The Executives consider the business from both a geographic and product perspective, and when reviewing 
product performance, look particularly at the split between what it categorises as ‘Juicy’ and ‘Twist’ products.
34 BrainJuicer Group PLC Annual Report and Accounts 2013
 4 SEGmENT INFoRmATIoN  continued
When reviewing the financial performance of each operating segment, the Executives look at revenue, gross 
profit, and operating profit /(loss) before allocation of central overheads. Interest income is not included in the 
result for each operating segment.
 2013 2012
 Revenue   Revenue   
 from external Gross operating  from external Gross Operating 
 customers margin Profit/(loss)* customers margin Profit/(loss)*
 £’000 £’000 £’000 £’000  £’000 £’000
United Kingdom 8,859 6,843 4,908 7,960 6,105 3,935
North America 7,266 5,794 2,796 5,998 4,644 2,257
Switzerland, Italy & France 3,190 2,577 1,436 2,498 2,040 1,309
Germany 1,024 841 162 1,448 1,153 584
China & Singapore 1,461 1,112 491 1,345 1,004 583
Brazil 1,806 1,206 507 948 650 177
Netherlands 681 574 261 625 472 (79)
India 170 140 41 - - -
 24,457 19,087 10,602 20,822 16,068 8,766
Juicy 18,197 14,455  14,236 11,067 
% Juicy 74% 76%  68% 69%
Twist 6,260 4,632  6,586 5,001 
% Twist 26% 24%  32% 31% 
 24,457 19,087  20,822 16,068 
Juicy products are BrainJuicer’s new methodologies that challenge traditional approaches to market research. 
Twist products are industry standard quantitative research methods with an added “twist”, BrainJuicer’s qualita-
tive diagnostics.
* Segmental operating profit excludes costs relating to central services provided by our Operations, IT, Marketing, HR and Finance teams and our  
  Board of Directors.
A reconciliation of total operating profit for reportable segments to total profit before income tax is provided 
below:
 2013 2012
 £’000 £’000 
oPERATING PRoFIT FoR REPoRTABLE SEGmENTS 10,602 8,766
Central overheads (7,052) (7,253)
oPERATING PRoFIT 3,550 1,513
Gain on disposal of available for sale investments 14 -
Finance costs – net (8) 2
PRoFIT BEFoRE INComE TAX 3,556 1,515
Revenues are attributed to geographical areas based upon the location in which the sale originated.
Consolidated cash, trade receivable, property, plant and equipment and intangible asset balances are regu-
larly provided to the executive directors but segment assets and segment liabilities are not, and accordingly the 
Company does not disclose segment assets and liabilities here.
BrainJuicer Group PLC is domiciled in the UK. Revenue from external customers to the UK is £8,859,000 (2012: 
£7,960,000), and revenue from external customers to other countries is £15,598,000 (2012: £12,862,000).
Non-current assets other than financial instruments and deferred tax assets located in the UK is £1,067,000 
(2012: £1,365,000), and these non-current assets located in other countries is £45,000 (2012: £73,000).
35 BrainJuicer Group PLC Annual Report and Accounts 2013
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2013
 4 SEGmENT INFoRmATIoN  continued
Revenues of £2,315,000 (2012: £1,476,000) are derived from the Group’s largest single external customer,  
representing 9% (2012: 7%) of group revenues. Revenues by operating segment are as follows:
 2013 2012
 £ £ 
UK 1,284,000 1,009,000
China and Singapore 351,000 287,000
Continental Europe 349,000 103,000
US 271,000 77,000
Brazil 60,000 -
 2,315,000 1,476,000
 5 PRoPERTy, PLANT AND EqUIPmENT
 Furniture,  
 fittings and  Computer  
 equipment hardware Total
For the year ended 31 December 2013 £’000 £’000 £’000
AT 1 JANUARy 2013   
Cost  335 636 971
Accumulated depreciation (259) (534) (793)
NET BOOK AMOUNT 76 102 178
yEAR ENDED 31 DECEmBER 2013   
OPENING NET BOOK AMOUNT 76 102 178
Additions 4 66 70
Depreciation charge for the year (41) (95) (136)
Foreign exchange (1) 1 -
CLoSING NET Book A moUNT 38 74 112
AT 31 DECEmBER 2013   
Cost  337 699 1,036
Accumulated depreciation (299) (625) (924)
NET Book A moUNT 38 74 112
 Furniture,  
 fittings and  Computer  
 equipment hardware Total
For the year ended 31 December 2012 £’000 £’000 £’000
AT 1 JANUARy 2012   
Cost  306 563 869
Accumulated depreciation (193) (385) (578)
NET BOOK AMOUNT 113 178 291
yEAR ENDED 31 DECEmBER 2012   
OPENING NET BOOK AMOUNT 113 178 291
Additions 31 77 108
Depreciation charge for the year (66) (149) (215)
Foreign exchange (2) (4) (6)
CLoSING NET Book A moUNT 76 102 178
AT 31 DECEmBER 2012   
Cost  335 636 971
Accumulated depreciation (259) (534) (793)
NET Book A moUNT 76 102 178
36 BrainJuicer Group PLC Annual Report and Accounts 2013
 6 INTANGIBLE ASSETS
 Software licenses Software Total
  £’000 £’000 £’000
AT 1 JANUARy 2013    
Cost  429 1,672 2,101
Accumulated amortisation (315) (526) (841)
NET BOOK AMOUNT 114 1,146 1,260
yEAR ENDED 31 DECEmBER 2013   
OPENING NET BOOK AMOUNT 114 1,146 1,260
Additions 69 - 69
Amortisation charge (100) (229) (329)
Foreign exchange - - -
CLoSING NET Book A moUNT 83 917 1,000
AT 31 DECEmBER 2013   
Cost  498 1,672 2,170
Accumulated amortisation (415) (755) (1,170)
NET Book A moUNT 83 917 1,000
   
