BrainJuicer Group PLC
Annual Report and Accounts 2012
Registered Number 05940040 INDEX
Highlights 1
Chairman’s Statement 2
Chief Executive’s Statement 3
Business and Financial Review 6
Board of Directors 11 
Management Team 12
Directors’ Report 13
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 49
Notes to the Company Financial Statements 50
Company Information 53
  Highlights
1 BrainJuicer Group PLC Annual Report and Accounts 2012
  2012 2011
FINANCIAL FEATURES   
  Revenue   £20,822,000  £20,713,000
  Gross proﬁt   £16,068,000 £16,063,000
  Operating proﬁt   £1,513,000 £2,758,000
  Proﬁt before tax   £1,515,000  £2,760,000 
  Proﬁt after tax   £1,038,000 £1,850,000
  Earnings per share (fully diluted)   7.9p 14.1p
  Proposed ﬁnal dividend   2.25p  2.25p
  
Cash (and no debt)  £3,755,000  £3,683,000 
OPERATIONAL FEATURES
  Sharp Q4 year on year decline caused negligible revenue growth over the year
   Overheads grew 9% as we continued to invest for future growth, but at a slower rate
  Steps taken to reduce cost growth further in 2013
  Strategically important “Juicy” products grew 22%
  Re-framed our offerings into a behavioural economics construct
  Strong progress in our newer ofﬁces in China and Brazil
  Expanded geographic coverage further with new ofﬁces in India and France BrainJuicer Group PLC Annual Report and Accounts 2012 2
Chairman’s Statement
F or the ﬁrst time since BrainJuicer was established in 2000 I have to report that the Group has had a poor 
year. Revenue increased marginally, to £20,822,000, but operating proﬁt fell by 45% to £1,513,000 and diluted 
earnings per share by 44% to 7.9p.
Despite this setback, the Board is proposing to pay a ﬁnal dividend of 2.25p, the same as for 2011. After taking 
account of the 2012 interim dividend, which was increased by 13.3% to 0.85p, this would give a full year payment 
of 3.1p, an increase over 2011 of 3.3%, covered 2.5 times by diluted earnings per share. The proposed dividend 
reﬂects the comfortable level of dividend cover, the Group’s strong ﬁnancial position, with year-end cash of 
£3,755,000 and no debt, and the Board’s continued conﬁdence in the future prospects for the business.
John Kearon, our Chief Executive, and James Geddes, our Chief Financial Ofﬁcer, will assess the 2012 perfor-
mance and results in the context of the Group’s long term growth aspirations, in the sections following  
this Chairman’s Statement. The major factor behind the sharp decline in 2012 proﬁts was the unexpected non-
recurrence of the very high levels of business which BrainJuicer has traditionally generated in the last months 
of the year. The 11% year on year revenue growth achieved over the ﬁrst 10 months of the year was below our 
internal expectations but nonetheless respectable. However, the seasonal increase in activity during November 
and December fell signiﬁcantly short of that experienced in previous years, leaving revenue for the full year  
essentially ﬂat.
BrainJuicer’s costs (excluding cost of sales), increased by 9%, or £1,250,000 compared with 2011. Much of this 
increase reﬂected the full year impact of the investments made during the course of 2011 as the Group pursued 
its growth agenda – strengthening its teams, broadening its geographic coverage, building its infrastructure and 
investing in product development and validation. The combined effect of ﬂat sales and a signiﬁcant increase in 
costs resulted in a sharp fall in proﬁt for the year.
While disappointing in terms of ﬁnancial results, BrainJuicer continued to make progress on several fronts 
during 2012. Our recently established businesses in China and Brazil both grew very strongly, and we opened 
ofﬁces in India and France, to further extend our geographic reach. BrainJuicer’s focus on turning human un-
derstanding into business advantage continues to be widely recognized by both clients and the market research 
industry. Sales of our unique “Juicy” products increased by 22% in 2012, a highly encouraging achievement  
albeit offset by a decline in sales of our more traditional “Twist” products. Revenue from most of the Group’s larg-
est clients, which are mainly multinational consumer goods companies, increased signiﬁcantly over the year.
During 2012 Mark Muth, who had represented Unilever Ventures on the BrainJuicer board since 2003 retired 
from the board, as did another long-serving director, Simon Godfrey. I would like to thank both Mark and Simon 
for their valuable input to our discussions over the years. Two new non-executive directors with complementary 
backgrounds were appointed during the year and have already made a positive contribution. Robert Brand  
enjoyed a long City career, initially as an investment analyst and then as a company advisor, while Graham 
Blashill has a strong background in sales and marketing, culminating in 6 years as a main board director  
of Imperial Tobacco Group plc.
Looking forward to 2013 and beyond, BrainJuicer will continue in its efforts to translate its excellent reputa-
tion for innovation into signiﬁcant revenue growth. One important objective is to get back on track in Western 
Europe and the US, where revenue was well below budget in 2012. Another priority, and probably the key to 
taking our business to the next level in terms of scale, is to win signiﬁcant “mandate” opportunities (where large 
clients use a speciﬁc market research technique from a single supplier across all of its business on an on-going 
basis). Encouragingly, as our credibility grows, we are increasingly being invited to pitch for such opportunities. 
At the same time, and despite the inevitable costs of establishing BrainJuicer in new markets and developing 
its infrastructure, we will keep aggregate cost increases to a minimum until signiﬁcant revenue growth returns. 
Management has already taken steps to deliver this and we expect the overall percentage increase in costs during 
2013 to be in low single digits.
Finally, I would like to thank all of our employees for their hard work and commitment during what was a dif-
ﬁcult year for our Group.
KEN FORD
Chairman
21 March 2013 BrainJuicer Group PLC Annual Report and Accounts 2012 3
Chief Executive’s Statement
T here’s a short version of what happened in 2012 and a longer version of what 2012 represents in the time 
scale of a changing industry. I’d like to share both.
SHORT. After several years of uninterrupted ﬁnancial success, 2012 was a disappointing year. James Geddes’ CFO 
commentary addresses the reasons in some detail but there’s one factor that accounts for the majority of the 
disappointment. Every year, some clients spend unused budget in November and December, but in 2012 many big 
companies decided instead to cut back, and this had a material effect on our proﬁts. As a result, we reduced costs 
and we’ll be less reliant on clients releasing spare budgets at the end of the year going forward.
LONG. My objective here is to position 2012 in the time scale of a changing industry, where it feels like we’re at a 
seminal moment in BrainJuicer’s history. Voted the most innovative agency in the world for the last 2 years run-
ning, we have made a good start in our mission to reinvent market research. Thirteen years in, we have created 
and validated a suite of market changing Juicy research approaches, established a global presence working with a 
great many of the world’s biggest companies, attracted a group of 140 talented and highly motivated people, built 
a truly innovative reputation and are in the process of forming a highly desirable company culture to achieve 
personal drive and company growth.
In those same thirteen years, the research industry has been woken from its slumber, ﬁrst by a ﬁeldwork 
revolution in the form of online research and, more recently, by a research revolution crystallising around the 
Behavioural Sciences. Thirteen years ago, online research stirred the high priests of market research into defend-
ing their faith in ofﬂine, random sampled representative research, but the forces of progress meant that by 2013 
online research has been totally accepted. From the start, BrainJuicer has been associated with this important 
ﬁeldwork revolution but, in recent years, it is the more fundamental research revolution that we’ve been spear-
heading, inspired by the latest thinking in Behavioural Sciences. Traditional market research has offered a plau-
sible but ﬂawed model of human decision making, over-estimating the importance and measurement of rational, 
persuasion based messaging and under-estimating the degree to which the vast majority of decisions are made 
intuitively, instinctively and emotionally. Just as Behavioural Economics is providing a truer-to-life model of 
human behaviour, so Behavioural Science offers a tremendous opportunity to increase the accuracy of predicting 
customer behaviour and generating greater commercial returns.
BrainJuicer’s reputation has grown in leaps and bounds with the popularity of these new ideas, but the busi-
ness has not grown at the same rate. Clients are enthusiastic about our new approaches and the commercial 
beneﬁts on offer, but altering ingrained buying habits requires a great deal of change, which is always hard.
CHANGING HABITS IS HARD
‘Market research as we know it will be dead by 2020’
Kim Dedeker, formerly P&G Global Head of MR
‘We need more magic and less logic’
Marc Mathieu, Unilever SVP Marketing
‘We’re drowning in data but thirsting for insight’
Denyse Drummond-Dunn, formerly Nestle Global Head of MR
‘How do we change from a “Plan-Learn-Qualify-Optimize-Launch-Track-Revisit in a Year” research approach, to a more 
agile, real-time “Do-Learn” mentality?’
Joan Lewis, Global Consumer & Market Knowledge Ofﬁcer at P&G
Despite these public statements by the most senior researchers from the world’s biggest buyers of market 
research, echoed by many of their peers in companies the world over, there has been little change in the pattern 
of these companies’ research spending. The desire to adopt new models and methods may be strong but old habits 
die hard and the traditional research approaches are hard to relinquish, even when there’s an awareness of how 
bad they are for the company’s long-term health.  BrainJuicer Group PLC Annual Report and Accounts 2012 4
Chief Executive’s Statement continued
A critical step to changing habits is to understand the forces keeping them in place. Once known, you can 
ﬁnd ways to avoid loss aversion and create ways to make it fun, fast and easy for clients to switch. These are the 
forces we believe keep ‘bad-trad’ research in place:
1. an established language and standard questions make it easy for clients to discuss and interpret the research;
2.  the status quo feels comfortable and possesses default credibility [‘nobody ever got ﬁred for buying IBM’];
3. habit; it’s just so much easier to buy; suppliers on speed dial & little or no need to sell internally;
4. can be bought by juniors because it’s so accepted;
5. has years of normative data to provide benchmarks for go/no-go decisions;
6. it’s part of an accepted and understood marketing model that combines the rational and emotional in equal  
 measure to aim for an adequate return, rather than a more intuitive/emotional approach with the potential to 
 deliver a spectacular return;
7. it is generally black-box, formulaic and complicated, which seems to support its plausibility and prevent  
 interrogation of whether it actually works very well.
THE POWER OF BEHAVIOURAL SCIENCE TO CHANGE HABITS
Current market research techniques are a direct reﬂection of current marketing beliefs. The two are a co-evolved 
eco-system. The central misdirecting belief running throughout current research and marketing is a left brain, 
right brain model of human decision making. Since left and right are equal, the default assumption is that 
rational and emotional factors are equal in decision making and that successful marketing and communications 
are a combination of functional and emotional factors. So concepts are written in a standard format, of insight-
beneﬁt, and reason-to-believe, which insists on a mix of emotional and rational components, and advertising  
is made with equal amounts of message and engagement. It seems a plausible, even sensible approach but as we’ll 
see below, it’s not how the most successful marketing works.
Current concept testing reﬂects the left-right brain model by having a battery of rational-biased metrics  
to assess perceptions of efﬁcacy/functionality, some metrics on likability and then purchase intention to predict 
in-market performance. There is no direct measure of people’s emotional reaction and it is no surprise most con-
cepts come out around the average. Packaging testing acknowledges the need for visual impact and recognition 
but thereafter reﬂects a belief that great packs are a mixture of the logical and magical. The fact that in-market 
performance seems to regularly differ from research results should at least question the assumptions behind cur-
rent market research methods. Communication theory believes the very best adverts are a winning combination 
of, ‘a ﬁst of a brand proposition, wrapped in a velvet glove of emotion’. Nearly every pre-testing method reﬂects 
this belief and measures both the rational and emotional, weighing them equally with brand recall [how can  
an advert possibly work unless people can recall the brand?!]. But all the evidence suggests the very best adverts 
work through pure emotional seduction, not persuasion [Cadbury Gorilla, VW Darth Vader, the Andrex puppy  
to name a few examples] and that brand recognition, not recall, is the only thing that matters. Brand and  
communications tracking are an extension of the communication beliefs and equally ﬂawed. 
Behavioural Economics provides a new framework that can radically change marketing beliefs and will demand 
market research tools to match. The central frame that runs throughout Behavioural Economics is the System 
1, System 2 model of the brain, where the instinctive, intuitive and emotional System 1 completely overwhelms 
the cognitive, deliberative, rational brain [the equivalent of 11 million bits of computing power vs. just 50 bits]. 
It turns out, ‘we think much less than we think we think’, with human decision making wildly biased in favour 
of the emotional, instinctive and intuitive. Market research needs to change the way it assesses new concepts,  BrainJuicer Group PLC Annual Report and Accounts 2012 5
packs and adverts and prioritise the need to measure emotion and seduction. BrainJuicer’s suite of Juicy tools 
matches this new understanding, successfully measuring the things that matter and putting us in prime posi-
tion to beneﬁt from a change in understanding how people really make decisions. To the extent we can help our 
clients speak the System 1 language, we increase their chances of creating famous marketing and signiﬁcant 
commercial success.
To challenge the market-leading approaches and make it easier for clients to buy, we need a single focus, 
a ‘single hook’ on which to hang all our Juicy tools. This is why we have decided to position ourselves as THE 
System 1 research agency and adopted the tagline, ‘BrainJuicer – Turning Human Understanding into Business 
Advantage’. 
Our challenge is to encourage changes in habits. Just as we have applied our inventiveness to our products 
and culture, so we need to apply our inventiveness to helping change behaviour. These are ﬁve approaches we’re 
sharing with clients:
1.  EDUCATE in Behavioural Science. Train market research teams in Behavioural Sciences and the revolution 
that’s taking place in the understanding of human decision making, habits and behaviour change. 
2.  EVANGELISE more widely to help turn this new understanding into business advantage. Offer the business a 
constant stream of inspiring ‘behavioural’ speakers, webinars, books, websites, examples to encourage a cor-
porate fascination with understanding the human condition with all its wonderful quirks, with an emphasis on 
using this knowledge to ﬁnding ways of improving the lives of your customers.
3. ENCOURAGE market research to challenge the status quo and dare to act on behavioural practices. Take this 
new found knowledge of Behavioural Sciences and challenge current practices to see where the opportunities for 
change are in the business. This could be everything from the research methods used to understand and predict 
customer behaviour, to the way new product development concepts are written, to giving precedence to instinc-
tive, emotional marketing e.g. the main advertising objective should always be ‘make my brand famous’ with an 
emphasis on making people feel something strongly, rather than remembering messages. 
4. EXPERIMENT with behavioural interventions. Establish a culture of experimentation as the means of testing 
behavioural interventions to ﬁnd the ones that show a signiﬁcant effect and which are then rolled-out as widely 
as possible. 
5. ESTABLISH proof of behavioural impact. Invest time, effort, skills, patience and money to prove the impact of 
initiatives and have the humility and bravery to acknowledge those that don’t work as well as the patience to 
know not everything will. 
Changing habits is a creative process that requires a great deal of patience. But in a world struggling for 
growth, it can only be a matter of time before something that provides signiﬁcant business advantage gets ad-
opted. Our job is to speed the process of change and make it as easy as possible for our clients to reap the rewards 
of adopting new research and applying Behavioural Science.
It’s not the smartest, fastest, strongest or even most creative that survive, it’s the most adaptable.
JOHN KEARON
Chief Juicer
21 March 2013  BrainJuicer Group PLC Annual Report and Accounts 2012 6
Business and Financial Review
U ntil October 2012, we were heading for our sixth year of uninterrupted revenue and proﬁt growth. We are 
therefore very disappointed that we ﬁnished the year with revenue at a similar level to that in 2011 and a sharp 
fall in proﬁt. The result does however put into focus some features of our business.
As we have often noted in the past, we have traditionally earned a disproportionately high amount of revenue 
in the ﬁnal quarter of our year, particularly in November and December. In 2011, for example, December revenue 
was nearly three times the average monthly revenue from January to October. Whilst we have always been pleased 
to receive this ﬂourish of year-end business activity, some of the incremental revenue tends to arise from clients 
simply using up budget allocations toward the end of the year. This type of business tends to be of lower value to 
the client, is less repeatable, and is less predictable than our normal business generated throughout the year.
In 2012, our December revenue was £2,843,000 and November revenue was £1,688,000 compared to an average 
for the year to October of £1,629,000. So November and December 2012 still represented good months compared to 
the rest of the year. However both months fell signiﬁcantly compared to 2011, November by 20%, and December 
by 29%. We have always believed that while we are not immune from the impact of macro-economic conditions, 
our small size compared to our clients and their relative stability have helped shield us from the peaks and 
troughs of the wider market research market. Nevertheless it seems likely that the prolonged difﬁcult economic 
conditions were the main reason for the tightening of client budgets and less year-end spend than normal.
It was this relative lack of year-end revenue that left our revenue and our gross proﬁt for the year ﬂat com-
pared to 2011. With our cost base (excluding cost of sales) growing by 9%, our operating proﬁt declined by a very 
signiﬁcant 45%, and demonstrated the high operating leverage intrinsic in our business. A high percentage of 
our cost base is the cost of our people, which is relatively ﬁxed, so small differences in revenue and cost growth 
result in large percentage changes in our proﬁts.
We are careful in how we manage our costs, and how we build the resources necessary to grow the business, 
yet last year our cost growth was out of kilter with our eventual revenue growth. There are two main reasons for 
this. First, we have limited revenue visibility and a fair amount of volatility in workload from month to month 
and from different clients. Yet, we have to plan our resources and recruit and train new people well in advance 
of the growth that we are recruiting them to deliver, and in 2012 we simply got it wrong. Second, we are manag-
ing the business for long-term sustainable growth, and as well as meeting short term ﬁnancial needs, we remain 
committed to building the infrastructure necessary to deliver our future potential.
Our business in some ways resembles a creative consultancy, and shares some of the challenges that such busi-
nesses face when trying to grow. Creative consultancies are by nature less easy to scale than product or technol-
ogy companies. We need to create a new and fresh piece of work for each and every client, rather than reproduce 
in a mechanical way the same product time and again. We are assisted by our proprietary techniques and our 
software technology, which facilitate the gathering of data and which enable the creative process to function 
efﬁciently. Nevertheless our growth is not easy, and requires considerable human endeavour to win an ever-
increasing number of larger and larger projects and for each one to add signiﬁcant value for our clients.
This is why winning mandates is key to propelling our growth. A mandate is where a client uses a particular 
research solution within the whole of the organisation on an on-going basis. In larger clients a mandate can earn 
revenue of more than a million pounds a year and will be reasonably predictable. We currently have little revenue 
from mandates, but we are getting closer to achieving a breakthrough.
None of this is particularly new. We have had a number of years of challenging economic conditions. We have 
always had cost growth, high operating leverage, limited revenue visibility and a lack of mandated positions. Yet 
this year these factors came together in a way which conspired to dampen our normal heightened November and 
December activity and caused proﬁts to fall signiﬁcantly.
In spite of this being our ﬁrst ever year of ﬂat revenue, the fundamentals of our business remain unchanged. 
The Group’s long term growth potential remains dependent on the degree to which our Juicy products are taken 
up by our large clients (and eventually turn into mandated solutions), and our ability to grow and scale a busi-
ness which is in essence a consultancy, albeit one which to some degree sells standard products and is enabled by 
clever technology.
Here we remain optimistic. Revenue from our Juicy products (those which are strategically important) grew 
by 22%. We had double-digit revenue growth in 11 of our top 20 clients and single digit growth in another 2. We 
were invited to participate in more than 5 tenders for mandates (or similarly signiﬁcant) opportunities and a 
number of other smaller but nevertheless still sizeable prospects, in all cases against large competitors. We won  BrainJuicer Group PLC Annual Report and Accounts 2012 7
one of them – and while it was small in ﬁnancial terms and while we didn’t win the others, the fact that we are 
now regularly being invited to pitch for these opportunities is a positive signal. We have maintained and en-
hanced our simple organisational structure, with its centralised and efﬁcient processes and technology.
 
