THE
FINANCIAL 
REPORT
BrainJuicer Group PLC
Annual Report and Accounts 2015
Registered Number 05940040 INDEX
Highlights 1
Chairman’s Statement 2
Chief Executive’s Statement 3
Business and Financial Review 5
5 Year Summary 9
Strategic Report 10
Directors’ Report 11
Corporate Governance Report 14
Remuneration Report 17
Board of Directors 19 
Directors’ Responsibility Statement 20
Independent Auditor’s Report 21
Consolidated Income Statement 22
Consolidated Statement of Comprehensive Income 23
Consolidated Balance Sheet 24
Consolidated Cash Flow Statement 25
Consolidated Statement of Changes in Equity 26
Notes to the Consolidated Financial Statements 27
Company Balance Sheet 47
Company Statement of Changes in Equity 48
Notes to the Company Financial Statements 49
Company Information 58
  BrainJuicer Group PLC Annual Report and Accounts 2015 1
GROWTH
  2% revenue growth to £25.18m (2014: 24.65m), 3% in constant currency
  4% gross profit growth to £20.25m (2014: £19.41m)
  6% growth in operating profit to £4.55m (2014: £4.30m)
  5% increase in profit before tax to £4.50m (2014: £4.29m), in line with expectations
  7% growth in fully diluted earnings per share to 22.7p (2014: 21.3p)
CASH RETURNED TO SHAREHOLDERS
  Paid 2014 final dividend of 3.3p in May 2015 (£0.42m)
  Paid 2015 interim dividend of 1.0p in October 2015 (£0.13m) maintained vs 2014
  Returned £0.95m of capital via share buy-backs
  Propose 3.5p final 2015 dividend (£0.46m) up from 3.3p in 2014
NET CASH
  Cash of £6.37m as at 31 December 2015 (31 December 2014: £5.35m) 
  No debt
‘‘
 We believe the market research industry will change more in the next 10 years than it has in the  
last 100 and BrainJuicer is extremely well positioned to benefit from a major system change. The growth of 
our core quantitative products gives us cause for continued optimism in the underlying momentum in the  
business and its long term upside potential.
’’
 
JOHN KEARON 
Chief Juicer
Highlights BrainJuicer Group PLC Annual Report and Accounts 2015
Chairman’s Statement
2015 saw BrainJuicer making good progress on a number of fronts during what was in some 
respects a year of transition. We ended the year strongly, and with a clear vision of how we intend to develop the 
business over the coming years.
Revenue growth over the year was modest – sales rose by only 2% to £25.18m, and gross profit (our main top-
line performance indicator) by 4%. Growth in our three main quantitative products and services was, however, 
much stronger than this – at 17% in gross profit terms, and we are determined to generate more robust overall top 
line growth in the coming years. 
After a lower bonus pool than in 2014 and a modest charge for share-based payments, pre-tax profits were 
5% ahead of the prior year at £4.50m. Adjusted pre-tax profits, after adding back one-off charges of £0.32m and 
share-based payments of £0.20m, were £5.02m. Fully diluted earnings per share were 7% higher at 22.7p.
BrainJuicer is a strongly cash generative business, and this highly attractive characteristic was again a 
feature last year. We ended 2015 with a cash balance of £6.37m, equivalent to 48 pence per share, compared to 
£5.35m in 2014. BrainJuicer has no debt.
The Board is proposing to pay a final dividend of 3.5p per share, an increase of 6% over the comparable 2014 
payment. This would take the total dividend payment for the year to 4.5p, an increase of 5%.
John Kearon, our Chief Executive or “Chief Juicer”, and James Geddes, our Chief Financial Officer, will as 
usual review BrainJuicer’s performance in 2015 in the sections which follow this Chairman’s Statement. From my 
perspective, and while readily acknowledging that there are areas in which we can and must improve, there was 
much to be encouraged about. 
The continued decline in sales of lower margin, less scalable, qualitative products largely masked the impres-
sive growth in sales of those core quantitative products which we expect to drive our business forward over the 
coming years. Revenue from the qualitative products was only 8% of total revenue in 2015, and so the impact of 
any further decline will be less marked in 2016. Our business in the US had another excellent year, increasing 
revenue by 21% and operating profit by 19%. This continued success in what is the world’s largest and most com-
petitive market for market research bodes well for the prospects for BrainJuicer as a whole.
Although we did not complete any acquisitions, and incurred some modest costs relating to a potential deal 
from which we withdrew on valuation grounds, we learned a lot about the types of business which might add 
value to BrainJuicer. Modest acquisition activity remains a possibility, but equally we are very excited about 
the scope to grow our business organically, using our behavioural science based methodology. The launch of our 
creative agency, System1 is the most high profile of our current initiatives, but by no means the only one.
Structurally, BrainJuicer seems well placed to regain growth momentum. The heads of the Americas and UK 
and Continental regions have settled well into their relatively new roles. Alex Batchelor, our Chief Operating 
Officer, has been charged with driving all of our established businesses, freeing up John Kearon to focus more on 
System1 and other new ventures.
BrainJuicer habitually, and with good reason, draws attention in its trading statements to its “limited visibil-
ity” with regard to even near term trading prospects. This is particularly true during the traditionally very busy 
final 4-6 weeks of the calendar year, which are also the final weeks of BrainJuicer’s financial year. The Board has 
therefore decided that it makes good sense to change BrainJuicer’s financial year-end from December to March.
The current financial period will therefore cover 15 months to March 2017. BrainJuicer will publish unaudited 
financial results for the six months to June 2016 and also for the 12 months to December 2016, and then final 
results for the 15 months to 31 March 2017.
Finally, I would as ever like to express my thanks to all of our employees around the world for their hard work 
and dedication, and to wish them success in what should be an exciting year for BrainJuicer.
KEN FORD
Chairman
18 March 2016
2 Chief Executive’s Statement
SYSTEM1 – FEEL MORE: BUY MORE.
Under the surface of a low growth year, 2015 was significant for BrainJuicer and the research industry in general. 
There is a major system change afoot in the industry based on the adoption of Behavioural Science. This is a 
change BrainJuicer has helped to pioneer for many years and we aim to be a major beneficiary of the switch-over 
in the coming years. 