 Software licenses Software Total
  £’000 £’000 £’000
AT 1 JANUARy 2012    
Cost  307 1,672 1,979
Accumulated amortisation (233) (297) (530)
NET BOOK AMOUNT 74 1,375 1,449
yEAR ENDED 31 DECEmBER 2012   
OPENING NET BOOK AMOUNT 74 1,375 1,449
Additions 123 - 123
Amortisation charge (82) (229) (311)
Foreign exchange (1) - (1)
CLoSING NET Book A moUNT 114 1,146 1,260
AT 31 DECEmBER 2012   
Cost  429 1,672 2,101
Accumulated amortisation (315) (526) (841)
NET Book A moUNT 114 1,146 1,260
Software comprises the Group’s main research software platform, which it developed over a number of  
years and introduced in 2011, at a cost of £1,604,000. It is being amortised over 7 years and has a remaining 
amortisation period of 4 years. The carrying amount of this asset at the balance sheet date was £917,000  
(2012: £1,146,000).
 
 7 FINANCIAL ASSETS – AVAILABLE FoR SALE INVESTmENTS
During the year the Company sold its minority investment in Slater Marketing Group Pty Limited for cash consid-
eration of £97,000 realising a gain of £14,000. As at 31 December 2012 the carrying amount of the investment was 
£83,000 after cumulative impairment charges of £50,000.
37 BrainJuicer Group PLC Annual Report and Accounts 2013
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2013
 8 FINANCIAL RISk mANAGEmENT
The Group’s financial risk management policies and objectives are explained in the Directors’ report on pages 14 
and 15.
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:
 2013 2012
 £’000 £’000
CASH AND CASH EQUIVALENTS  
HSBC Bank PLC 6,070 3,532
Deutsche Bank 65 35
UBS 38 188
Other banks 15 -
 6,188 3,755
TRADE RECEIVABLES  
Largest customer by revenue  956 422
FINANCIAL INSTRUMENTS BY CATEGORY
At the balance sheet date the Group held the following financial instruments by category:
ASSETS AS PER BALANCE SHEET 
 2013  2012
 £’000 £’000
LOANS AND RECEIVABLES  
Trade and other receivables (excluding prepayments and accrued income) 6,758 5,679
Cash and cash equivalents 6,188 3,755
  