FINANCIAL PERFORMANCE
Our ﬂat revenue growth led to zero gross proﬁt growth. Gross proﬁt comprises revenue less the external direct 
costs of delivering our research projects, and was 77% of revenue, (marginally lower than in 2011). 
In terms of the regional split of our gross proﬁt, Europe represented 61% of our total, and was down in aggre-
gate by 11% on the prior year, reﬂecting the prolonged economic difﬁculties across the region. Switzerland grew 
15% on the prior year, the UK (our largest country with 38% of our total business) declined by 8%, and Germany 
and Holland declined by 22% and 57% respectively. While Dutch gross proﬁt declined particularly steeply, it was 
only 3% of our business. Gross proﬁt from the US, (our second largest country after the UK and representing 29% 
of our total) was ﬂat. Gross proﬁt in both China and Brazil grew strongly, China particularly so, and in aggregate 
gross proﬁt in these two countries now represents 10% of our total. While the fortunes of each of our geographic 
ofﬁces were very different, they are each selling the same products using the same processes and technology 
platform to many of the same clients. Regional differences therefore seem to owe much to buying patterns within 
our large clients, and large global consumer companies appear in certain cases to be shifting marketing spend 
towards emerging markets. The proﬁtability of each ofﬁce tends to reﬂect the relative size of the ofﬁce, with the 
larger more established ofﬁces being in the main more proﬁtable than the smaller newer ones, in both absolute 
and percentage of revenue terms.
The percentage of our gross proﬁt from our strategically important Juicy products grew from 58% in 2011 to 
69% in 2012, partly as a result of 26% growth in our biggest selling product, Predictive Markets (used for testing 
marketing concepts), and 82% growth in our Juice Generation services. Juice Generation is a consultancy service 
where we help clients create (and not just validate) new ideas, insights, concepts and marketing material. Gross 
proﬁt from what we call our Twist products declined by 26%. These products are similar to those available from 
competitors, albeit with an added BrainJuicer “twist”, and so are exposed to greater competitor pressure. By 
contrast, Juicy products are distinctive, and ﬁt within our behavioural science framework. 
Our costs (before year-end bonus awards and excluding cost of sales) increased by 13%, which was signiﬁ-
cantly less than the 40% increase in 2011 (again before bonuses). The increase was largely due to increases in our 
account management teams, new ofﬁces, and Labs (product development). We awarded bonuses to only a very few 
people and they amounted to £63,000 in total (£500,000 in 2012). Our costs included one-off redundancy costs of 
£260,000. However our costs also beneﬁted from lower anticipated social security costs on the future exercise of 
stock options of £135,000 as a result of the sharp fall in our share price, which (like the redundancy costs) is also 
likely to be non-recurring. Operating proﬁt fell by 45% to £1,513,000, and with minimal interest income on our 
sizeable cash balances, proﬁt before tax was very much the same. Our effective tax rate fell to 31% (2011: 33%) 
leaving proﬁts after tax down 44% at £1,038,000. Earnings per share fell in a similar proportion.
The Group generated strong cash ﬂows before ﬁnancing activities of £868,000 (2011: £1,448,000), paid out 
£796,000 in dividends and share buy-backs on exercise of stock options, and ﬁnished the year with a cash bal-
ance of £3,755,000 (31 December 2011: £3,683,000). The Group has no debt.
Our issued share capital remained relatively constant, with 13,136,448 shares at 31 December 2012 (of which 
572,784 were in Treasury) and 13,136,448 at 31 December 2011 (of which 657,195 were in Treasury). To mitigate 
the dilutive impact of stock options, we usually repurchase shares on exercise of stock options. We had 900,215 
outstanding stock options at 31 December 2012 down from 1,204,614 at 31 December 2011. There has been no 
change in the additional long-term incentive scheme for senior executives set up in 2010 and described in our 
2010 annual report other than the recycling of a small number of existing units from departing senior executives 
to new and existing senior executives.
RISKS
As previously noted, in general terms, we take the view that eliminating all risk would stiﬂe creativity, experi-
mentation and entrepreneurialism, and dampen our growth. We therefore do not attempt to do so. We, however, 
do take risk seriously. We endeavour to identify and protect the business from the big, remote, risks – those that  BrainJuicer Group PLC Annual Report and Accounts 2012 8
Business and Financial Review continued
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 2012 at 7.1% of revenue (2011: 9.4%). 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 management 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 – 15 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.
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  
outages from time-to-time but none has led to signiﬁcant ﬁnancial loss. 
OUTLOOK
Our continued underlying progress in 2012 was overshadowed by the sharp year on year revenue decline in 
November and December and the impact it had on proﬁt. Looking ahead we continue to dedicate our efforts to 
translating our growing reputation within the industry and excellent feedback from clients, into increased share 
of their spend. Speciﬁcally we are re-framing our service offerings within a behavioural economics construct, 
which, within the marketing world, is starting to become an established way of thinking. We are further  
reﬁning, focussing and unifying our product portfolio, to simplify the sales process. We are dedicating senior 
people to identifying and responding to signiﬁcant mandate type opportunities. We are continuing to expand 
our geographic footprint, and continuing to focus on delighting clients on each and every project we deliver. 
Through this, we believe that over time we will continue to earn the credibility we need to develop and build 
meaningful client relationships of a size and scale that reﬂect the reputation we have been building. 
Nevertheless, the volatility and limited visibility of the Group’s revenues, brought into sharp focus in 2012, 
are features of our business that will not change in 2013. We are reducing our cost growth in 2013 and have 
lowered overhead invested in our central functions, for example in marketing and Labs (product development). 
We reduced our employee numbers by 9% in December 2012, and this will enable us to limit our percentage cost 
growth in 2013 to low single digits (before bonuses), whilst continuing to invest in our ofﬁces in China, Brazil 
and India. 
We are having a promising start to 2013 and we remain determined to continue to build the business in 2013 
and beyond. We stress again however that we have limited visibility and so cannot predict with any certainty 
how the rest of the year will unfold. 
JAMES GEDDES
Chief Financial Ofﬁcer
21 March 2013 WHY WE’RE OPTIMISTIC: 
Here’s what our clients are saying about us:
BrainJuicer Group PLC Annual Report and Accounts 2012 9
Kudos
‘‘
 It’s 10 days since Pony 
1st strutted his stuff and the 
level of engagement is breath-
taking with over 5 million 
views on YouTube. You have no idea how proud 
I am of the Three team and how grateful I am 
to you guys for providing the validation for why 
we should just have faith. It’s the best feeling 
in the world to work in Marketing and do stuff 
like this. 
’’
 