Behavioural Science is showing us how people really make decisions and it’s more emotional and irrational 
than classic marketing theory. Instead of a left-brain, right brain model that assumes great marketing is equal 
parts emotional and rational, we now know our million year old System1, emotional, intuitive brain holds sway 
over our 100,000 year old System2, rational, analytical brain. In fact if you measured them in computing terms, 
the instinctive, fast-thinking System1 would be a startling 11 million bits of processing power whereas the 
cognitive, slow-thinking System2 would be just 50 bits of power. The fact we can use System2 is an evolutionary 
miracle. But we mustn’t let ourselves be fooled into thinking we use it very much.
System1 explains why we love adverts like the Cadbury Gorilla, why we say one thing yet do another, why 
we’re a sucker for certain types of story, why politicians win elections on personality not policy and why white 
headphones, not product specification, sold the iPod. The era of persuasion-marketing is giving way to the era of 
seduction-marketing i.e. feel more, buy more. 
In quantitative research terms, this means a switch from predominantly System2 techniques that have held 
sway for decades, measuring people’s rationalisations, to System1 techniques measuring people’s emotions and 
instincts and which predict famous, 5-Star marketing, in a way System2 research never did.
BrainJuicer has been at the forefront of creating these System1 research techniques. The industry has recog-
nised our pioneering role by voting us ‘Most Innovative Research Agency’ globally for the last four years in a row. 
But most telling of all, our ‘Juicy’ System1 research methods have played a major role in creating and predicting 
famous marketing; John Lewis Christmas adverts, Guinness Wheelchair Basketball and 3 Mobile’s Moonwalking 
Pony adverts. Just visit www.feelmore50.com to see the best adverts in the world and the sort of famous, 5-Star 
marketing we promote and predict.
We are working with many of the world’s biggest buyers of market research, who are increasingly coming 
around to the business benefits of switching from System2 to System1 methods. BrainJuicer doesn’t always win 
that switch-over but as one of the originators and leading providers of System1 methods, we are one of the go-to 
firms for clients. Our challenge is to ensure we have the talent, techniques and tenacity to win the confidence 
and business of these huge companies and become a major player in the industry.
To this end we have been actively shaping the business to enhance our position as one of the leading providers 
of System1 approaches. 
In 2015 we launched a pioneering, System1 approach to Brand Tracking. Tracking often accounts for over half 
of all client spend on research. Our approach measures the Fame, Feeling and Fluency of a brand and its competi-
tors and is able to predict the likely future fortunes of a brand. We have won a number of significant clients for 
our brand tracking business which grew from 4% in 2014 to 6% of the business in 2015 (in gross profit terms) and 
which we expect to show continued healthy growth in 2016 and beyond. Creating a quantitative tracking product 
was a deliberate move away from the qualitative Juice Generation part of our business which won plaudits from 
clients but is less scalable. 
To clarify and emphasise our System1 positioning in the market, we have renamed all of our ‘Juicy’ products: 
System1 Ad Testing / System1 Brand Tracking / System1 Concept Testing / System1 Pack Testing. Only Predictive 
Markets (our wisdom of the crowds approach to concept screening) keeps its original name as it is already per-
ceived by clients to be a System1 approach.
Given what you measure is what you tend to improve, five years ago we decided to report the proportion of our 
business that was ‘Juicy’ (System1) and ‘Twist’ (System2). It was 58:42 (Juicy:Twist) at the time. We wanted to 
drive the Juicy, System1 side of the business as it is higher margin, more likely to win ongoing business with cli-
ents, and more resistant to increasing price competition in the market. It has proved a successful strategy. Juicy 
(quantitative) products have shown 21% compound annual growth over the last five years (in gross profit terms), 
growing 12% in 2015 whilst Twist continued to decline. 85% of our business is now Juicy, so the drag effect of 
Twist should now be modest. The shift to Juicy has also enabled us to largely avoid the price war on Twist prod-
ucts that continues among the large traditional research firms. 
BrainJuicer Group PLC Annual Report and Accounts 2015 3 BrainJuicer Group PLC Annual Report and Accounts 2015
Chief Executive’s Statement continued
In 2016 we will stop reporting Juicy and Twist and start focussing on increasing the proportion of business 
which is ‘Ongoing’ (sole supplier and regular usage) as opposed to ‘Ad Hoc’ (one-off projects). The exclusive and 
regular nature of Ongoing business makes it higher margin, more predictable and easier to win additional work 
from the same client. We believe the more Ongoing business we can win, the faster our top line and profitabil-
ity will grow. Ongoing includes most of our System1 Tracking and a good proportion of our System1 Ad Testing. 
In 2014 these two products represented just 22% of the business (in gross profit terms). In 2015 they grew 26% 
and now account for 27% of gross profit. We expect further healthy growth of these products and other Ongoing 
projects in 2016 and beyond.
To extend BrainJuicer’s availability in the market and enhance our reputation as a leading provider of 
System1 services, 2016 will see a number of initiatives:
  We are launching a separate creative agency, System1 – Feel more: Buy More. The agency will only do System1 
work. It avoids the costs and limitations of a fixed creative department by sourcing work through a hand-
picked network of renowned creatives and creative boutiques. We will guarantee the effectiveness of its 
creative work by pre-testing all ideas through the BrainJuicer System1 Ad Testing and only ever present-
ing 3/4/5-Star work (i.e. the top third of all ads in the world and proven to drive profitable brand growth in 
increasing proportion to its star rating). Go to www.system1agency.com for more details. 
  We are making some of our System1 research methods available in a stripped-down, high-margin, self-serve 
format through Zappistore. Starting with System1 Ad Testing Express, and FaceTrace®, we’re keen to extend 
our availability and client base with the much larger number of small and mid-size companies and creative 
agencies who can’t afford our full-service approach. Go to www.zappistore.com for more details.
  We have just published a short booklet summarising the whole of Behavioural Science into the five drivers of 
profitable brand growth, ‘The Five Things Every Modern Marketer Knows About Famous, 5-Star Marketing’:
1. We think much less than we think we think
2. Those who tell the best stories rule the world
3. Your buyers mostly buy other brands & occasionally buy you
4. Focus on new buyers because loyalty comes for free
5. Fame, Feeling & Fluency Drive Famous 5-Star Marketing
We are lucky enough to attract some of the brightest individuals to work at BrainJuicer and work hard to cre-
ate a challenging, Juicy and rewarding culture for staff to work in. Our Graduate Recruitment scheme is entering 
its third year and is proving an excellent way to ensure we have the talent the business needs to grow. 