AVAILABLE-FOR-SALE  
Available-for-sale financial assets - 83
 12,946 9,517
LIABILITIES AS PER BALANCE SHEET 
 2013  2012
 £’000 £’000
OTHER FINANCIAL LIABILITIES CARRIED AT AMORTISED COST  
Trade payables 1,402 1,040
Accruals 4,334 2,084
 5,736 3,124
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  Between  Between 
 1 year 1 and 2 years 2 and 5 years
 £’000 £’000 £’000
OTHER FINANCIAL LIABILITIES CARRIED AT AMORTISED COST 5,736 - -
These cash outflows will be financed from existing cash reserves and operating cash flows. 
38 BrainJuicer Group PLC Annual Report and Accounts 2013
 9 INVENToRy
 2013  2012
 £’000 £’000
WORK IN PROGRESS 238 51
 10 TRADE AND oTHER RECEIVABLES
 2013  2012
 £’000 £’000
Trade receivables 6,544 5,515
Other receivables 214 164
Prepayments 586 146
 7,344 5,825
Trade and other receivables are due within one year and are not interest bearing. The maximum exposure to 
credit risk at the balance sheet date is the carrying amount of receivables detailed above. The Group does not 
hold any collateral as security. The Directors do not believe that there is a significant concentration of credit risk 
within the trade receivables balance. 
As of 31 December 2013, trade receivables of £1,595,000 (2012: £1,261,000) were past due but not impaired. 
The ageing analysis of trade receivables is as follows:
 2013  2012
 £’000 £’000
Up to 3 months 944 755
3 to 6 months 651 506
 1,595 1,261
As of 31 December 2013, trade receivables of £Nil (2012: £Nil) were impaired. Since the vast majority of the 
Group’s clients are large blue-chip organisations, the Group rarely suffers a bad debt. 
The carrying amount of the Group’s trade and other receivables are denominated in the following currencies:
 2013 2012
 £’000 £’000
US Dollar 2,168 1,933
Sterling 1,964 1,656
Euro 1,460 1,196
Swiss Franc 833 456
Chinese Yuan 259 212
Singapore Dollar 294 162
Brazilian Real 268 105
Canadian Dollar 25 38
Indian Rupee 63 -
Hungarian Forint - 28
Japanese Yen - 25
Argentine Peso - 14
 7,344 5,825
 