MARGARET BURKE
Head of Brand & Communications, 3 Mobile
‘‘
 Working in partnership 
with BrainJuicer has been fast 
and easy. They have been very ﬂexible with us, 
especially with ever-changing project timings. 
The Predictive Markets methodology gave us 
actionable results which helped us to prioritise 
our best NPD ideas, while directing us ‘back to 
the drawing board’ in areas where alternative 
ideas were needed. Thank you very much to the 
BrainJuicer team! 
’’
 
LEONORE SAINTVILLE 
Head of Category Insight and Foresight – Haircare Global, Unilever
‘‘
 We use Predictive Markets 
for product idea screening. It’s 
timely, great value, and the presentations, 
experience and expertise provided by the team 
really make a difference. 
’’
 
ERKAN BALKAN
Insights Manager, PepsiCo Snacks Turkey
‘‘
 In 2012, we used BrainJuicer to help us 
signiﬁcantly update our global tracking  
tool using System 1, intuitive questioning  
principles. After a period of testing, the  
new tracker is being rolled out across all our  
main geographies in 2013. 
’’
JOSHUA SORENE
Insight Manager – Group Customer Insight Centre of Expertise,  
HSBC
‘‘
 We executed several communication mar-
ket research projects together with BrainJuicer 
to our satisfaction. Especially FaceTrace®, to 
measure the nature and intensity of emotional 
response to advertising, has an additional 
value for understanding what the customer  
really thinks. Next to that, the BrainJuicer team 
is competent, ﬂexible and a pleasure to work 
with. 
’’
 
ELISE JANSEN
Market Intelligence Manager, Philips Healthcare
‘‘
 It was really nice to see how BrainJuicer’s 
emotional metrics, particularly FaceTrace®, 
pulled apart the two ads we were testing [and 
helped give us ideas for improvement], whereas 
using traditional advertising metrics, less  
difference was apparent. 
’’
SUSANNA WILCOCK
Consumer Insight Manager, PepsiCo BrainJuicer Group PLC Annual Report and Accounts 2012 10
Kudos continued
‘‘
 From our limited vantage point in the US, 
BrainJuicer did an outstanding job bringing 
the European market landscape to our door. 
Their management of the project was extremely 
thorough and exceeded my expectations. I look 
forward to working with them on additional 
projects. 
’’
 
CAROL A. JONES
Director, Insights and Intelligence,  
Enterprise Holdings Inc. 
‘‘
 Thank you all at Brain-
Juicer for providing new and 
innovative ways to not only 
truly understand our custom-
ers, but also to explain why 
our “old” research method- 
ologies couldn’t do so. Your 
fresh ideas and approach helped us to reach 
our goals in a market where we pushed to the 
margin. We are looking forward to being taught 
and guided by your ideas and leadership! 
’’
 
ASHWIEN BISNAJAK
Market Intelligence Manager, Hunkemöller
‘‘
 BrainJuicer’s key added value is for sure 
their innovative, recognized methodologies,   
but beyond this, their team also makes a real 
difference, one can rely on them to deliver  
their best in any situation, they are really  
proactive, as a result I can really trust them, 
which is exactly what I am looking for in a 
research agency, really appreciated. 
’’
 
ANNE-LISE FLACTION 
Consumer Insights, Corporate Marketing &  
Consumer Communication,  
Nestlé Suisse S.A.
‘‘
 This Predictive Markets project was best 
in class – excellent study, high quality analy-
sis and highly actionable recommendations. 
Thanks.” 
’’
 
THOMAS PELZ 
CMK Associate Director, Procter & Gamble
‘‘
 For the ﬁrst time ever we tested Insights –
as we wanted to be much more customer  
focused, so this has been a crucial piece of 
work for us. BrainJuicer helped us to under-
stand how this very speciﬁc consumer really 
ticks. The way we tested the Insights has been 
fabulous – you know exactly where you stand 
(even though it sometimes hurts!), as the 
test references benchmarks. And even better, 
we got a whole diagnostic piece which really 
helped us to rewrite our Insights, so that we 
can now put the learnings into action. To 
know what our main customers really NEED – 
this is invaluable to us! 
’’
 
CMI Manager, Major Consumer Healthcare Company BrainJuicer Group PLC Annual Report and Accounts 2012 11
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, and 
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. 
He was previously with stockbroker Teather & Greenwood 
between 1993-2007 in senior roles, with past directorships 
including Aberdeen Asset Management and Morgan Grenfell. 
Ken is a former Chairman of the Society of Investment  
Analysts and of the Quoted Company’s Alliance [QCA], 
remaining on its executive committee. Ken is also a non-
executive Chairman of Nakama Group plc and Director of 
Scientiﬁc Digital Imaging plc and Flying Kiwi Inns.
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 investment 
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, focussing on their 
link with institutional investors. He retired from Makinson 
Cowell in 2008. BrainJuicer Group PLC Annual Report and Accounts 2012 12
Management Team
CHRIS JONES
HEAD OF JUICE GENERATION
Chris joined BrainJuicer in 2009, and set up its Juice Gen-
eration in 2010. He has been involved in applied creativity 
for just under 30 years – beginning in architecture, but then 
moving to the swifter, more commercial worlds of adver-
tising, brand consultancy and, since 1995, research and 
innovation.
JIM RIMMER
GLOBAL RESEARCH DIRECTOR
Jim Rimmer joined BrainJuicer in 2006. As Global Research 
Director, he works with teams across the entire BrainJuicer 
business to help deliver client delight. Jim has over 25 years 
of experience in consumer insights at Research Interna-
tional, SGA & BrainJuicer, specialising in innovation and 
communications and generally in new methods aimed at 
better explaining and predicting consumer behaviour.
 