It’s an exciting time to work in market research, when challenges are coming from multiple directions and 
the industry is undergoing a system change. There is the rise of self-serve research and big data, the growing 
collection of passive data, the use of social media for insight, a surge of interest in neuroscience, and the rapid 
adoption of behavioural economics and psychology. New competitors from analytics and tech companies are 
expanding and changing the research marketplace. And better, more empirical studies of marketing effective-
ness from bodies like the IPA and the Ehrenberg-Bass Institute offer a compelling, data-driven critique of exist-
ing research practice. 
The industry was born exactly a hundred years ago when the first opinion poll correctly predicted Woodrow 
Wilson would win the 1916 US Presidential election. Since then have been many changes but a hundred years on, 
100 polls using “(g)old standard” System2 techniques failed to predict the Conservatives’ majority in the UK 2015 
election. These approaches are being challenged by Behavioural Science and BrainJuicer is one of the leading 
advocates showing how System1 techniques are far better at predicting famous marketing that generates profit-
able brand growth. 
We believe the market research industry will change more in the next 10 years than it has in the last 100 and 
BrainJuicer is extremely well positioned to benefit from a major system change.
System1 – Feel more: Buy more.
JOHN KEARON
Chief Juicer
18 March 2016
 
4 BrainJuicer Group PLC Annual Report and Accounts 2015
2015 was another year of modest growth, with revenue growing 2%, after a similar 1% increase 
in 2014, and gross profit, our main top line performance indicator up 4% (2014: 2%). This masks a marked shift 
in the mix of revenue streams over the last two years. Our three main Juicy quantitative products, which tend to 
provide on-going, repeat, revenue streams, grew 17%, in gross profit terms, the same in 2014, and 22% pa over 
the last five years on an annual compound basis. We view this as indicative of the underlying momentum in the 
business, and its longer-term growth potential. Costs have remained in check and profit before tax grew 5%. As 
usual, cash conversion was strong, with cash flow before financing representing 89% of profit after tax (2014: 
109%). We returned £1.49m to shareholders in the form of dividends and option-share buy backs during the year, 
and finished the year with cash of £6.37m and no debt (31 December 2014: cash of £5.35m and no debt).
GROSS PROFIT MIX
Gross profit is revenue less direct costs, and was 80% of revenue in 2015 (79% in 2014). Direct costs are external 
client project related costs and in the main are passed through to clients at cost. Gross profit can therefore be 
thought of as net revenue, and is the best indicator of the Group’s top-line performance.
The most significant feature of our recent financial performance is the change in the mix of our gross profit, 
driven by different rates of growth of each of our revenue streams, as illustrated below.
GROSS PROFIT
(£m unless otherwise stated)  2015 2014 2013 2012 2011
System1 Ad Testing and Brand Tracking  5.50 4.36 2.98 1.70 1.85
Predictive Markets  7.34 6.57 6.35 5.64 4.46
Total Core Juicy Quantitative  12.84 10.93 9.33 7.34 6.31
growth  17% 17% 27% 16% 36%
Other Juicy System1 Quantitative  3.22 3.41 2.51 1.43 1.77
Total Juicy Quantitative  16.06 14.34 11.84 8.77 8.08
growth  12% 21% 35% 9% 33%
Twist Quantitative  3.04 3.08 4.63 5.00 6.76
Total Quantitative Research  19.10 17.42 16.47 13.77 14.84
growth  10% 6% 19% -7% 26%
Juice Generation Qualitative*  1.15 1.99 2.62 2.30 1.22
growth  -42% -24% 14% 89% 45%
Total Gross Profit  20.25 19.41 19.09 16.07 16.06
growth  4% 2% 19% 0% 27%
* Juice Generation Qualitative gross profit above includes our “Behavioural Consultancy Unit” (BCU) services.
5
Business and Financial Review
2015
(GROSS PROFIT)   
2011
(GROSS PROFIT)
27% Ad Testing and
 Brand Tracking
6% Juice Generation
 (and BCU)
16% Other Juicy
 Quantitative
36% Predictive Markets
15% Twist Quantitative
11% Ad Testing and
 Brand Tracking
8% Juice Generation
 (and BCU)
11% Other Juicy
 Quantitative
28% Predictive Markets
42% Twist Quantitative BrainJuicer Group PLC Annual Report and Accounts 2015
Business and Financial Review continued
System1 Ad Testing and Brand Tracking are in many ways our flagship services. We are helping clients  
to build their brands by pre-testing advertising before it is broadcast, and assessing in-market performance by  
tracking brand health. We apply our behavioural science approaches to understand consumers’ instinctive  
and (“System 1”) intuitive reactions to advertising and perceptions of brands. The techniques we use to mea-
sure Ad Testing and Brand Tracking are similar and are both based on our proprietary question-type known as 
FaceTrace®, which we use to assess consumers’ emotional engagement. Gross profit from Ad Testing and Brand 
Tracking together has grown 31% per annum compound over the last five years (2010 - 2015).
Predictive Markets, our biggest product, is used to help clients direct their innovation programmes. Typically 
we use Predictive Markets to test product or packaging concepts or ideas, and it has grown 18% (compound 
annual growth) in gross profit over the last five years.
Together Ad Testing and Brand Tracking plus Predictive Markets are our core quantitative products. They com-
prise 63% of our total 2015 gross profit and have grown 22% (compound annual growth) in gross profit terms over 
the last five years. We have other “Juicy” quantitative tools which in the main help clients validate and improve 
new product concepts and packaging, again using our behavioural science approaches. Our Juicy quantitative 
tools are relatively standardised and are straightforward to grow operationally.
Our “Twist” products, those which are similar to offerings from competitors but with a BrainJuicer twist, have 
declined, and we are not too disappointed that they have. Unlike Juicy products, they do not give us particular 
strategic advantage and in general are not conducive to ongoing repeatable revenue streams. They are also less 
standardised and less scalable. They represent 15% of 2015 gross profit, down from 50% in 2010.
Our qualitative “Juice Generation” and “Behavioural Consultancy” businesses have also declined, and yet his-
torically we have been proud of both. We have delivered high value consultancy projects through these services, 
and have helped clients at senior levels with significant marketing challenges. However these projects are expen-
sive to deliver. The hypothesis was that these businesses would help us win more scalable (and easier to deliver) 
quantitative work using our core Ad Testing, Brand Tracking and Predictive Markets tools. Unfortunately, that 
hasn’t come to pass to the degree we had hoped and to the degree necessary to justify continuing to provide 
them. We have therefore let them wind down, and in the process lost the people who used to undertake this work 
and redeployed our know-how into what we call “Brand Strategy”. 