39 BrainJuicer Group PLC Annual Report and Accounts 2013
 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.
ALLoTTED, CALLED UP AND FULLy PAID:
 ordinary shares
 Number £’000
AT 31 DECEmBER 2013, 1 JANUARy 2013 AND 1 JANUARy 2012 13,136,448 131
During the year, the Company transferred 63,043 ordinary shares out of treasury to satisfy the exercise of 
employee share options over 63,043 ordinary shares at a weighted average exercise price of 130.7 pence per share 
for total consideration of £82,000. The weighted average share price at exercise date was 241.4 pence per share.
The Company subsequently repurchased 63,043 of these shares at a weighted average price of 241.4 pence 
per share. The total consideration payable on repurchase (including stamp duty and commission) amounted to 
£153,000.
Following these transactions, at the end of the reporting period the number of ordinary shares numbered 
13,136,448 (2012: 13,136,448) of which shares held in treasury numbered 572,784 (2012: 572,784). The treasury 
shares will be used to help satisfy the requirements of the Group’s share incentive schemes.
The Company does not have an obligation to repurchase shares upon the exercise of share options.
SHARE OPTIONS
EMPLOYEE SHARE OPTION SCHEME
The Group issues share options to directors and to employees under an HM Revenue and Customs approved Enter-
prise Management Incentive (EMI) scheme and for awards which do not qualify for EMI, an unapproved scheme. 
Generally the exercise price for share options is equal to the mid-market opening quoted market price of the 
Company shares on the date of grant, and in general, they vest evenly over a period of one to three years follow-
ing grant date. If share options remain unexercised after a period of ten years from the date of grant, the options 
expire. Share options are forfeited in some circumstances if the employee leaves the Group before the options 
vest, unless otherwise agreed by the Group.
Movements in the number of share options outstanding and their related weighted average exercise prices are 
as follows:
 2013 2012
   Average   Average
   exercise price  exercise price  
   per share o ptions per share Options 
   Pence No Pence No
oUTSTANDING AT 1 JANUARy   127.4 900,215 116.3 1,204,614
Granted   - - 296.5 28,064
Lapsed   94.0 (2,006) 131.5 (11,666)
Exercised   130.7 (63,043) 101.3 (320,797)
oUTSTANDING AT 31 DECEmBER   127.2 835,166 127.4 900,215
EXERCISABLE AT 31 DECEmBER   121.8 810,791 120.6 708,777
The weighted average share price at date of exercise of options exercised during the year was 241.4 (2012: 
304.9) pence. No options were granted during the year.
The fair value of options granted was determined using the Hoadley Employee Stock Option Valuation model. 
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2013
40 BrainJuicer Group PLC Annual Report and Accounts 2013
 11 SHARE CAPITAL  continued
For option grants made in the prior year, significant inputs into the model included a weighted average share 
price of 296.5 pence at grant date, the exercise prices shown above, weighted average volatility of 28.1%, divi-
dend yield of 0.89%, an expected option life derived from historic exercise multiples and an annual risk-free 
interest rate of 0.55%.
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:
 2013 2012
 Average  weighted Average  Weighted 
 exercise  average exercise  average 
 price   remaining   price  remaining  
 per share options  contractual life per share Options contractual life
Expiry date Pence No months Pence No Months
2014 11.4 6,021 15.0 11.4 6,021 27.0
2015 62.3 35,826 28.0 62.3 37,030 39.9
2016 62.3 15,055 40.8 62.3 20,876 52.0
2017 162.5 150,533 49.0 162.5 150,533 61.0
2018 147.5 74,771 63.0 147.5 101,857 75.0
2019 94.0 135,368 73.0 94.0 137,374 85.0
2020 96.0 344,464 87.3 98.8 373,396 99.1
2021 296.3 45,064 104.1 296.3 45,064 116.1
2022 296.5 28,064 109.0 296.5 28,064 121.0
AT 31 DECEmBER 127.2 835,166 73.6 127.4 900,215 85.4
LONG TERM INCENTIVE PLAN
In 2010 the Company established a long term incentive plan for senior executives. All awards vest on 30 April 
2014, the Performance Date, if the Achieved Share Price is at least £3, where the Achieved Share Price is the aver-
age of the market value of a share for a period of 30 days finishing on the day prior to the relevant Performance 
Date. The method used to determine the number of ordinary shares that may be acquired through the exercise of 
options granted under the award is explained in the Remuneration Report on page 21. 
The number of units outstanding at 31 December 2013 numbered 10,000 (2012: 10,000). The weighted average 
fair value of the 2,431 units granted during 2012 was £81 per unit and those instruments were valued using a 
Monte Carlo simulation method using a weighted average share price at grant date of 328 pence, a share illiquid-
ity discount factor of 10%, weighted average expected volatility of 18.4% (derived from the average of annualized 
standard deviations of daily continuously compounded returns on the Company’s stock, calculated back from 
the date of grant to the date of float) a weighted average risk-free rate of 0.18% and a weighted average expected 
dividend yield of 0.92%.
SHARE-BASED PAYMENT CHARGE
The total charge for the year relating to equity-settled employee share-based payment plans (for both the 
employee stock option plan and the senior executive long term incentive plan) was £148,000 (2012: £175,000). 
41 BrainJuicer Group PLC Annual Report and Accounts 2013
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2013
 12 PRoVISIoNS
 Sabbatical  Dilapidation 
 provision provisions Total
 £’000  £’000  £’000 
AT 1 JANUARY 2012 122 81 203
Provided in the year 77 - 77
Utilised in the year (14) - (14)
Exchange differences 4 (1) 3
AT 31 DECEMBER 2012 189 80 269
Provided in the year 361 - 361
Utilised in the year (33) - (33)
Exchange differences  (1) - (1)
AT 31 DECEmBER 2013 516 80 596
Of which:  
Current 206 - 206
Non-current 310 80 390
 516 80 596
The Group has a sabbatical leave scheme, open to all employees. Until 2012 the scheme provided 20 days paid 
leave after six years’ service. During the year the Group extended the scheme to provide 20 days paid leave for 
each successive period of 6 years’ service.
There is no proportional entitlement for shorter periods of service. The provision for the liabilities under the 
scheme is measured using the projected unit credit method. The calculation of the provision assumes an annual 
rate of growth in salaries of 7% (2012: 5%), a discount rate of 3% (2012: 5%), based upon good quality 6-year 
corporate bond yields, and an average staff turnover rate of 15% (2012: 15%). 
Dilapidation provisions represent the Group’s best estimate of costs required to meet its obligations under 
property lease agreements.
 13 TRADE AND oTHER PAyABLES
 2013  2012
 £’000  £’000
Trade payables 1,402 1,040
Social security and other taxes 600 649
Accruals and deferred income 4,334 2,084
 6,336 3,773
Trade and other payables are due within one year and are not interest bearing. The contractual terms for the 
payment of trade payables are generally 45 days from receipt of invoice.
42 BrainJuicer Group PLC Annual Report and Accounts 2013
 14 CommITmENTS 
The Group leases offices under non-cancellable operating leases for which the future aggregate minimum lease 
payments are as follows:
 2013 2012
 £’000  £’000 
No later than 1 year 409 305
Later than 1 but no later than 5 years 479 403
 888 708
Included within the amounts disclosed above, the Group has the benefit of seven months rent free for the first 
three years of a lease with an annual rental commitment of £163,000. At this and the comparative balance sheet 
date no rent free month was outstanding. The benefit of the rent free months has been spread over the period of 
the lease to the first break point in 2013.
 15 EXPENSES By NATURE
 2013  2012
 £’000  £’000 
Changes in work in progress 237 1
Employee benefit expense 11,563 9,783
Depreciation and amortisation 465 526
Net foreign exchange losses 114 160
Other expenses 8,528 8,839
 20,907 19,309
Analysed as:  
Cost of sales 5,370 4,754
Administrative expenses 15,537 14,555
 20,907 19,309
 16 PRoFIT BEFoRE TAXATIoN
Profit before taxation is stated after charging:
 2013  2012 
 £’000  £’000 
SERVICES PROVIDED BY THE COMPANY’S AUDITOR AND ITS ASSOCIATES  
Fees payable to the Company’s auditor for the audit of the parent company and consolidated financial statements  38 38
  