BRENT SNIDER
EXECUTIVE VICE PRESIDENT, US – EASTERN REGION
Brent joined BrainJuicer in 2007, and oversees BrainJuicer’s 
operations in the Eastern region of the United States,  
based out of New York. He was previously at Millward Brown 
and has over 10 years of consumer research experience.
DAVID WHITELAM
SENIOR CLIENT DIRECTOR – BRAINJUICER, UK 
David joined BrainJuicer in 2007, and is a Senior Client  
Director in BrainJuicer’s UK headquarters. He was pre- 
viously a board director at ase Market Intelligence and a 
director at SGA Research International. David has almost  
20 years of research experience working with FMCG and 
Financial Services clients.
ORLANDO WOOD
MANAGING DIRECTOR, LABS
Orlando joined BrainJuicer in 2005. Previously, he worked at 
Research International and Simon Godfrey Associates (SGA). 
His work, drawing on behavioural science to deliver better 
research techniques, has won the following awards: The Jay 
Chiat Gold Award for Research Innovation (2011), The Mar-
ket Research Society’s David Winton Award (2010) and Best 
Paper Award (2010), ESOMAR’s Award for Best Methodologi-
cal Paper (2007), the ISBA Advertising Effectiveness Award 
(2007), the American Marketing Association’s ‘4 Under 40 
Emerging Leader’ Award (2011), and a Research Distinction 
Award from the Advertising Research Foundation (2011).
HAN ZANTINGH
MANAGING DIRECTOR, CHINA
Han joined BrainJuicer in 2010. Prior to BrainJuicer, he was 
Brand Director at Pernod Ricard China. He started his  
career in FMCG in the Netherlands, at Kimberly-Clark and 
United Biscuits, before joining New Solutions, a strategic 
marketing consultancy in London.
GABRIEL ALEIXO
MANAGING DIRECTOR, BRAZIL
Gabriel joined BrainJuicer in 2010. He was previously 
Marketing Services Director of Latin America for Philips do 
Brasil. He has spent his career working for FMCG companies 
such as Beiersdorf, managing marketing communications, 
online marketing and market intelligence.
JONATHAN GABLE
MANAGING DIRECTOR, GERMANY
Jonathan joined BrainJuicer in 2008. He was previously 
Group Business Development Director at Evo Research 
and Consulting Ltd. Jonathan has a broad international 
background in FMCG marketing and research, having worked 
at both startups and well-established blue chip compa-
nies such as Colgate-Palmolive, General Mills and Dunkin’ 
Brands.
SUSAN GRIFFIN
EXECUTIVE VICE PRESIDENT OF MARKETING AND  
BUSINESS DEVELOPMENT, GLOBAL
Susan joined BrainJuicer in 2008, and leads our global 
marketing and business development. She is also a member 
of the Executive Management Team. Prior to joining Brain-
Juicer, she was Sales Director at Global Market Insite (GMI). 
She has over 20 years of experience in market research, and 
has had senior marketing and operations roles at Material 
ConneXion, Aberdeen Group, SoftWatch, Voyager and the 
American Stock Exchange. She is the East Coast US Repre-
sentative for ESOMAR.
RENE HUEY-LIPTON
EXECUTIVE VICE PRESIDENT, NORTH AMERICA
Rene joined BrainJuicer in 2012, and leads Juice Gen-
eration. Formerly, she was VP, Group Director, Strategy & 
Insights for GSD&M Idea City, leading the strategy function 
on major accounts. Rene has over 20 years of experience in 
strategic planning, brand consultancy, advertising, innova-
tion and research. 
ALEX HUNT
EXECUTIVE VICE PRESIDENT, US – MID AND WEST 
Alex joined BrainJuicer during 2009, and oversees Brain-
Juicer’s operations in the Midwest and Western region of the 
United States. He was previously Account Group Director of 
Millward Brown in both the UK and New York. 
MARK JOHNSON
MANAGING DIRECTOR – SWITZERLAND, FRANCE AND ITALY
Mark joined BrainJuicer in 2008. He has a background in 
strategic planning in communications and branding. Mark 
has worked both on the agency side for Porter Novelli and 
New Solutions in London and Paris and on the client side for 
Cereal Partners Worldwide (a joint venture between Nestlé 
and General Mills).  BrainJuicer Group PLC Annual Report and Accounts 2012
The directors present the annual report and audited ﬁnancial statements of BrainJuicer Group PLC (Registered 
Company Number: 05940040) for the year ended 31 December 2012.
PRINCIPAL ACTIVITIES AND BUSINESS REVIEW
We are a full service quantitative market research agency.
The proﬁt attributable to equity holders of the company for the ﬁnancial year was £1,038,000  
(2011: £1,850,000) as shown in the consolidated income statement set out on page 24.
A further review of the business and likely future developments of the Group is given in the Chairman’s state-
ment on page 2 and in the Business and ﬁnancial review on pages 6 to 8.
The Directors have declared dividends as follows:
 2012  2011 
 £’000 £’000
Ordinary Shares  
Interim paid, 0.85p per share (2011: 0.75p per share) 107 94
Proposed ﬁnal, 2.25p per share (2011: 2.25p per share) 283 281
TOTAL ORDINARY DIVIDENDS, 3.1P PER SHARE (2011: 3.0P) 390 375
The interim dividend was paid on 25 October 2012 to shareholders on the register at the close of business on 
28 September 2012.
THE DIRECTORS AND THEIR INTERESTS
The present membership of the Board is set out below. All directors served throughout the year apart from  
Robert Brand and Graham Blashill who were formally appointed to the Board on 5 January 2012 and 1 July 2012  
respectively. Mark Muth retired from the Board on 30 April 2012 and Simon Godfrey retired from the Board on  
30 September 2012.
John Kearon
James Geddes
Alex Batchelor
Ken Ford
Robert Brand 
Graham Blashill 
Directors’ interests in the Ordinary Shares of the Company and in share options are disclosed in the 
Remuneration report on pages 20 and 21.
PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties affecting the Group are explained in the business and ﬁnancial and review 
on pages 7 and 8.
KEY PERFORMANCE INDICATORS
The main ﬁnancial key performance indicators are gross proﬁt and diluted earnings per share. During the year 
gross proﬁt was ﬂat, remaining at £16.1m. Diluted earnings per share declined by 44% to 7.9 pence per share. 
Client and employee satisfaction levels are also important performance indicators and are measured through 
individual client feedback at the end of each project and employee satisfaction through internal surveys.
13
Directors’ Report BrainJuicer Group PLC Annual Report and Accounts 2012
Directors’ Report continued
14
PAYMENTS TO SUPPLIERS
The Group aims to settle invoices within agreed payment terms (generally 45 days from the date that the invoice 
is received), provided the relevant services or goods have been received in accordance with the agreed terms and 
conditions. At 31 December 2012, trade payables represent 43 days of average purchases of the Group (2011: 56 
days).
DONATIONS
There were no donations to political parties or charitable organisations (2011: £nil).
SHARE CAPITAL
Details of changes in the share capital of the Company during the year are given in note 11 to the ﬁnancial state-
ments. As at 8 January 2013, the Company was aware of the following signiﬁcant interests in the ordinary issued 
share capital of the Company.
AT 8 JANUARY 2013 Number %
John Kearon 3,846,102 30.6
Liontrust Asset Management 1,362,364 10.8
Blackrock Investment Management (UK) 1,240,000 9.9
Sleep, Zakaria & Company Ltd 1,100,000 8.8
Herald Investment Management Limited 700,000 5.6
Standard Life Investments Ltd 630,000 5.0
Allianz Global Investors KAG 400,000 3.2
  
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
As explained below and described further in Note 8 to these accounts, the Group’s activities expose it to some 
ﬁnancial risks. The Group does not consider it necessary to use any derivative ﬁnancial instruments to hedge 
these risks. 
CREDIT RISK
We manage credit risk 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 rarely suffers a bad debt.
 
MARKET RISK – FOREIGN EXCHANGE RISK
In addition to the United Kingdom, the Group operates in the United States, the Netherlands, Germany, Switzer-
land, Brazil and China 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. BrainJuicer Group PLC Annual Report and Accounts 2012 15
OTHER RISKS
Management consider that price risk and interest rate risk are not 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 re-
turn to shareholders. The Company’s capital structure consists of cash and cash equivalents and equity attribut-
able to equity holders of the parent company, issued share capital, reserves and retained earnings. The Group has 
no borrowings or borrowing facilities and is not subject to any externally imposed capital requirements.
PURCHASE OF OWN SHARES
During the year the Company transferred 320,797 Ordinary Shares (with an aggregate nominal value of £3,208, 
representing 2.45% of the called up share capital of the Company) out of treasury to satisfy the exercise of 
employee share options over 320,797 Ordinary Shares, for cash consideration of £325,000. The Company subse-
quently repurchased 236,386 of these shares (with an aggregate nominal value of £2,364, representing 1.80% of 
the called up share capital of the Company) for cash consideration of £733,000. 
Following these transactions, at 31 December 2012 the number of ordinary shares numbered 13,136,448 (2011: 
13,136,448) of which shares held in treasury numbered 572,784 (2011: 657,195). 
EMPLOYMENT POLICIES
The Group is committed to following the applicable employment laws in each territory in which it operates. The 
Group is committed to fair employment practices, including the prohibition of all forms of discrimination and 
attempts as far as possible to give equal access and fair treatment to all employees. Wherever possible we provide 
the same opportunities for disabled people as for others. If employees become disabled we would make every ef-
fort to keep them in our employment, with appropriate training where necessary.
HEALTH AND SAFETY POLICIES
The Group is committed to conducting its business in a manner which ensures high standards of health and 
safety for its employees, visitors and the general public.
AUDITOR
The auditor, Grant Thornton UK LLP, have indicated their willingness to continue in ofﬁce, and a resolution that 
they be re-appointed will be proposed at the Annual General Meeting.
BY ORDER OF THE BOARD
JAMES GEDDES
Chief Financial Ofﬁcer
21 March 2013 BrainJuicer Group PLC Annual Report and Accounts 2012 16
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 Gov-
ernance Code June 2010, the Board takes the Code seriously. The Group also places particular importance on the 
guidelines issued by the Quoted Companies Alliance for Companies. 
There are areas where the Group is not in compliance with the UK Corporate Governance Code June 2010 but 
the Directors believe that full compliance is not practicable for a group of BrainJuicer’s size and at its stage of 
development. This report sets out the procedures and systems currently in place at BrainJuicer and explains why 
the Board considers them effective.
THE BOARD
The Board comprises three executive directors and three 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 2 meet-
ings. The Board discharges its responsibilities through management team meetings and regular informal meet-
ings 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.
 Each year at the Annual General Meeting, one-third of directors are required to retire by rotation, provided 
all directors are subject to re-election at intervals of no more than three years. This year, John Kearon is sched-
uled to retire by rotation and has conﬁrmed his willingness to be put forward for re-election at the 2013 Annual 
General Meeting. Graham Blashill, having been appointed after the 2012 Annual General Meeting, will retire and 
be put forward for election at the 2013 Annual General Meeting.
Corporate Governance Report BrainJuicer Group PLC Annual Report and Accounts 2012 17
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 pages 19 to 21.
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;
 Discussion of the nature, extent and timing of the external auditor’s procedures and discussion of external  
 auditor’s ﬁndings;
 Review and monitor the external auditor’s independence and objectivity and the effectiveness of the audit  
 process;
 Develop and implement policy on the engagement of the external auditor to supply non-audit services; 
 Report to the Board, identifying any matters in respect of which it considers that action or improvement is  
 required; 
 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. BrainJuicer Group PLC Annual Report and Accounts 2012
Corporate Governance Report continued
18
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;
 Forecasts are updated on a periodic basis 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 keeps under review the Group’s internal control system on 
a periodic basis. The Board seeks to ensure risk assessment procedures and responses are continuously improved.
COMMUNICATIONS WITH SHAREHOLDERS
The Board recognises the importance of regular and effective communication with shareholders. The primary 
forms of communication are:
 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 which provides shareholders with an opportunity to meet the Board of directors  
 and to ask questions relating to the business.
GOING CONCERN
After making enquiries, at the time of approving the ﬁnancial statements the Directors have a reasonable 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.       
  BrainJuicer Group PLC Annual Report and Accounts 2012 19
Remuneration Report
REMUNERATION COMMITTEE
The Group has established a Remuneration Committee, comprising the three non-executive directors, Graham 
Blashill (Chairman), Robert Brand and Ken Ford.
The Committee’s main role and responsibilities are:
 Review, and determine on behalf of the Board, the speciﬁc remuneration and incentive packages for each of  
 the Company’s executive directors;
 Review, and approve on behalf of the Board, the remuneration and beneﬁts of senior management;
 Review, and make recommendations to the Board in respect of, the design of remuneration structures and  
 levels of pay and other incentives for employees of the Group, including share option awards and any  
 adjustments to the terms of share ownership and share incentive schemes;
 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
The Group’s policy on remuneration is to provide a package of beneﬁts, including salary, bonuses and share op-
tions, which reward success and individual contributions to the Group’s overall performance appropriately, while 
avoiding paying more than is necessary for this purpose. The Group’s Articles of Association do not permit direc-
tors’ remuneration to exceed £750,000 per annum in aggregate. In addition, the Remuneration Committee takes 
into account remuneration packages of comparable companies when making recommendations to the Board. 
Performance-related elements of remuneration are designed to align the interests of executive directors with 
those of shareholders and accordingly are set as a signiﬁcant proportion of total remuneration.
SHARE OPTIONS
The Group considers that active participation in a share option plan can be an effective means of incentivising 
and retaining high quality people. Directors and certain employees participate in the scheme. Further details of 
the option plan and outstanding options as at 31 December 2012 are given below and in note 11 to the ﬁnancial 
statements.
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.  BrainJuicer Group PLC Annual Report and Accounts 2012 20
Remuneration Report continued
DIRECTORS’ EMOLUMENTS
Remuneration in respect of the directors was as follows:
   Beneﬁts  
  Salary in kind Bonus 2012  2011 
  £ £ £ £  £ 
John Kearon  190,400 3,627 - 194,027 173,260
James Geddes  165,075 3,823 - 168,898 172,499
Alex Batchelor  165,075 3,432 - 168,507 172,107
Ken Ford  33,990 - - 33,990 32,771
Robert Brand  30,900 - - 30,900 -
Simon Godfrey  29,996 - - 29,996 38,560
Graham Blashill  14,292 - - 14,292 -
Mark Muth  9,528 - - 9,528 6,938
  639,256 10,882 - 650,138 596,135
Money purchase pension contributions in respect of the directors were as follows:
 2012  2011 
 £  £ 
John Kearon 11,424 10,200
James Geddes 9,905 9,300
Alex Batchelor 9,904 9,300
 31,233 28,800
 