We nevertheless have retained an ability to provide Juice Generation, through an out-sourced team who previ-
ously worked for us and who have now set up independently.
Brand Strategy is where we help clients plan their brand development using the three pillars we believe are 
essential to building a brand: fame, feeling and fluency. The prime objective of our Brand Strategy work is to 
secure on-going advertising testing and brand tracking work. We will also generate some income from pure Brand 
Strategy projects, but we are not anticipating this to be a significant or scalable revenue stream.
Geographically, we had mixed success in 2015. In our two main markets, which together comprise 72% of our 
total gross profit, gross profit grew 21% in the US and was flat in the UK. Gross profit declined 9% in Continental 
Europe due primarily to steep declines in three large Swiss and German clients. In our smaller markets in Brazil 
and Asia, we grew 11% and declined 12% respectively.
Competition in all of our markets is strong. We are competing with companies many times our size, and whilst 
this makes for a challenging backdrop, we believe we are well positioned to continue to grow our quantitative 
services (particularly Ad Testing, Brand Tracking and Predictive Markets).
COSTS
Overheads comprise, in the main, staff costs, and they grew 11% to £15.64m before bonus (2014: £14.03m, again, 
before bonus). Of this, £0.32m were one-off costs relating to an aborted acquisition and our new London office, 
both incurred in the first half of the year. Excluding these one-off costs, overheads (excluding bonus) grew 9%. 
This is still more than double gross profit growth, and this difference is predominantly due to Juice Generation 
where the savings from winding down that team and re-deploying the know-how will not flow through until 2016.
6 BrainJuicer Group PLC Annual Report and Accounts 2015
We believe that with our central infrastructure and efficient operational platform we have the capacity to 
grow several times the size we are currently, and can do so without costs growing as much as gross profit.
Share-based payments (related to stock options) were immaterial at £0.20m (2014: £0.20m), and are included 
in the £15.64m of overheads before bonus mentioned above.
We reduced our aggregate bonus from £1.08m in 2014 to a negligible amount in 2015, and this resulted in 
overall overheads (after bonus) growing 4%, in line with gross profit growth.
TAX
Our effective tax rate was 33% in 2015 (32% in 2014). A few factors have influenced our tax charge. The growth in 
our US business resulted in a higher proportion of profit chargeable to high US tax rates. Meanwhile, the UK cor-
poration tax rate for us has declined (from 21.5% to 20.2%). Certain of our costs are not allowable for tax, notably 
£0.16m of our one-off costs relating to our aborted acquisition. The combination of these factors resulted in the 
small overall increase in our effective tax rate.
CASH
As in prior years, most of our profit turned to cash, with cash flow before financing of £2.67m representing 89% 
of profit after tax (2014: £3.16m of cash flow before financing representing 109% of profit after tax). Of that, we 
returned £1.49m to shareholders in the form of dividends and option-share buybacks (2014: £3.95m including 
cash settled equity awards), and finished the year with cash of £6.37m (2014: £5.35m). We plan on continuing to 
return much of our cash to shareholders going forward in the form of ordinary dividends, special dividends, and 
share (and option-share) buy-backs.
DIVIDENDS
We are proposing a final dividend of 3.5 pence per share (2014: 3.3 pence), amounting to £0.46m. This will take 
our interim and final dividends for 2015 to 4.5 pence (2014: 4.3 pence), and will represent 19% of basic earnings 
per share. We plan on continuing to grow ordinary interim and final dividends broadly in line with earnings.
LOOKING FORWARD
MANDATES
We have discussed mandates previously, and in our annual report last year we mentioned two significant wins. A 
mandate is where a client mandates an agency to undertake all of a certain type of research on an ongoing basis 
and they can be worth several million pounds per year. In aggregate these two mandates generated £1.07m of 
gross profit in 2015. While this is significant, it isn’t as large as we had hoped.
After many years of pursuing such opportunities, and now finally beginning to win them, we are somewhat 
disappointed by the level of business which has transpired. The market seems to be moving away from them, 
and we are too, at least in terms of focus. Instead we will aim more broadly on building continuous repeatable 
ongoing revenue streams, whether they come from mandates (big or small) or other ongoing business opportuni-
ties. Our core quantitative products (Ad Testing, Brand Tracking and Predictive Markets) lend themselves to this, 
particularly our rapidly growing Ad Testing and Brand Tracking offerings where clients tend to adopt methodolo-
gies and embrace them on an ongoing basis.
7 BrainJuicer Group PLC Annual Report and Accounts 2015
Business and Financial Review continued
SYSTEM1
We are in the process of establishing our new creative agency (System1) and believe we have an interesting 
proposition. We are applying our behavioural science approach to brand building by actually creating advertising 
(rather than just undertaking research on it). We use a panel of freelance creative people to generate the mate-
rial, and seek multiple submissions for each project. We then select and test the winning entry before delivering 
it to the client. We hope that we can deliver better, fame-building, advertising, more economically than is gener-
ally available. Nevertheless we recognise that it’s a risky new venture, and so are limiting investment to £0.3m 
until we have some client validation and proof of concept.
ZAPPISTORE
We have started offering our solutions on Zappistore (two to date), which is an online self-service platform for 
buying research services (see www.zappistore.com). It is inexpensive, fast, and automated. We don’t yet know 
how successful this will be, but it is a low cost means of making our services more available, and is highly scal-
able. It has minimal on-going cost other than the revenue share with Zappistore.
SUMMARY
In summary our financial performance in 2015 was solid, with another year of strong profitability and cash flow. 
Top line growth was unspectacular, but the growth of our core quantitative products gives us cause for continued 
optimism in the underlying momentum in the business and its long term upside potential. As always we have to 
inject our usual caveat when looking forward. We have limited revenue visibility, and so need to remain cautious 
in terms of the outlook for 2016.