Fees payable to the company’s auditor and its associates for other services:
- Audit-related assurance services 3 3
- Taxation compliance services  27 17
- Tax advisory services  9 8
- Other services 3 -
  
OPERATING LEASE ExPENSES:  
Land and buildings 465 426
  
DEPRECIATION AND AMORTISATION 465 526
  
NET LOSS ON FOREIGN CURRENCY TRANSLATION 114 160
  
43 BrainJuicer Group PLC Annual Report and Accounts 2013
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2013
 17 EmPLoy EE BENEFIT EXPENSE
The average number of staff employed by the group during the financial year amounted to:
 2013  2012
 No  No 
NUMBER OF ADMINISTRATIVE STAFF 138 148
The aggregate employment costs of the above were:
 2013  2012
 £’000  £’000 
Wages and salaries 8,868 7,803
Social security costs 1,372 845
Pension costs – defined contribution plans 343 260
Long service leave cost 327 63
Share based remuneration 148 175
Redundancies (including social security costs of £15,000) 123 260
Medical benefits 382 377
 11,563 9,783
The directors have identified 6 (2012: 6) key management personnel, including three executive and three non-
executive directors. 
Compensation to key management is set out below:
 2013  2012 
 £’000  £’000 
Short-term employee benefits (salaries, bonuses and benefits in kind) 782 639
Post-employment benefits (pension costs – defined contribution plans) 31 31
Share-based payment 55 66
 868 736
Details of directors’ emoluments are given in the Remuneration Report on page 20.
 
 18 FINANCE INComE AND CoSTS
 2013  2012
 £’000  £’000 
Bank interest receivable 1 2
Other interest payable (9) -
NET FINANCE CoSTS  (8) 2
 
 19 INComE TAX EXPENSE
 2013  2012
 £’000  £’000 
Current tax 1,298 599
Deferred tax (177) (122)
 1,121 477
44 BrainJuicer Group PLC Annual Report and Accounts 2013
 19 INComE TAX EXPENSE  continued
Income tax expense for the year differs from the standard rate of taxation as follows:
 2013  2012
 £’000  £’000 
PRoFIT oN oRDINARy ACTIVITIES BEFoRE TAXATIoN 3,556 1,515
Profit on ordinary activities multiplied by standard rate of tax of 23.2% (2012: 24.5%) 825 371
Difference between tax rates applied to Group’s subsidiaries 87 53
Expenses not deductible for tax purposes 9 55
Tax on intra-group management charges (Brazil and China) 204 -
Adjustment to current tax in respect of prior years 2 14
Credit on exercise of share options taken to income statement (6) (16)
ToTAL TAX  1,121 477
 