DIRECTORS’ INTERESTS 
Directors’ interests in Ordinary Shares of 1p each as at 31 December 2012 are shown below:
 Number of 1p ordinary shares
 31 December 2012  1 January 2012
  (or date of  
  appointment  
  if later)
John Kearon 3,846,102 4,110,164
James Geddes 158,325 173,325
Alex Batchelor 101,852 101,852
Ken Ford 20,000 20,000
Robert Brand 30,000 30,000
Graham Blashill 5,000 5,000 BrainJuicer Group PLC Annual Report and Accounts 2012 21
Directors’ interests in share options over 1p Ordinary Shares in the Company were as follows:
EMPLOYEE SHARE SCHEME   
Date of grant Earliest Exercise) Number at Granted Exercised in Number at 
 exercise date price (p 1 Jan 2012 year year 31 Dec 2012
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
      
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% (2011:12.35%).
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.
The number of units awarded to directors during the year was as follows:
 Performance Expiry  Share price  Number at Granted Exercised Number at
Date of award Date date target   1 Jan 2012 in year in year  31 Dec 2012
JOHN KEARON      
18/05/2010 30/04/2014 18/05/2020 £3 1,235 265 - 1,500
JAMES GEDDES       
18/05/2010 30/04/2014 18/05/2020 £3 1,235 265 - 1,500
ALEX BATCHELOR       
18/5/2010 30/04/2014 18/05/2020 £3 1,235 265 - 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.
GRAHAM BLASHILL
Chairman of the Remuneration Committee
21 March 2013  BrainJuicer Group PLC Annual Report and Accounts 2012 22
Statement of Directors’ Responsibilities
The directors are responsible for preparing the Consolidated ﬁnancial statements in accordance with applicable 
law and regulations. 
Company law requires the directors to prepare ﬁnancial statements for each ﬁnancial year. Under that law the 
directors have prepared the group ﬁnancial statements in accordance with International Financial Reporting 
Standards as adopted by the European Union (IFRSs) and have elected to prepare the parent company ﬁnancial 
statements in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted 
Accounting Practice). 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 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 ex-
plain the Company’s transactions and disclose with reasonable accuracy at any time the ﬁnancial position of the 
Company and the Group and enable them to ensure that the ﬁnancial statements and the Remuneration report 
comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and 
the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregulari-
ties. 
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
21 March 2013 BrainJuicer Group PLC Annual Report and Accounts 2012 23
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 2012 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 2012 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 Directors’ Report for the ﬁnancial year for which the ﬁnancial state-
ments are prepared is consistent with the ﬁnancial statements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report 
to you if, in our opinion:
 adequate accounting records have not been kept by the parent company, or returns adequate for our audit  
 have not been received from branches not visited by us; or
 the parent company ﬁnancial statements are not in agreement with the accounting records and returns; or
 certain disclosures of directors’ remuneration speciﬁed by law are not made; or
 we have not received all the information and explanations we require for our audit.
MALCOLM GOMERSALL
Senior Statutory Auditor for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
Central Milton Keynes
21 March 2013 BrainJuicer Group PLC Annual Report and Accounts 2012 24
  2012 2011
 Note £’000 £’000
REVENUE 4 20,822 20,713
Cost of sales  (4,754) (4,650)
GROSS PROFIT  16,068 16,063
   
Administrative expenses  (14,555) (13,305)
OPERATING PROFIT 4 1,513 2,758 
 
Investment income – bank interest 18 2 2
PROFIT BEFORE TAXATION  1,515 2,760
   
Income tax expense 19 (477) (910)
PROFIT FOR THE FINANCIAL YEAR  1,038 1,850
ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY  1,038 1,850
EARNINGS PER SHARE ATTRIBUTABLE TO THE EQUITY HOLDERS OF THE COMPANY
Basic earnings per share 21 8.3p 14.8p
Diluted earnings per share 21 7.9p 14.1p
The notes on pages 29 to 48 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 2012 BrainJuicer Group PLC Annual Report and Accounts 2012 25
  2012 2011
  £’000 £’000
PROFIT FOR THE FINANCIAL YEAR 1,038 1,850
  
OTHER COMPREHENSIVE INCOME:  
Exchange differences on translating foreign operations  (72) (47)
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF TAX  (72) (47)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR AND AMOUNTS 
ATTRIBUTABLE TO EQUITY HOLDERS 966 1,803
The notes on pages 29 to 48 are an integral part of these consolidated ﬁnancial statements.
Consolidated Statement of Comprehensive Income
For the Year Ended 31 December 2012 BrainJuicer Group PLC Annual Report and Accounts 2012 26
Consolidated Balance Sheet
As at 31 December 2012
  2012 2011
 Note £’000 £’000
ASSETS   
NON-CURRENT ASSETS   
Property, plant and equipment 5 178 291
Intangible assets 6 1,260 1,449
Financial assets – available for sale investments 7 83 133
Deferred tax asset 20 293 288
  1,814 2,161
CURRENT ASSETS   
Inventories 9 51 50
Trade and other receivables 10 5,825 6,087
Cash and cash equivalents  3,755 3,683
  9,631 9,820
TOTAL ASSETS  11,445 11,981
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  53 125
Retained earnings  5,100 4,676
TOTAL EQUITY  7,340 6,988
LIABILITIES   
NON-CURRENT   
Provisions 12 173 156
Non-current liabilities  173 156
CURRENT   
Provisions 12 96 47
Trade and other payables 13 3,773 4,377
Current income tax liabilities  63 413
Current liabilities  3,932 4,837
TOTAL LIABILITIES  4,105 4,993
TOTAL EQUITY AND LIABILITIES  11,445 11,981
The notes on pages 29 to 48 are an integral part of these consolidated ﬁnancial statements.
REGISTERED COMPANY NO. 05940040
These ﬁnancial statements were approved by the directors on 21 March 2013 and are signed on their behalf by:
JOHN KEARON JAMES GEDDES
Director Director BrainJuicer Group PLC Annual Report and Accounts 2012 27
  2012 2011
 Note £’000 £’000
NET CASH GENERATED FROM OPERATIONS  24 1,921 2,565
Tax paid  (824) (770)
NET CASH GENERATED FROM OPERATING ACTIVITIES  1,097 1,795
   
CASH FLOWS FROM INVESTING ACTIVITIES   
Purchases of property, plant and equipment  (108) (232)
Purchase of intangible assets  (123) (117)
Interest received  2 2
NET CASH USED BY INVESTING ACTIVITIES  (229) (347)
NET CASH FLOW BEFORE FINANCING ACTIVITIES  868 1,448
  
CASH FLOWS FROM FINANCING ACTIVITIES  
Proceeds from sale of treasury shares  325 216
Purchase of own shares  (733) (433)
Dividends paid to owners  (388) (318)
NET CASH USED BY FINANCING ACTIVITIES  (796) (535)
NET INCREASE IN CASH AND CASH EQUIVALENTS   72 913
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR  3,683 2,770
CASH AND CASH EQUIVALENTS AT END OF YEAR  3,755 3,683
The notes on pages 29 to 48 are an integral part of these consolidated ﬁnancial statements.
Consolidated Cash Flow Statement
For the Year Ended 31 December 2012 BrainJuicer Group PLC Annual Report and Accounts 2012 28
     Foreign  
   Share  currency    
  Share premium Merger translation Retained  
  capital account reserve reserve earnings Total
 Note £’000 £’000 £’000 £’000 £’000 £’000
AT 1 JANUARY 2011  131 1,549 477 172 2,990 5,319
PROFIT FOR THE FINANCIAL YEAR  - - - - 1,850 1,850
Other comprehensive income:       
Currency translation differences  - - - (47) - (47)
TOTAL COMPREHENSIVE INCOME  - - - (47) 1,850 1,803
Transactions with owners:       
Employee share options scheme:       
- value of employee services  - - - - 236 236
- proceeds from shares issued  - 30 - - - 30
- current tax credited to equity  - - - - 27 27
- deferred tax credited to equity  - - - - 138 138
Dividends paid to owners  - - - - (318) (318)
Sale of treasury shares  - - - - 186 186
Purchase of treasury shares  - - - - (433) (433)
  - 30 - - (164) (134)
AT 31 DECEMBER 2011  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
- deferred tax debited to equity 20 - - - - (120) (120)
- current tax credited to equity  - - - - 127 127
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
The notes on pages 29 to 48 are an integral part of these consolidated ﬁnancial statements.
 