JAMES GEDDES
Chief Financial Officer
18 March 2016
8 BrainJuicer Group PLC Annual Report and Accounts 2015 9
Year to 31 December  2015 2014 2013 2012 2011
Revenue 25,184 24,645 24,457 20,822 20,713
growth 2% 1% 17% - 27%
Gross profit 20,250 19,410 19,087 16,068 16,063
growth 4% 2% 19% - 27%
Operating profit 4,546 4,301 3,550 1,513 2,758
growth 6% 21% 135% -45% 24%
Pre-tax profit 4,501 4,286 3,556 1,515 2,760
growth 5%	 21% 135% -45% 24%
Post-tax profit 3,032 2,897 2,435 1,038 1,850
growth 5% 19% 135% -44% 25%
EPS – diluted 22.7p 21.3p 18.7p 7.9p 14.1p
growth 7% 14% 137% -44% 25%
Cash flow pre financing 2,696 3,157 4,466 866 1,446
Cash balance (no debt) 6,365 5,347 6,188 3,755 3,683
Dividend per share (interim and final) 4.5p 4.3p 3.9p 3.1p 3.0p
growth 5%	 10% 26% 3% 25%
Special dividend per share  - 12.0p 12.0p - -
Share buy-backs  
(net of stock option proceeds)* 948 1,938 71 408 217
Number of projects 994 955 892 794 859
growth 4% 7% 12% -8% 15%
Average revenue per project 25.3 25.8 27.4 26.2 24.1
growth -2% -6% 5% 9% 10%
Number of clients 243 235 224 217 199
growth 3%	 5% 3% 9% 21%
Average headcount 158 152 138 148 124
growth 4%	 10% -7% 19% 36%
*2014 includes £1,239,000 for the cash-settling of part of the Company’s long-term incentive plan
5 Year Summary
(£000s unless specified otherwise) BrainJuicer Group PLC Annual Report and Accounts 2015
Strategic Report
REVIEW OF THE BUSINESS
The business and financial review and accompanying 5 year summary (including the Company’s key performance 
indicators) on pages 5 to 9 set out the way that management view the business, as well as its strategy, position-
ing, objectives, performance and future developments. These form part of this Strategic Report.
RISKS
One of our maxims is that the paradox of success is failure – and so we actively encourage our people to be bold 
and are risk-tolerant. Having said that, we do take risk seriously. We endeavour to identify and protect the 
business from the big, remote, risks – those that do not occur very often, but which, when they do, have major 
ramifications. The types of such event that we are concerned about and seek to manage are:
  loss of a significant client;
  loss of key personnel;
  material adverse event leading to significant loss of property, software, or data, or an adverse legal claim;
  major outage in our survey platform (‘Juicing Centre’). 
LOSS OF A SIGNIFICANT CLIENT. This is a significant risk, and we do not take it lightly, with the percentage of busi-
ness from our largest client in 2015 at 7% of revenue (2014: 7%). We therefore go to considerable lengths to  
monitor service quality and seek client feedback.
LOSS OF KEY PERSONNEL. The loss of a senior member of the team would have a negative impact on the business. 
However, we do not view the business as being overly dependent on any one individual. As with many growing 
businesses, we place significant demands on our people, and we are therefore at risk of staff turnover. However 
the work environment is stimulating and we place emphasis on our culture and the way we work.
MATERIAL ADVERSE EVENT LEADING TO A SIGNIFICANT LOSS OF PROPERTY, SOFTWARE, OR DATA, OR AN ADVERSE LEGAL 
CLAIM. We can’t guarantee that all eventualities are covered, but nevertheless have continued to endeavour to 
protect the business from significant risks, through a combination of: comprehensive professional indemnity 
insurance; information security, particularly with regard to client confidentiality and personal data; sufficient 
focus on legal protections, for example through our terms and conditions.
MAJOR OUTAGE IN OUR JUICING CENTRE. Were there to be a major outage in our Juicing Centre due, for example, 
to capacity constraints or a security breach, we could be prevented from building surveys, collecting data and 
downloading results. This may result in significant delay in delivering client projects with a consequential loss of 
revenue, reputational damage, and the costs of remedying the situation. We have suffered relatively minor out-
ages from time to time, but none has led to significant financial loss.
ON BEHALF OF THE BOARD
JAMES GEDDES
Chief Financial Officer
18 March 2016
10 BrainJuicer Group PLC Annual Report and Accounts 2015
REVIEW OF THE BUSINESS AND FUTURE DEVELOPMENTS
The Chairman’s and CEO statements and the business and financial review on pages 2 to 8 set out a review of the 
business, key risks and future developments.
DIVIDENDS
The Company has paid and proposes to pay the following dividends:
 2015  2014 
 £’000 £’000
Ordinary Shares  
Interim paid, 1p per share (2014: 1p per share) 127 126
Special dividend, Nil per share (2014: 12p per share) - 1,512
Proposed final, 3.5p per share (2014: 3.3p per share) 463 417
TOTAL ORDINARY DIVIDENDS, 4.5P PER SHARE (2014: 16.3P) 590 2,055
The Company paid an interim dividend on 30 October 2015 to shareholders on the register as of 2 October 
2015. The final dividend for 2014 was paid on 12 May 2015 to shareholders on the register as of 7 April 2015. 
DIRECTORS
The following are the current directors of the parent company, BrainJuicer Group PLC, and each served through-
out the whole year.
John Kearon (executive)
James Geddes (executive)
Alex Batchelor (executive)
Ken Ford (non-executive)
Robert Brand (non-executive)
Graham Blashill (non-executive)
The Remuneration report on pages 17 to 18 sets out directors’ interests in the shares of the Company.
SHARE CAPITAL
Changes in the share capital of the Company during the year are given in note 9 to the financial statements. As 
at 29 February 2016, the Company was aware of the following significant interests in the ordinary issued share 
capital of the Company:
  Percent of  
At 29 February 2016 Number Voting Shares
John Kearon 3,859,996 30.4
Liontrust Asset Management 1,195,356 9.4
BlackRock Investment Management (UK) 1,032,486 8.1
Ennismore Fund Management 986,387 7.8
Motley Fool Asset Management 931,336 7.3
Polar Capital Partners 550,000 4.3
Boyles Asset Management LLC 550,000 4.3
Allianz Global Investors Europe 426,800 3.4
Heritage Capital Management 389,693 3.1
  
11
Directors’ Report BrainJuicer Group PLC Annual Report and Accounts 2015
FINANCIAL RISK MANAGEMENT
The Group’s activities expose it to the following financial risks to a small degree.