 20 DEFERRED TAX
The analysis of deferred tax assets and deferred tax liabilities is as follows:
 2013  2012 
 £’000  £’000 
Deferred tax assets:  
- Deferred tax assets to be recovered after more than 12 months 476 293
- Deferred tax assets to be recovered within 12 months 226 63
 702 356
Deferred tax liabilities:  
- Deferred tax liability to be recovered within 12 months (32) (63)
DEFERRED TAX ASSET (NET): 670 293
The gross movement in deferred tax is as follows:
 2013  2012
 £’000  £’000 
AT 1 JANUARy 293 288
Foreign exchange differences (6) 3
Income statement credit 177 122
Tax credited/(debited) directly to equity 206 (120)
AT 31 DECEmBER 670 293
The movement in deferred income tax assets and liabilities during the year, without taking into consideration 
the offsetting of balances within the same tax jurisdiction, is as follows:
DEFERRED TAX ASSETS 
 other  overseas tax Share option Dilapidation  Sabbatical  
 provisions losses scheme  provisions provision Total
 £’000 £’000  £’000  £’000  £’000  £’000 
AT 1 JANUARy 2013 43 58 194 15 46 356
Foreign exchange differences (3) 1 (4) - (1) (7)
Credited to income statement (32) 26 80 (2) 75 147
Credited directly to equity - - 206 - - 206
AT 31 DECEmBER 2013 8 85 476 13 120 702
 
45 BrainJuicer Group PLC Annual Report and Accounts 2013
 20 DEFERRED TAX  continued
DEFERRED TAX LIABILITIES   
  Accelerated  
  capital  
  allowances
  £’000 
AT 1 JANUARy 2013  (63)
Foreign exchange differences  1
Credited to income statement  30
AT 31 DECEmBER 2013  (32)
There are no unrecognised deferred tax assets. Deferred tax assets are recognised only to the extent that their 
recoverability is considered probable. The deferred tax asset in respect of the company’s share option scheme 
relates to corporate tax deductions available on exercise of employee share options.
 21 EARNINGS PER SHARE
(A) BASIC
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.
 2013  2012
 £’000  £’000 
PRoFIT ATTRIBUTABLE To EqUITy HoLDERS oF THE ComPANy 2,435 1,038
  
Weighted average number of ordinary shares in issue 12,563,664 12,520,480
BASIC EARNINGS PER SHARE 19.4p 8.3p
(B) DILUTED
Diluted earnings per share is calculated by adjusting the weighted average number of shares outstanding assum-
ing conversion of all dilutive share options to ordinary shares.
  2013 2012
 £’000  £’000 
PRoFIT ATTRIBUTABLE To EqUITy HoLDERS oF THE ComPANy AND PRoFIT USED To DETER mINE  
DILUTED EARNINGS PER SHARE 2,435 1,038
Weighted average number of ordinary shares in issue 12,563,664 12,520,480
Share options 426,759 587,463
Weighted average number of ordinary shares for diluted earnings per share 12,990,423 13,107,943
DILUTED EARNINGS PER SHARE 18.7p 7.9p
 22 DIVIDENDS PER SHARE
 2013  2012 
 £’000 £’000
Dividends paid on Ordinary Shares  
Interim, 0.9 pence per share (2012: 0.85 pence per share) 112 107
Special dividend, 12 pence per share (2012: NIL) 1,508 -
 1,620 107
Final dividend relating to 2012, 2.25 pence per share (2012: 2.25 pence per share relating to 2011) 283 281
ToTAL oRDINARy DIVIDENDS PAID IN THE yEAR 1,903 388
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2013
46 BrainJuicer Group PLC Annual Report and Accounts 2013
 22 DIVIDENDS PER SHARE  continued
The directors are proposing a final dividend in respect of the year ended 31 December 2013 of 3 pence per share, 
and a second special dividend of 12.0 pence per share. These financial statements do not reflect these proposed 
dividends.
 23 RELATED PARTy TRANSACTIoNS
The wife of Mark Muth, a director of the Company for part of the prior year, provided consultancy services for the 
Group during 2012 totalling £1,750. There was no balance outstanding as at 31 December 2012. During the prior 
year, the Group made sales to companies connected to Unilever Ventures, of which Mark Muth is a director, total-
ling £1,475,767. The balance outstanding as at 31 December 2012 amounted to £422,169. Mark Muth resigned  
as a director of BrainJuicer in 2012 and is no longer connected to the Group. Services are sold to related parties 
on an arm’s length basis at prices available to third parties. Dividends paid to directors were as follows:
 2013  2012 
 £  £
John Kearon 584,477 125,171
James Geddes 23,986 5,246
Alex Batchelor 15,431 3,157
Ken Ford 3,030 620
Robert Brand* 4,545 930
Graham Blashill** 758 155
 632,227 135,279
  *appointed 5th January 2012  
**appointed 1st July 2012  
 24 CASH GENERATED FRom oPERATIoNS
 2013  2012 
 £’000  £’000 
PRoFIT BEFoRE TAXATIoN 3,556 1,515
Depreciation 136 215
Amortisation 329 311
Impairment of available for sale financial assets - 50
Gain on disposal of available for sale investments (14) -
Interest paid/(received) 8 (2)
Share-based payment expense 148 175
Increase in inventory (187) (1)
(Increase)/decrease in receivables (1,519) 262
Increase/(decrease) in payables 2,890 (539)
Exchange differences on operating items (4) (65)
NET CASH GENERATED FRom oPERATIoNS 5,343 1,921
 