Consolidated Statement of Changes in Equity
For the Year Ended 31 December 2012 BrainJuicer Group PLC Annual Report and Accounts 2012 29
Notes to the Consolidated Financial Statements
For the Year Ended 31 December 2012
 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 page 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 Directors’ Report on pages 13 to 15.
The ﬁnancial statements for the year ended 31 December 2012 (including the comparatives for the year ended 
31 December 2011) were approved by the board of directors on 21 March 2013.
 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 2013 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). Of particular relevance to the Group 
will be the measurement of equity instruments. 
All equity investments within the scope of IFRS 9 are to be measured at fair value in the balance sheet, with 
value changes recognised in proﬁt or loss, except for those equity investments for which the entity has elected 
to report value changes in ‘other comprehensive income’. There will be no ‘cost exception’ for unquoted equities. 
As explained in Note 7 to these ﬁnancial statements, at the balance sheet date the carrying amount of unquoted 
equities and related derivatives measured at cost, less provisions for impairment, amounts to £83,000 (2011: 
£133,000).
IFRS 10, ‘CONSOLIDATED FINANCIAL STATEMENTS’ (EU EFFECTIVE 1 JANUARY 2014). 
IFRS 10 replaces the parts of IAS 27 Consolidated and Separate Financial Statements that deal with consolidated 
ﬁnancial statements. SIC-12 Consolidation – Special Purpose Entities has been withdrawn upon the issuance of 
IFRS 10. Under IFRS 10, there is only one basis for consolidation, which is control. In addition, IFRS 10 includes 
a new deﬁnition of control that contains three elements: (a) power over an investee, (b) exposure, or rights, to 
variable returns from its involvement with the investee, and (c) the ability to use its power over the investee to  BrainJuicer Group PLC Annual Report and Accounts 2012 30
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2012
 3  PRINCIPAL ACCOUNTING POLICIES  continued
affect the amount of the investor’s returns. We do not expect the adoption of this standard to have a signiﬁcant 
impact on the ﬁnancial statements of the Group.
IFRS 11, ‘JOINT ARRANGEMENTS’ (EFFECTIVE 1 JANUARY 2013). 
IFRS 11 replaces IAS 31 Interests in Joint Ventures. IFRS 11 deals with how a joint arrangement of which two  
or more parties have joint control should be classiﬁed. SIC-13 Jointly Controlled Entities – Non-monetary  
Contributions by Venturers has been withdrawn upon the issuance of IFRS 11. Under IFRS 11, joint arrangements 
are classiﬁed as joint operations or joint ventures, depending on the rights and obligations of the parties to the 
arrangements. In contrast, under IAS 31, there are three types of joint arrangements: jointly controlled entities, 
jointly controlled assets and jointly controlled operations. In addition, joint ventures under IFRS 11 are required 
to be accounted for using the equity method of accounting, whereas jointly controlled entities under IAS 31 can 
be accounted for using the equity method of accounting or proportionate accounting. As the Group has no joint 
arrangements the adoption of this standard will not have an impact on the ﬁnancial statements of the Group.
IFRS 12, ‘DISCLOSURE OF INTERESTS IN OTHER ENTITIES’ (EU EFFECTIVE 1 JANUARY 2014). 
IFRS 12 is a disclosure standard and is applicable to entities that have interests in subsidiaries, joint arrange-
ments, associates and/or unconsolidated structured entities. In general, the disclosure requirements in IFRS 12 
are more extensive than those in the current standards. We do not expect the adoption of this standard to have a 
signiﬁcant impact on the ﬁnancial statements of the Group.
IFRS 13, ‘FAIR VALUE MEASUREMENT’ (EU EFFECTIVE 1 JANUARY 2014). 
IFRS 13 establishes a single source of guidance for fair value measurements and disclosures about fair value 
measurements. The Standard deﬁnes fair value, establishes a framework for measuring fair value, and requires 
disclosures about fair value measurements. The scope of IFRS 13 is broad; it applies to both ﬁnancial instrument 
items and non-ﬁnancial instrument items for which other IFRSs require or permit fair value measurements and 
disclosures about fair value measurements, except in speciﬁed circumstances. In general, the disclosure require-
ments in IFRS 13 are more extensive than those required in the current standards. For example, quantitative and 
qualitative disclosures based on the three-level fair value hierarchy currently required for ﬁnancial instruments 
only under IFRS 7 Financial Instruments: Disclosures will be extended by IFRS 13 to cover all assets and liabili-
ties within its scope. 
BASIS OF CONSOLIDATION
The Group ﬁnancial statements consolidate those of the Company and all of its subsidiary undertakings drawn up 
to 31 December 2012. 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 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 acquiree’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. BrainJuicer Group PLC Annual Report and Accounts 2012 31
 3  PRINCIPAL ACCOUNTING POLICIES  continued
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are stated at historical cost less accumulated depreciation and accumulated im-
pairment 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 Company’s new software platform was brought into use on 1 January 2011 and is being amortised over its 
estimated useful economic life of 7 years.
Amortisation on all intangible assets is charged to administrative expenses.
IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
At each balance sheet date the Group reviews the carrying amount of its property, plant and equipment and 
intangible assets for any indication that those assets have suffered an impairment loss. If any such indication 
exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, 
if any. Intangible assets not available for use are tested for impairment on at least an annual basis. The 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 costs on incomplete market research projects and is held in the 
balance sheet at the lower of cost and net realisable value. BrainJuicer Group PLC Annual Report and Accounts 2012 32
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2012
 3  PRINCIPAL ACCOUNTING POLICIES  continued
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.  
Revenue is measured by reference to the fair value of consideration receivable, excluding sales taxes.
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.
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 Hull-White option pricing model. The expected life used in the model has been adjusted, based  
on management’s best estimate, for the effects of non-transferability, exercise restrictions and behavioural 
considerations.
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  
conditions in the calculations. The awards made in respect of the Group’s long term incentive scheme have been 
measured using such a method. BrainJuicer Group PLC Annual Report and Accounts 2012 33
 3  PRINCIPAL ACCOUNTING POLICIES  continued
Non-employee share-based payments made through the issue of the Company’s ordinary shares are measured 
at the date of grant based upon the market value of the shares awarded. 
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  
obligation as a result of past events; it is probable that an outﬂow of resources will be required to settle the  
obligation; and the amount has been reliably estimated. Where material the increase in provisions due to passage 
of time is recognised as interest expense. The provision for sabbatical leave is measured using the projected  
unit credit method. The provision for dilapidations is measured at the present value of expenditures expected  
to be required to settle those obligations.
FOREIGN CURRENCIES
Items included in the individual ﬁnancial statements of each of the Group’s subsidiaries are measured using the 
currency of the primary economic environment in which the subsidiary operates (‘the functional currency’). The 
consolidated ﬁnancial statements are presented in Sterling (‘GBP’), which is the Company’s functional and the 
Group’s presentation currency.
Transactions in foreign currencies are translated into the functional currency at the exchange rates 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;
(c) all resulting exchange differences are recognised as a separate component of equity.
On consolidation, exchange differences arising from the translation of the net investment in foreign opera-
tions are recognised in other comprehensive income. When a foreign operation is partially disposed of or sold, 
exchange differences that were recorded in equity are recognised in the income statement as part of the gain or 
loss on sale.
SEGMENT REPORTING
Operating segments are reported in a manner consistent with the internal reporting provided to the main 
decision-making body of the Company, which is the Board of Directors. The Board is 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 BrainJuicer Group PLC Annual Report and Accounts 2012 34
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2012
 3  PRINCIPAL ACCOUNTING POLICIES  continued
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  
comprehensive 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 –  
measured as the difference between the acquisition cost and the current fair value – is removed from equity  
and recognised in the income statement. Impairment losses recognised in the income statement on equity  
instruments are not reversed through the income statement.
FINANCIAL LIABILITIES
Financial liabilities are initially recognised at fair value, 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  
deﬁnition of a ﬁnancial liability then this is classed as an equity instrument. Dividends and distributions  
relating to equity instruments are debited directly to equity.
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. BrainJuicer Group PLC Annual Report and Accounts 2012 35
 3  PRINCIPAL ACCOUNTING POLICIES  continued
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
FINANCIAL INSTRUMENTS
As explained in Note 7, during 2009 and 2008 the Group acquired an interest in an unlisted company, Slater 
Marketing Group Pty Limited (“Slater”). Under the terms of the share purchase agreement, cash consideration of 
AUD$1,040,000 and a variable number of ordinary shares to the value of AUD$1,000,000 became payable on or  
before 31 December 2012 subject to certain performance conditions being met by Slater. On the last working 
day of February, May, August and November in each of 2009, 2010, 2011 and 2012, the Group had the option to 
acquire Slater whether or not the performance conditions had been satisﬁed. These conditions had not been 
satisﬁed at the balance sheet date.
Because there is no active market for the shares of Slater and given the range of possible outcomes, no reliable 
method of valuation, the investment and associated derivatives in respect of the share purchase agreement for 
the acquisition of Slater have been recorded at cost.
If it were possible to reliably value the investment and related derivatives the investment would be recorded at 
fair value, with changes in fair value taken to equity. The derivatives would be categorised as ﬁnancial instru-
ments, they would be recorded at fair value, and any changes in their fair value would be recorded in the income 
statement.
CONSOLIDATION
The share purchase agreement for the acquisition of Slater has not been accounted for as an acquisition as con-
trol has not passed to the Group. 
Although the Group has a call option over the share capital of Slater, the option was not exercisable at the 
balance sheet date. In our view, therefore, it would not be appropriate to consolidate the assets and liabilities of 
Slater given that control cannot be demonstrated.
SHARE BASED PAYMENTS
The fair value of options granted is determined using the Hull-White 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 after six years’ 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 Board of Directors review the Group’s internal reports in order to assess performance and allocate resources 
and have determined the operating segments.
The Board considers the business from both a geographic and product perspective, and when reviewing prod-
uct performance, look particularly at the split between what it categorises as ‘Juicy’ and ‘Twist’ products.
When reviewing the ﬁnancial performance of each operating segment, the Board 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. BrainJuicer Group PLC Annual Report and Accounts 2012 36
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2012
 4 SEGMENT INFORMATION continued
 2012 2011
 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 7,960 6,105 3,935 8,697 6,620 4,539
North America 5,998 4,644 2,257 5,868 4,577 2,616
Switzerland** 2,498 2,040 1,309 2,213 1,780 1,139
Germany 1,448 1,153 584 1,756 1,485 948
China 1,345 1,004 583 297 209 (68)
Brazil 948 650 177 450 299 (90)
Netherlands 625 472 (79) 1,432 1,093 272
 20,822 16,068 8,766 20,713 16,063 9,356
Juicy 14,236 11,067  11,667 9,301 
% Juicy 68% 69%  56% 58% 
Twist 6,586 5,001  9,046 6,762 
% Twist 32% 31%  44% 42% 
 20,822 16,068  20,713 16,063 
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. 
** Swiss revenues include £209,000 relating to our new ofﬁce based in Milan, Italy.
A reconciliation of total operating proﬁt for reportable segments to total proﬁt before income tax is provided 
below:
 2012 2011
 £’000 £’000 
OPERATING PROFIT FOR REPORTABLE SEGMENTS 8,766 9,356
Central overheads (7,253) (6,598)
OPERATING PROFIT 1,513 2,758
Finance income – bank interest 2 2
PROFIT BEFORE INCOME TAX 1,515 2,760
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 regularly 
provided to the chief operating decision-maker but segment assets and segment liabilities are not provided,  
accordingly disclosure of segment assets and liabilities is not provided.
BrainJuicer Group PLC is domiciled in the UK. Revenue from external customers in the UK is £7,960,000 (2011: 
£8,697,000), and revenue from external customers from other countries is £12,862,000 (2011: £12,016,000).
Non-current assets other than ﬁnancial instruments and deferred tax assets located in the UK is £1,365,000 
(2011: £1,624,000), and these non-current assets located in other countries is £73,000 (2011: £116,000).
Revenues of £1,476,000 (2011: £1,944,000) are derived from the Group’s largest single external customer. 
£1,009,000 (2011: £1,245,000) of these revenues are attributable to the UK operating segment with £77,000 (2011: 
£471,000), £103,000 (2011: £Nil), £287,000 (2011: £63,000), and £Nil (2011: £165,000) attributable to the North 
American, Swiss, Chinese and Netherlands segments respectively.
  BrainJuicer Group PLC Annual Report and Accounts 2012 37
 5 PROPERTY, PLANT AND EQUIPMENT
 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 AMOUNT 76 102 178
AT 31 DECEMBER 2012   
Cost  335 636 971
Accumulated depreciation (259) (534) (793)
NET BOOK AMOUNT 76 102 178
 Furniture,  
 ﬁttings and  Computer  
 equipment hardware Total
For the year ended 31 December 2011 £’000 £’000 £’000
AT 1 JANUARY 2011   
Cost  278 368 646
Accumulated depreciation (128) (259) (387)
NET BOOK AMOUNT 150 109 259
YEAR ENDED 31 DECEMBER 2011   
OPENING NET BOOK AMOUNT 150 109 259
Additions 39 193 232
Depreciation charge for the year (65) (126) (191)
Foreign exchange (11) 2 (9)
CLOSING NET BOOK AMOUNT 113 178 291
AT 31 DECEMBER 2011   
Cost  306 563 869
Accumulated depreciation (193) (385) (578)
NET BOOK AMOUNT 113 178 291 BrainJuicer Group PLC Annual Report and Accounts 2012 38
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2012
 6 INTANGIBLE ASSETS
 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 AMOUNT 114 1,146 1,260
AT 31 DECEMBER 2012   
Cost  429 1,672 2,101
Accumulated amortisation (315) (526) (841)
NET BOOK AMOUNT 114 1,146 1,260
   
  Software  
  development   Software 
  in progress Goodwill licenses Software Total 
  £’000 £’000 £’000 £’000 £’000
AT 1 JANUARY 2011     
Cost   1,604 6 208 68 1,886
Accumulated amortisation  - - (195) (68) (263)
NET BOOK AMOUNT  1,604 6 13 - 1,623
YEAR ENDED 31 DECEMBER 2011     
OPENING NET BOOK AMOUNT  1,604 6 13 - 1,623
Additions  - - 99 - 99
Transfers  (1,604) - - 1,604 -
Amortisation charge  - (6) (38) (229) (273)
CLOSING NET BOOK AMOUNT  - - 74 1,375 1,449
AT 31 DECEMBER 2011     
Cost   - 6 307 1,672 1,985
Accumulated depreciation  - (6) (233) (297) (536)
NET BOOK AMOUNT  - - 74 1,375 1,449
During the prior year the Group introduced its new software platform, JC2. Being ready for use, the platform 
was transferred from Software development in progress to Software at a cost of £1,604,000. It is being amortised 
over 7 years and has a remaining amortisation period of 5 years. The carrying amount of this asset at the balance 
sheet date was £1,146,000 (2011: £1,375,000).
 