CREDIT RISK
We manage credit risk on a Group basis, arising from credit exposures to outstanding receivables and cash and 
cash equivalents. Since the majority of the Group’s clients are large blue-chip organisations, the Group rarely  
suffers a bad debt. The Group’s cash balances are held, in the main, at HSBC Bank.
MARKET RISK – FOREIGN EXCHANGE RISK
In addition to the United Kingdom, the Group operates in the United States, Continental Europe, Brazil, China, 
Singapore and India and is exposed to currency movements impacting future commercial transactions and net 
investments in those countries. Management believe that both foreign currency transaction and translation risk 
are not material to the financial performance of the Group and do not deal in hedging instruments. 
LIQUIDITY RISK
The Company monitors its cash balances regularly and holds its cash in immediately available current accounts  
to minimise liquidity risk. The Company has an undrawn credit facility with HSBC of £2m which expires on  
25 February 2017.
OTHER RISKS
Management do not consider price risk or interest rate risk to be material to the Group. 
CAPITAL RISK MANAGEMENT
The Company manages its capital to ensure that it is able to continue as a going concern while maximising its 
return to shareholders. The Company’s capital structure consists of cash and cash equivalents and share capital. 
The Group has no borrowings and is not subject to any externally imposed capital requirements. The Group has 
not entered into any derivative contracts.
GOING CONCERN
After making enquiries, at the time of approving the financial statements the Directors have a reasonable 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.
RESEARCH AND DEVELOPMENT
BrainJuicer’s Labs team is involved in the development and validation of new market research methods and  
products centred on Behavioural Science.
PURCHASE OF OWN SHARES
During the year the Company transferred 286,713 Ordinary Shares (“shares”) (with an aggregate nominal value of 
£2,867, representing 2.17% of the called up share capital of the Company) out of treasury to satisfy the exercise 
of employee share options over 286,713 shares, for cash consideration of £211,000. The Company subsequently 
repurchased 286,713 of these shares (with an aggregate nominal value of £2,867, representing 2.17% of the called 
up share capital of the Company) for cash consideration of £1,159,000. 
At 31 December 2015, the Company had 13,223,762 Ordinary Shares in issue (2014: 13,141,867) of which 
509,268 were held in treasury (2014: 509,268). The treasury shares will be used to help satisfy the requirements 
of the Group’s share incentive schemes. 
Directors’ Report continued
12 BrainJuicer Group PLC Annual Report and Accounts 2015
EMPLOYEES
The Group maintains fair employment practices, and attempts to eliminate all forms of discrimination and to 
give equal access. Wherever possible we provide the same opportunities for disabled people as for others. If  
an employee were to become disabled we would make every effort to keep him or her in our employment, with 
appropriate training where necessary.
 
HEALTH AND SAFETY POLICIES
The Group does not have significant health and safety risks, and is committed to maintaining high standards of 
health and safety for its employees, visitors and the general public.
DIRECTORS’ INDEMNITIES
Directors’ and officers’ insurance cover has been established for each of the Directors to provide cover against 
their reasonable actions on behalf of the Company. The indemnities, which constitute a qualifying third party 
indemnity provision as defined by Section 234 of the Companies Act 2006, remain in force for all current  
Directors.
AUDITOR
The Company will be seeking shareholder approval to reappoint its auditor, Grant Thornton UK LLP, at its Annual 
General Meeting.
ON BEHALF OF THE BOARD
JAMES GEDDES
Chief Financial Officer
18 March 2016
13 BrainJuicer Group PLC Annual Report and Accounts 2015
The Board 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 AIM to comply  
with all the provisions in the UK Corporate Governance Code 2014, the Board takes the Code seriously. The Group 
also places particular importance on the guidelines issued by the Quoted Companies Alliance for Companies. 
The Group does not comply with the UK Corporate Governance Code 2014. The Directors believe that full  
compliance is not practicable for a group of BrainJuicer’s size and at its stage of development. This report sets 
out the procedures and systems currently in place at BrainJuicer and explains why the Board considers them 
effective.
THE BOARD OF DIRECTORS
The Board comprises three executive directors and three independent non-executive directors. We believe that 
the directors have the necessary mix of skills and experience to oversee the company. Their biographical details 
are presented on page 19.
The Board meets formally 11 times a year and discharges its responsibilities through a management team who 
hold formal and informal meetings as would be expected in a group of BrainJuicer’s size.
Ken Ford is Chairman of the Group and John Kearon its Chief Executive Officer. John is also the founder of 
BrainJuicer and a significant shareholder. His role centres on formulating the Group’s strategy and driving its 
commercial development. The Board’s three non-executive directors act as a sounding board and challenge the 
executive directors both at monthly Board meetings and on a regular and informal basis. Matters referred to the 
Board are considered by the Board as a whole and no one individual has unrestricted powers of decision. There 
are procedures and controls, including a schedule of matters that require the Board’s specific approval. This 
schedule includes:
  approval of the Group’s strategy and long-term objectives;
  approval of the extension of the Group’s activities into new territories;
  approval of significant capital expenditure beyond that budgeted;
  changes relating to the Group’s capital structure, including debt-raising, reduction of capital, share issues and  
 buy-backs;
  ensuring that the Group has effective reporting and internal control systems and an adequate risk assessment  
 procedure;
  nominations for Board and Committee appointments; and
  consideration of key senior management appointments.
Where directors have concerns which cannot be resolved in connection with the running of the Group or a 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 expense in performance of their 
duties.
Each year at the Annual General Meeting, one-third of directors are required to retire by rotation, provided all 
directors are subject to re-election at intervals of no more than three years. This year Graham Blashill and  
John Kearon are scheduled to retire by rotation and have each confirmed their willingness to be put forward for 
re-election at the 2016 Annual General Meeting.
Corporate Governance Report
14 BrainJuicer Group PLC Annual Report and Accounts 2015
NON-EXECUTIVE DIRECTORS
The three non-executive directors are independent of management. The terms and conditions of the non-execu-
tive directors’ appointments are available for inspection at the Company’s registered office.
REMUNERATION COMMITTEE
The Remuneration Committee membership and a summary of its terms of reference are on page 17.
AUDIT COMMITTEE
The Audit Committee aims to support the creation of long-term value for shareholders. The Committee comprises 
Robert Brand (Chairman), Graham Blashill and Ken Ford, the three non-executive directors. Robert Brand  
has relevant financial experience. If required, the Committee is entitled to request independent advice at the 
Company’s expense in order for it to effectively discharge its responsibilities.