 25 SEASoNALITy oF REVENUES
Group revenues tend to be higher in the second-half of the financial year than in the first six months. 
For the year ended 31 December 2013, revenues for the second half of the year represented 56% of total rev-
enues compared to 50% for the year ended 31 December 2012.
 26 AUDIT EXEmPTIoN
BrainJuicer Limited, company number 03900547, is exempt from the requirements for the Companies Act 2006 
relating to the audit of accounts under section 479A.
47 BrainJuicer Group PLC Annual Report and Accounts 2013
Company Balance Sheet
As at 31 December 2013
   2013 2012
 Note £’000 £’00
FIXED ASSETS  
Tangible assets 3 1,054 1,337
Investments 4 581 664
  1,635 2,001
CURRENT ASSETS   
Stock – work in progress  5 -
Debtors 5 1,158 1,636
Cash at bank  2,047 1,309
  3,210 2,945
   
CREDIToRS – AmoUNTS FALLING DUE w ITHIN oNE yEAR 6 (1,553) (1,136)
NET CURRENT ASSETS  1,657 1,809
ToTAL ASSETS LESS CURRENT LIABILITIES  3,292 3,810
CAPITAL AND RESERVES   
Share capital  7 131 131
Share premium account 8 1,579 1,579
Retained earnings 8 1,582 2,100
EqUITy SHAREHoLDERS’ FUNDS  3,292 3,810
REGISTERED COMPANY NO. 05940040
These financial statements were approved by the directors on 20 March 2014 and are signed on their behalf by:
JOHN KEARON JAMES GEDDES
Director Director
48 BrainJuicer Group PLC Annual Report and Accounts 2013
Notes to the Company Financial Statements
For the Year Ended 31 December 2013
 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.
TANGIBLE FIxED ASSETS
Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided to write-off the 
cost of all property, plant and equipment to its residual value on a straight-line basis over its useful economic 
life. Depreciation rates are as follows:
Computer hardware  2 to 3 years
Furniture, fittings and equipment  5 years
Software  2 to 7 years
Assets in the course of construction and not yet ready for use are not depreciated until completed and ready 
for use.
DEBTORS
Debtors are stated at nominal value reduced by estimated irrecoverable amounts. 
RELATED PARTY TRANSACTIONS
In accordance with Financial Reporting Standard Number 8: Related Party Disclosures, the company is exempt 
from disclosing transactions with wholly-owned entities that are part of the BrainJuicer Group as it is a parent 
company publishing consolidated financial statements.
SHARE-BASED PAYMENTS
Equity-settled, share-based payments are measured at fair value at the date of grant. Equity-settled, share-based 
payments that are made available to employees of the Company’s subsidiaries are treated as increases in equity 
over the vesting period of the award, with a corresponding increase in the Company’s investments in subsidiar-
ies, based on an estimate of the number of shares that will eventually vest. 
 2 PRoFIT/(LoSS) 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 2013 of £1,308,000 (2012: £152,000 loss) is included in the Group 
profit for the financial year. Details of executive and non-executive directors’ emoluments and their interest in 
shares and options of the company are shown within the directors’ remuneration report on pages 19 to 21.
 