 7 FINANCIAL ASSETS – AVAILABLE FOR SALE INVESTMENTS
In 2008 the Group acquired an interest of 3.64% in Slater Marketing Group Pty Limited (“Slater Marketing”), an 
unlisted company incorporated in Australia, for cash consideration of £40,000 plus transaction costs of £50,000. 
During 2009 the Group acquired a further interest of 3.64% for cash consideration of £43,000.
Under the terms of the share purchase agreement, cash consideration of AUD$1,040,000 and a variable  
number of ordinary shares to the value of AUD$1,000,000 became payable on or before 31 December 2012 subject 
to certain performance conditions being met by Slater Marketing. On the last working day of February, May,  39 BrainJuicer Group PLC Annual Report and Accounts 2012
 7 FINANCIAL ASSETS – AVAILABLE FOR SALE INVESTMENTS  continued
August and November in each of 2009, 2010, 2011 and 2012, the Group had the option to acquire Slater Marketing 
whether or not the performance conditions had been satisﬁed. These conditions had not been met at the balance 
sheet date and the Group has not exercised its option to acquire Slater Marketing.
The investment has been classiﬁed as an available for sale ﬁnancial asset and measured at cost less provisions 
for impairment. As stated in our principal accounting policies note, investments in equity instruments that do 
not have a quoted market price in an active market and whose fair value cannot be reliably measured, and deriva-
tives that are linked to (and must be settled by delivery of such) unquoted equity instruments, are measured at 
cost.
The investment and associated derivatives in respect of the share purchase agreement for the acquisition of 
Slater Marketing have been recorded at a cost of £133,000 (2011: £133,000) and £nil (2011: £nil) respectively. In 
the opinion of the directors no reliable fair value information can be disclosed for these ﬁnancial instruments. 
During the year the transaction costs of £50,000 were written off to the income statement leaving a carrying 
amount of £83,000 (2011: £133,000).
 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:
 2012 2011
 £’000 £’000
CASH AND CASH EQUIVALENTS  
HSBC Bank PLC 3,532 3,568
UBS 188 79
Deutsche Bank 35 36
 3,755 3,683
TRADE RECEIVABLES  
Related parties – Unilever group of companies (Note 23) 422 448
FINANCIAL INSTRUMENTS BY CATEGORY
At the balance sheet date the Group held the following ﬁnancial instruments by category:
ASSETS AS PER BALANCE SHEET 
 2012  2011
 £’000 £’000
LOANS AND RECEIVABLES  
Trade and other receivables (excluding prepayments) 5,679 5,889
Cash and cash equivalents 3,755 3,683
  
AVAILABLE-FOR-SALE  
Available-for-sale ﬁnancial assets 83 133
 9,517 9,705 BrainJuicer Group PLC Annual Report and Accounts 2012 40
 8 FINANCIAL RISK MANAGEMENT  continued
LIABILITIES AS PER BALANCE SHEET 
 2012  2011
 £’000 £’000
OTHER FINANCIAL LIABILITIES CARRIED AT AMORTISED COST  
Trade payables 1,040 1,340
Accruals 2,084 2,532
 3,124 3,872
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 3,124 - -
These cash outﬂows will be ﬁnanced from existing cash reserves and operating cash ﬂows. 
 9 INVENTORY
 2012  2011
 £’000 £’000
WORK IN PROGRESS 51 50
 10 TRADE AND OTHER RECEIVABLES
 2012  2011
 £’000 £’000
Trade receivables 5,515 5,843
Other receivables 164 46
Prepayments 146 198
 5,825 6,087
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 2012, trade receivables of £1,261,000 (2011: £1,101,000) were past due but not impaired.
The ageing analysis of these trade receivables is as follows: 
 2012  2011
 £’000 £’000
Up to 3 months 755 959
3 to 6 months 506 142
 1,261 1,101
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2012 BrainJuicer Group PLC Annual Report and Accounts 2012 41
 10 TRADE AND OTHER RECEIVABLES  continued
As of 31 December 2012, trade receivables of £Nil (2011: £Nil) were impaired.
The carrying amount of the Group’s trade and other receivables are denominated in the following currencies: 
 2012 2011
 £’000 £’000
US Dollar 1,933 1,725
Sterling 1,656 1,941
Euro 1,196 1,777
Swiss Franc 456 351
Chinese Yuan 212 76
Singapore Dollar 162 15
Brazilian Real 105 150
Canadian Dollar 38 52
Hungarian Forint 28 -
Japanese Yen 25 -
Argentine Peso 14 -
 5,825 6,087
 
 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 1 JANUARY 2011 13,113,114 131
Exercise of share options 23,334 -
AT 31 DECEMBER 2011 13,136,448 131
Exercise of share options - -
AT 31 DECEMBER 2012 13,136,448 131
During the year, the Company transferred 320,797 ordinary shares out of treasury to satisfy the exercise of 
employee share options over 320,797 ordinary shares at a weighted average exercise price of 101.3 pence per 
share for total consideration of £325,000. The weighted average share price at exercise date was 304.9 pence per 
share.
The Company subsequently repurchased 236,386 of these shares at a weighted average price of 310.1 pence 
per share. The total consideration payable on repurchase (including stamp duty and commission) amounted to 
£733,000.
Following these transactions, at the end of the reporting period the number of ordinary shares numbered 
13,136,448 (2011: 13,136,448) of which shares held in treasury numbered 572,784 (2011: 657,195). The treasury 
shares will be used to help satisfy the requirements of the Group’s share incentive schemes. 
During the year, 28,064 employee share options over ordinary shares with a weighted average exercise price  
of 297 pence per share were granted to employees.
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 BrainJuicer Group PLC Annual Report and Accounts 2012 42
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2012
 11 SHARE CAPITAL  continued
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:
 2012 2011
   Average   Average
   exercise price  exercise price  
   per share Options per share Options 
   Pence No Pence No
OUTSTANDING AT 1 JANUARY   116.3 1,204,614 111.0 1,368,861
Granted   296.5 28,064 296.3 45,064
Lapsed   131.5 (11,666) 120.2 (29,558)
Exercised   101.3 (320,797) 120.7 (179,753)
OUTSTANDING AT 31 DECEMBER   127.4 900,215 116.3 1,204,614
EXERCISABLE AT 31 DECEMBER   120.6 708,777 112.5 791,073
The weighted average share price at date of exercise of options exercised during the year was 304.9 (2011: 
279.1) pence. The weighted average fair value of options granted in the year was 139.7 (2011: 112.1) pence.
The fair value of options granted outstanding was determined using the Hull-White valuation model. 
Signiﬁcant inputs into the model include a weighted average share price of 296.5 (2011: 296.3) pence at grant 
date, the exercise prices shown above, weighted average volatility of 28.1% (2011: 32.7%), dividend yield of 
0.89% (2011: 0.89%), an expected option life derived from historic exercise multiples and an annual risk-free 
interest rate of 0.55% (2011: 0.84%).
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:
 2012 2011
 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
2013 - - - 11.4 27,648 25.0
2014 11.4 6,021 27.0 38.8 78,277 44.2
2015 62.3 37,030 39.9 62.3 61,115 51.4
2016 62.3 20,876 52.0 62.3 24,254 64.6
2017 162.5 150,533 61.0 162.5 210,746 73.0
2018 147.5 101,857 75.0 147.5 160,414 87.0
2019 94.0 137,374 85.0 94.0 163,359 97.0
2020 98.8 373,396 99.1 103.3 433,737 110.8
2021 296.3 45,064 116.1 296.3 45,064 128.1
2022 296.5 28,064 121.0 - - -
AT 31 DECEMBER 127.3 900,215 85.4 116.3 1,204,614 89.6
 
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.  BrainJuicer Group PLC Annual Report and Accounts 2012 43
 11 SHARE CAPITAL  continued
During the year the Company granted 2,431 award units (2011: 772) and 2,154 award units lapsed (2011: Nil). 
The number of units outstanding at 31 December 2012 numbered 10,000 (2011: 9,723). The weighted average 
fair value of units granted in the year was £81 per unit (2011: £58). The instruments were valued using a Monte 
Carlo simulation method using a weighted average share price at grant date of 328 pence (2011: 286 pence), a 
share illiquidity discount factor of 10% (2011: 10%), weighted average expected volatility of 18.4% (2011: 21.11%) 
(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% (2011: 0.84%) and a weighted average expected dividend yield of 0.92% (2011: 0.89%).
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 £175,000 (2011: £236,000). 
 12 PROVISIONS
 Sabbatical  Dilapidation 
 provision provisions Total
 £’000  £’000  £’000 
AT 1 JANUARY 2011 - 78 78
Provided in the year 138 - 138
Utilised in the year (16) - (16)
Exchange differences - 3 3
AT 31 DECEMBER 2011 122 81 203
Provided in the year 77 - 77
Utilised in the year (14) - (14)
Exchange differences  (1) 3 4
AT 31 DECEMBER 2012 189 80 269
Of which:  
Current 96 - 96
Non-current 93 80 173
 189 80 269
The Group has a sabbatical leave scheme, open to all employees, that provides 20 days paid leave after six 
years’ service. There is no proportional entitlement for shorter periods of service. The provision for the liabilities 
under the scheme is measured using the projected unit credit method. The calculation of the provision assumes 
an annual rate of growth in salaries of 5% (2011: 6.2%), a discount rate of 5% (2011: 5%), based upon good quality 
6-year corporate bond yields, and an average staff turnover rate of 15% (2011: 14%). 
Dilapidation provisions represent the Group’s best estimate of costs required to meet its obligations under 
property lease agreements.
 13 TRADE AND OTHER PAYABLES
 2012  2011
 £’000  £’000
Trade payables 1,040 1,340
Social security and other taxes 649 505
Accruals and deferred income 2,084 2,532
 3,773 4,377
Trade and other payables are due within one year and are non-interest bearing. The contractual terms for the 
payment of trade payables are generally 45 days from receipt of invoice. BrainJuicer Group PLC Annual Report and Accounts 2012 44
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2012
 14 COMMITMENTS 
The Group leases ofﬁces under non-cancellable operating leases for which the future aggregate minimum lease 
payments are as follows:
 2012 2011
 £’000  £’000 
No later than 1 year 305 300
Later than 1 but no later than 5 years 403 218
 708 518
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
 2012  2011
 £’000  £’000 
Changes in work in progress 1 (3)
Employee beneﬁt expense 9,783 8,720
Depreciation and amortisation 526 464
Net foreign exchange losses 160 45
Other expenses 8,839 8,729
 19,309 17,955
Analysed as:  
Cost of sales 4,754 4,650
Administrative expenses 14,555 13,305
 19,309 17,955
 16 PROFIT BEFORE TAXATION
Proﬁt before taxation is stated after charging:
 2012  2011 
 £’000  £’000 
AUDITOR’S REMUNERATION:  
Fees payable to the Company’s auditor for the audit of the parent company and consolidated ﬁnancial statements  38 40
  
Fees payable to the company’s auditor for other services  
Other services supplied pursuant to such legislation 3 3
Taxation compliance services  17 4
Tax advisory services 8 -
  
OPERATING LEASE EXPENSES:  
Land and buildings 426 363
  
DEPRECIATION AND AMORTISATION 526 464
  
Net loss on foreign currency translation 160 45
   BrainJuicer Group PLC Annual Report and Accounts 2012 45
 17 EMPLOYEE BENEFIT EXPENSE
The average number of staff employed by the group during the ﬁnancial year amounted to:
 2012  2011
 No  No 
NUMBER OF ADMINISTRATIVE STAFF 148 124
The aggregate employment costs of the above were:
 2012  2011
 £’000  £’000 
Wages and salaries 7,803 6,946
Social security costs 845 839
Pension costs – deﬁned contribution plans 260 312
Long service leave cost 63 122
Share based remuneration 175 236
Redundancies (including social security costs of £46,000) 260 -
Medical beneﬁts 377 265
 9,783 8,720
The directors have identiﬁed 6 (2011: 6) key management personnel, including three executive and three  
non-executive directors. 
Compensation to key management is set out below:
 2012  2011 
 £’000  £’000 
Wages and salaries 639 586
Social security costs 83 69
Pension costs – deﬁned contribution plans 31 29
Share-based remuneration 66 113
 819 797
Details of directors’ emoluments are given in the Remuneration Report on page 20.
 