The Committee’s main role and responsibilities can be found on the company’s website, and currently are to:
  monitor the integrity of the financial statements of the Group;
  review the Group’s internal financial controls and risk management systems;
  make recommendations to the Board, for it to put to the shareholders for their approval in relation to the  
 appointment of the external auditor and to approve appropriate remuneration and terms of reference for the  
 external auditor;
  discuss the nature, extent and timing of the external auditor’s procedures and discussion of external auditor’s  
 findings;
  monitor and ensure the external auditor’s independence and objectivity and the effectiveness of the audit  
 process;
  develop and implement policy on the engagement of the external auditor to supply non-audit services; and 
  report to the Board, identifying any matters in respect of which it considers that action or improvement is  
 required; and
  ensure a formal channel is available for employees and other stakeholders to express any complaints in  
 respect of financial accounting and reporting.
The Committee is scheduled to meet twice in each financial year and at other times if necessary. In respect of 
the 2015 financial year, meetings were held in September 2015 and March 2016. The Audit Committee Chairman 
met separately with the external audit partner in advance of both of these meetings. The current auditors were 
appointed in 2003.
The Group does not currently have an internal audit function, which the Board considers appropriate for a 
group of BrainJuicer’s size.
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:
  clearly-defined organisational structure with appropriate delegation of authority;
  comprehensive budgeting programme;
  regular reviews of forecasts;
  a limited number of directors and executives authorised to make payments and commit the company to legal  
 agreements;
  regular reviews of client and employee feedback.
The Board in conjunction with the Audit Committee reviews the Group’s internal control system on a periodic 
basis. The Board seeks to ensure risk assessment procedures and responses are continuously improved.
15 BrainJuicer Group PLC Annual Report and Accounts 2015
Corporate Governance Report continued
COMMUNICATIONS WITH SHAREHOLDERS
The Board recognises the importance of regular and effective communication with shareholders. The primary 
forms of communication are:
  annual and interim statutory financial reports and associated investor and analyst presentations and reports;
  announcements relating to trading or business updates released to the London Stock Exchange;
  regular investor meetings.
MEETING ATTENDANCE
The number of regular meetings that each director attended is set out below:
  Audit Remuneration
 Board Committee  Committee
Ken Ford 11 2 2
Robert Brand 11 2 2
Graham Blashill 11 2 2
John Kearon 11 n/a n/a
James Geddes 11 2* 2*
Alex Batchelor 11 n/a n/a
*attendance by invitation.
On rare occasions a board member may attend by phone to accommodate overseas travel arrangements. 
16 BrainJuicer Group PLC Annual Report and Accounts 2015
Remuneration Report
REMUNERATION COMMITTEE
The remuneration committee (the “Committee”) comprises the three non-executive directors, Graham Blashill 
(Chairman), Robert Brand and Ken Ford. The Committee’s main role and responsibilities are to:
  determine the remuneration and incentive packages for each of the Company’s executive directors;
  review and approve the remuneration and benefits of senior management;
  review and make recommendations to the Board on the design of remuneration structures and levels of pay  
 and other incentives for employees of the Group;
  report to the Group’s shareholders in relation to remuneration policies applicable to the Group’s executive  
 directors.
The Committee may invite the Chief Executive Officer, the Chief Financial Officer and Chief Operating Officer 
to attend meetings of the Remuneration Committee. The Chief Executive Officer is consulted on proposals relat-
ing to the remuneration of the Chief Financial Officer and Chief Operating Officer and of other senior executives 
of the Group. The Chief Executive Officer is not involved in setting his own remuneration.
The Committee may use remuneration consultants to advise it in setting remuneration structures and policies. 
The Committee is exclusively responsible for appointing such consultants and for setting their terms of reference.
REMUNERATION POLICY
We aim to ensure that management remuneration encourages long-term shareholder value creation, is deemed 
fair from the points of view of all stakeholders, and is not excessive. The Committee takes into account remunera-
tion packages of comparable companies.
SHARE OPTIONS
We have stock options under an old employee stock option plan; for details please see note 9 to the Financial 
Statements. We are no longer granting options under the plan.
SERVICE AGREEMENTS
Each of the executive directors have employment contracts. The agreements include restrictive covenants  
which apply during employment and for a period of 12 months after termination. John Kearon’s agreement can  
be terminated on six months’ notice in writing by either the Company or by John. James Geddes’ and Alex  
Batchelor’s agreements can be terminated on 12 months’ notice in writing by the Company and 6 months’ notice 
by the employee.
REMUNERATION
The remuneration of the non-executive directors is determined by the executive directors.