49 BrainJuicer Group PLC Annual Report and Accounts 2012
Notes to the Company Financial Statements
For the Year Ended 31 December 2013
 3 TANGIBLE ASSETS
   Computer Furniture and  
   hardware  equipment Software Total
   £’000 £’000 £’000 £’000
CoST    
AT 1 JANUARY 2013   381 153 1,604 2,138
Additions   116 - - 116
AT 31 DECEmBER 2013   497 153 1,604 2,254
ACCUmULATED DEPRECIATIoN     
AT 1 JANUARY 2013   220 123 458 801
Provided in the year   143 27 229 399
AT 31 DECEmBER 2013   363 150 687 1,200
NET Book A moUNT    
AT 31 DECEmBER 2013   134 3 917 1,054
AT 31 DECEMBER 2012   161 30 1,146 1,337
 
 4 INVESTmENTS
 other Group 
 investments companies Total
 £’000 £’000 £’000 
CoST   
AT 1 JANUARY 2013 133 581 714
Disposal (133) - (133)
AT 31 DECEmBER 2013 - 581 581
AmoUNTS w RITTEN oFF   
AT 1 JANUARY 2013 50 - 50
Disposal (50) - (50)
AT 31 DECEmBER 2013 - - -
 
NET Book A moUNT   
AT 31 DECEmBER 2013 - 581 581
AT 31 DECEMBER 2012 83 581 664
50 BrainJuicer Group PLC Annual Report and Accounts 2012
 4 INVESTmENTS  continued
SUBSIDIARY UNDERTAKINGS
Details of subsidiary undertakings at 31 December 2013 are as follows:
  Interest   
  in issued Country of
 Activity share capital 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 Canada Inc. Provision of online market research services 100% Canada
BrainJuicer Sarl Provision of online market research services 100% Switzerland
BrainJuicer GmbH Provision of online market research services 100% Germany
BrainJuicer Marketing Consulting (Shanghai) Co., Ltd Provision of online market research services 100% China
BrainJuicer Do Brazil Servicos de Marketing LTDA Provision of online market research services 100% Brazil
BrainJuicer Srl Provision of online market research services 100% Italy
BrainJuicer France SARL Provision of online market research services 100% France
BrainJuicer Market Research Pte Ltd Provision of online market research services 100% Singapore
BrainJuicer India Private Limited Provision of online market research services 100% India
*BrainJuicer Limited is a direct subsidiary of BrainJuicer Group PLC. The remaining subsidiaries are each direct subsidiaries of BrainJuicer Limited.
 5 DEBToRS
 2013 2012
 £’000 £’000 
Trade debtors 50 167
Amounts due from group undertakings 718 1,313
Prepayments 185 94
Other debtors 62 2
Deferred tax asset 143 60
 1,158 1,636
 
51 BrainJuicer Group PLC Annual Report and Accounts 2013 52
 6 CREDIToRS – AmoUNTS FALLING DUE w ITHIN oNE yEAR
 2013 2012
 £’000 £’000
Trade creditors 238 413
Corporation tax 52 141
Accruals and deferred income 1,263 582
 1,553 1,136
 7 SHARE CAPITAL
Allotted, called up and fully paid:
 Number £’000 
AT 31 DECEmBER 2013, 1 JANUARy 2013 AND 1 JANUARy 2012 13,136,448 131
  
 8 RESERVES
   Share  Share  Retained  
   capital  premium earnings Total
   £’000  £’000  £’000  £’000
AT 1 JANUARY 2013   131 1,579 2,100 3,810
  
Share-based payments   - - 148 148
Profit for the financial year   - - 1,308 1,308
Dividend paid   - - (1,903) (1,903)
Sale of treasury shares   - - 82 82
Purchase of own shares   - - (153) (153)
AT 31 DECEmBER 2013   131 1,579 1,582 3,292
 
 9 AUDIT EXEmPTIoN
BrainJuicer Limited, company number 03900547, is exempt from the requirements for the Companies Act 2006 
relating to the audit of accounts under section 479A.
     
Notes to the Company Financial Statements
For the Year Ended 31 December 2013 INDEPENDENT AUDIToR 
GRANT THORNTON UK LLP
Chartered Accountants and 
Registered Auditors
202 Silbury Boulevard
Central Milton Keynes
MK9 1LW
 
REGISTRARS 
CAPITA ASSET SERVICES
34 Beckenham Road
Beckenham
Kent
BR3 4TU
SToCkBRokERS 
CANACCORD GENUITY LIMITED 
88 Wood Street
London
EC2V 7QR
Company Information
ComPANy SECRETARy  
James Geddes
REGISTERED oFFICE 
1 Cavendish Place
London
W1G 0QF
REGISTERED NUmBER 
05940040
SoLICIToRS 
TAYLOR WESSING LLP
5 New Street Square
London
EC4A 3TW BrainJuicer Group PLC
1 Cavendish Place
London
W1G 0QF, UK
info@brainjuicer.com
www.brainjuicer.com