 18 INVESTMENT INCOME
 2012  2011
 £’000  £’000 
BANK INTEREST RECEIVABLE 2 2 BrainJuicer Group PLC Annual Report and Accounts 2012 46
 19 INCOME TAX EXPENSE
 2012  2011
 £’000  £’000 
Current tax 599 963
Deferred tax (122) (53)
 477 910
Income tax expense for the year differs from the standard rate of taxation as follows:
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 1,515 2,760
Proﬁt on ordinary activities multiplied by standard rate of tax of 24.5% (2011: 26.5%) 371 731
Difference between tax rates applied to Group’s subsidiaries 52 108
Expenses not deductible for tax purposes 55 91
Other temporary differences 1 (28)
Adjustment to current tax in respect of prior years 14 16
Credit on exercise of share options taken to income statement (16) (8)
TOTAL TAX  477 910
 
 20 DEFERRED TAX
The analysis of deferred tax assets and deferred tax liabilities is as follows:
 2012  2011 
 £’000  £’000 
Deferred tax assets:  
- Deferred tax assets to be recovered after more than 12 months 293 337
- Deferred tax assets to be recovered within 12 months 63 51
 356 388
Deferred tax liabilities:  
- Deferred tax liability to be recovered within 12 months (63) (100)
DEFERRED TAX ASSET (NET): 293 288
The gross movement in deferred tax is as follows:
 2012  2011
 £’000  £’000 
AT 1 JANUARY 288 97
Foreign exchange differences 3 -
Income statement credit 122 53
Tax (debited)/credited directly to equity (120) 138
AT 31 DECEMBER 293 288
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 2012 5 46 325 12 - 388
Charged to income statement 38 12 (11) 3 46 88
Debited directly to equity - - (120) - - (120)
AT 31 DECEMBER 2012 43 58 194 15 46 356
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2012 BrainJuicer Group PLC Annual Report and Accounts 2012 47
 20 DEFERRED TAX  continued
DEFERRED TAX LIABILITIES   
  Accelerated  
  capital  
  allowances
  £’000 
AT 1 JANUARY 2012  (100)
Foreign exchange differences  3
Credited to income statement  34
AT 31 DECEMBER 2012  (63)
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.
 2012  2011
 £’000  £’000 
PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY 1,038 1,850
  
Weighted average number of ordinary shares in issue 12,520,480 12,461,136
BASIC EARNINGS PER SHARE 8.3p 14.8p
(B) DILUTED
Diluted earnings per share is calculated by adjusting the weighted average number of shares outstanding  
assuming conversion of all dilutive share options to ordinary shares.
  2012 2011
 £’000  £’000 
PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY AND PROFIT USED TO DETERMINE  
DILUTED EARNINGS PER SHARE 1,038 1,850
Weighted average number of ordinary shares in issue 12,520,480 12,461,136
Share options 587,463 677,423
Weighted average number of ordinary shares for diluted earnings per share 13,107,943 13,138,559
DILUTED EARNINGS PER SHARE 7.9p 14.1p
 22 DIVIDENDS PER SHARE
 2012  2011 
 £’000 £’000
Dividends paid on Ordinary Shares  
Interim, 0.85p per share (2011: 0.75p per share) 107 94
 107 94
Final dividend relating to 2011, 2.25p per share (2011: 1.8p per share relating to 2010) 281 224
TOTAL ORDINARY DIVIDENDS PAID IN THE YEAR 388 318
The directors will be proposing a ﬁnal dividend in respect of the year ended 31 December 2012 of 2.25p per 
share, at the AGM. These ﬁnancial statements do not reﬂect this ﬁnal dividend. Notes to the Consolidated Financial Statements
For the Year Ended 31 December 2012
BrainJuicer Group PLC Annual Report and Accounts 2012 48
 23 RELATED PARTY TRANSACTIONS
The wife of Mark Muth, a director of the Company for part of the year, provided consultancy services for the Group 
totalling £1,750 (2011: £225). There was no balance outstanding at the year-end (2011: £nil).
During the year, the Group made sales to companies connected to Unilever Ventures, of which Mark Muth is a 
director, totalling £1,475,767 (2011: £1,944,472). The balance outstanding at the year-end amounted to £422,169 
(2011: £447,500).
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:
 2012  2011 
 £  £
John Kearon 125,171 112,009
James Geddes 5,246 4,420
Alex Batchelor 3,157 2,597
Ken Ford 620 510
Simon Godfrey 358 2,000
Robert Brand* 930 *
Graham Blashill** 155 **
 135,637 121,536
  *appointed 5th January 2012  
**appointed 1st July 2012  
 24 CASH GENERATED FROM OPERATIONS
 2012  2011 
 £’000  £’000 
PROFIT BEFORE TAXATION 1,515 2,760
Depreciation 215 191
Amortisation 311 273
Impairment of available for sale ﬁnancial assets 50 -
Interest received (2) (2)
Share-based payment expense 175 236
Increase in inventory (1) (3)
Decrease/(increase) in receivables 262 (1,368)
(Decrease)/increase in payables (539) 517
Exchange differences (65) (39)
NET CASH GENERATED FROM OPERATIONS 1,921 2,565
 
 25 SEASONALITY OF REVENUES
Until 2012, Group revenues tended to be higher in the second-half of the ﬁnancial year than in the ﬁrst six 
months. 
However for the year ended 31 December 2012, revenues for the second half of the year represented 50% of 
total revenues compared to 56% for the year ended 31 December 2011.
 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. BrainJuicer Group PLC Annual Report and Accounts 2012
Company Balance Sheet
As at 31 December 2012
49
   2012 2011
 Note £’000 £’00
FIXED ASSETS  
Tangible assets 3 1,337 1,575
Investments 4 664 702
  2,001 2,277
CURRENT ASSETS   
Debtors 5 1,636 2,046
Cash at bank  1,309 1,288
  2,945 3,334
   
CREDITORS – AMOUNTS FALLING DUE WITHIN ONE YEAR 6 (1,136) (1,028)
NET CURRENT ASSETS  1,809 2,306
TOTAL ASSETS LESS CURRENT LIABILITIES  3,810 4,583
CAPITAL AND RESERVES   
Share capital  7 131 131
Share premium account 8 1,579 1,579
Retained earnings 8 2,100 2,873
EQUITY SHAREHOLDERS’ FUNDS  3,810 4,583
REGISTERED COMPANY NO. 05940040
These ﬁnancial statements were approved by the directors on 21 March 2013 and are signed on their behalf by:
JOHN KEARON JAMES GEDDES
Director Director Notes to the Company Financial Statements
For the Year Ended 31 December 2012
50 BrainJuicer Group PLC Annual Report and Accounts 2012
 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 (LOSS)/PROFIT FOR THE YEAR
The Company has made full use of the exemptions as permitted by Section 408 of the Companies Act 2006 and  
accordingly the proﬁt and loss account of the Company is not presented as part of the accounts. The parent com-
pany loss for the year to 31 December 2012 of £152,000 (2011: £2,033,000 proﬁt) 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 20 and 21.
  BrainJuicer Group PLC Annual Report and Accounts 2012 51
 3 TANGIBLE ASSETS
   Computer Furniture and   
   hardwarer  equipment Software Total
   £’000 £’000 £’000 £’000
COST    
AT 1 JANUARY 2012   209 149 1,604 1,962
Additions   172 4 - 176
AT 31 DECEMBER 2012   381 153 1,604 2,138
ACCUMULATED DEPRECIATION     
AT 1 JANUARY 2012   86 72 229 387
Provided in the year   134 51 229 414
AT 31 DECEMBER 2012   220 123 458 801
NET BOOK AMOUNT    
AT 31 DECEMBER 2012   161 30 1,146 1,337
AT 31 DECEMBER 2011   123 77 1,375 1,575
 
 4 INVESTMENTS
  Group 
 Other investments companies Total
 £’000 £’000 £’000 
COST   
AT 1 JANUARY 2012 133 569 702
Share-based payment charge in respect of subsidiaries - 12 12
AT 31 DECEMBER 2012 133 581 714
AMOUNTS WRITTEN OFF   
AT 1 JANUARY 2012 - - -
Impairment 50 - 50
AT 31 DECEMBER 2012 50 - 50
 
NET BOOK AMOUNT   
AT 31 DECEMBER 2012 83 581 664
AT 31 DECEMBER 2011 133 569 702
SUBSIDIARY UNDERTAKINGS
Details of subsidiary undertakings at 31 December 2012 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 Limited is a direct subsidiary of BrainJuicer Group PLC. The remaining subsidiaries are each direct subsidiaries of BrainJuicer Limited. BrainJuicer Group PLC Annual Report and Accounts 2012
Notes to the Company Financial Statements
For the Year Ended 31 December 2012
52
 5 DEBTORS
 2012 2011
 £’000 £’000 
Trade debtors 167 -
Amounts due from group undertakings 1,313 1,865
Prepayments 94 144
Other debtors 2 -
Deferred tax asset 60 37
 1,636 2,046
 
 6 CREDITORS – AMOUNTS FALLING DUE WITHIN ONE YEAR
 2012 2011
 £’000 £’000
Trade creditors 413 259
Corporation tax 141 116
Accruals and deferred income 582 653
 1,136 1,028
 7 SHARE CAPITAL
Allotted, called up and fully paid:
 Number £’000 
AT 1 JANUARY 2012 13,136,448 131
Issue of shares - -
AT 31 DECEMBER 2012 13,136,448 131
  
AT 1 JANUARY 2011 13,113,114 131
Issue of shares 23,334 -
AT 31 DECEMBER 2011 13,136,448 131
 
 8 RESERVES
   Share  Share  Retained  
   capital  premium earnings Total
   £’000  £’000  £’000  £’000
AT 1 JANUARY 2012   131 1,579 2,873 4,583
  
Share-based payments   - - 175 175
Loss for the ﬁnancial year   - - (152) (152)
Dividend paid   - - (388) (388)
Sale of treasury shares   - - 325 325
Purchase of own shares   - - (733) (733)
AT 31 DECEMBER 2012   131 1,579 2,100 3,810
      INDEPENDENT AUDITOR 
GRANT THORNTON UK LLP
Chartered Accountants and 
Registered Auditors
202 Silbury Boulevard
Central Milton Keynes
MK9 1LW
 
REGISTRARS 
CAPITA PLC
34 Beckenham Road
Beckenham
Kent
BR3 4TU
STOCKBROKERS 
CANACCORD GENUITY LIMITED 
88 Wood Street
London
EC2V 7QR
COMPANY SECRETARY  
James Geddes
REGISTERED OFFICE 
1 Cavendish Place
London
W1G 0QF
REGISTERED NUMBER 
05940040
SOLICITORS 
TAYLOR WESSING LLP
5 New Street Square
London
EC4A 3TW
Company Information BrainJuicer Group PLC
1 Cavendish Place
London
W1G 0QF, UK
info@brainjuicer.com
www.brainjuicer.com