Remuneration in respect of the directors was as follows:
    Gains on 
   Benefits  exercise of  
  Salary in kind share options 2015  2014 
  £ £ £ £  £ 
John Kearon  195,160 6,505 - 201,665 199,151
James Geddes  173,500 4,919 326,166 504,585 173,899
Alex Batchelor  173,500 4,290 332,832 510,622 173,040
Ken Ford  37,000 - - 37,000 37,000
Robert Brand  33,000 - - 33,000 33,000
Graham Blashill  33,000 - - 33,000 33,000
  645,160 15,714 658,998 1,319,872 649,090
Money purchase pension contributions in respect of the directors were as follows:
 2015  2014
 £  £ 
John Kearon 11,710 11,710
James Geddes 10,410 10,152
Alex Batchelor 10,410 10,152
 32,530 32,014
 17 BrainJuicer Group PLC Annual Report and Accounts 2015
Remuneration Report continued
DIRECTORS’ INTERESTS 
Directors’ interests in Ordinary Shares of 1p each as at 31 December 2015 are shown below:
 Number of 1p ordinary shares
 31 December 2015  1 January 2015
John Kearon 3,859,996 3,859,996
James Geddes 158,325 158,325
Alex Batchelor 101,852 101,852
Ken Ford 20,000 20,000
Robert Brand 30,000 30,000
Graham Blashill 5,000 5,000
EMPLOYEE SHARE OPTIONS 
Directors’ interests in share options over 1p Ordinary Shares in the Company were as follows:
 Earliest Exercise Number at Granted Exercised Number 
(Date of grant) exercise date price (p) 1 Jan 2015 in year in year at 31 Dec 2015
JOHN KEARON      
(19/01/2007) 01/01/2008 162.5p 60,213 - - 60,213
(16/01/2015) 01/05/2018 0.0p - 137,040 - 137,040
(22/07/2015) 01/05/2018 0.0p - 60,000 - 60,000
   60,213 197,040 - 257,253
JAMES GEDDES      
(19/01/2007) 01/01/2008 162.5p 60,213 - (45,460) 14,753
(28/05/2014) 28/05/2014 0.0p 125,722 - (52,709) 73,013
(16/01/2015) 01/05/2018 0.0p - 137,040 - 137,040
(22/07/2015) 01/05/2018 0.0p - 60,000 - 60,000
   185,935 197,040 (98,169) 284,806
ALEX BATCHELOR      
(22/03/2010) 01/04/2011 149.0p 113,334 - (80,536) 32,798
(18/05/2010) 01/01/2011 0.0p 116,666 - - 116,666
(28/05/2014) 28/05/2014 0.0p 125,722 - (30,588) 95,134
(16/01/2015) 01/05/2018 0.0p - 137,040 - 137,040
(22/07/2015) 01/05/2018 0.0p - 60,000 - 60,000
   355,722 197,040 (111,124) 441,638
Total   601,870 591,120 (209,293) 983,697
      
LONG TERM INCENTIVES
For the three-year period commencing 2014, the Remuneration Committee has put in place new arrangements 
for the remuneration of the management team which more closely follow the guidelines for quoted companies, 
and which were approved at the Company’s Annual General Meeting in May 2014. Under this scheme the execu-
tive directors forego all annual bonuses, and have received equity options of 197,010 each (granted during 2015) 
which vest provided the Company meets performance criteria based on a substantial increase in earnings per 
share over the three years (at least 25% compound annual growth for full vesting, and at least 15% compound 
annual growth for any vesting), backed by a share price underpin of £5.051. The members of the senior manage-
ment team will have an increased bonus potential of up to 50% of base salary, but without any future equity 
participation. The Remuneration Committee believes that this:
  aligns the executive directors' remuneration to the shareholder value they create;
  provides flexible, simple and more immediate rewards for the wider management team;
  contains the dilutive impact on our equity.
GRAHAM BLASHILL
Chairman of the Remuneration Committee
18 March 2016 
18 BrainJuicer Group PLC Annual Report and Accounts 2015 19
JOHN KEARON
CHIEF EXECUTIVE OFFICER
John founded BrainJuicer in 1999. Prior to BrainJuicer, he 
founded innovation agency Brand Genetics Limited, which 
invented new products and services for FT500 companies. 
Before this, John had been planning director of one of the 
UK’s leading advertising agencies. He started his career 
over 25 years ago as a graduate of Unilever’s management 
programme, rising to be a senior marketer at Elida Gibbs 
before moving into advertising. John’s role in establishing 
and developing the BrainJuicer business made him Ernst & 
Young’s “Emerging Entrepreneur of the Year” in 2006. 
JAMES GEDDES
CHIEF FINANCIAL OFFICER
James joined BrainJuicer in 2003. Previously, he was CFO 
of Iobox Oy (a Finnish start-up backed by Morgan Stanley 
and sold to Telefonica), Executive Director of International 
Corporate Finance at MediaOne Group (the US telecoms 
multinational now part of AT&T), and Assistant Treasurer of 
Foster’s Brewing Group. He is a Chartered Accountant,  
holds a Diploma in Corporate Treasury Management, and 
is a graduate of Harvard Business School’s Program for 
Management Development.
ALEX BATCHELOR
CHIEF OPERATING OFFICER
Alex joined BrainJuicer in 2010. Prior to BrainJuicer,  
he held various senior marketing roles, as Chief Marketing 
Officer of TomTom; Marketing Director of the Royal Mail; 
Vice President – Global Brand at Orange. Like John, Alex 
started his career at Unilever over 20 years ago, before  
leaving to spend two years in advertising at Saatchi & 
Saatchi and then six years at brand consultancy Interbrand, 
where he was Managing Director. Alex is both a Fellow of  
the Marketing Society and a former Chairman.
KEN FORD
NON-EXECUTIVE CHAIRMAN
Ken joined BrainJuicer in 2008 as non-executive Chairman. 
Ken has a wide City experience with past directorships 
including Morgan Grenfell and Aberdeen Asset Management 
and more recently stockbroker Teather & Greenwood. He is a 
former Chairman of the Society of Investment Analysts and 
of the Quoted Companies Alliance (QCA), remaining on its 
executive committee. Ken is also a non-executive Chairman 
of gear4music (Holdings) plc, Nakama Group plc, Scientific 
Digital Imaging plc and Lewis PR.
GRAHAM BLASHILL
NON-EXECUTIVE DIRECTOR AND  
CHAIRMAN OF THE REMUNERATION COMMITTEE
Graham joined BrainJuicer in 2012. He has had a long career 
in sales and marketing of fast-moving consumer goods. 
Graham joined W.D. & H.O. Wills (a division of Imperial 
Tobacco) in 1968, holding a number of marketing and trad-
ing roles, and becoming Managing Director Imperial Tobacco 
UK in 1995. In 2003 he was Regional Director for Western 
Europe, and in 2005 appointed Group Sales and Marketing 
Director, responsible for Imperial Tobacco’s global trading 
operations in over 160 countries. He served as a main board 
director of Imperial Tobacco Group plc, a leading FTSE 100 
company, for six years before retiring in 2011. 
ROBERT BRAND
NON-EXECUTIVE DIRECTOR AND  
CHAIRMAN OF THE AUDIT COMMITTEE
Robert joined BrainJuicer in 2012. He began his career in 
1977, initially as a research analyst and then as Managing 
Director of UK Equity research at BZW, then the invest-
ment banking division of Barclays Bank. In 1990 he joined 
Makinson Cowell, a capital markets advisory firm, as a 
director. Over a period of 18 years he advised a wide range 
of FTSE 100 and FTSE 250 companies, focusing on their 
link with institutional investors. He retired from Makinson 
Cowell in 2008.
Board of Directors BrainJuicer Group PLC Annual Report and Accounts 2015
Directors’ Responsibility Statement
The directors are responsible for preparing the Strategic Report, Directors’ Report, the Annual Report and the 
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law 
the directors have elected to prepare the group financial statements in accordance with International Financial 
Reporting Standards as adopted by the European Union (IFRSs) and the parent company financial statements 
in accordance with FRS 101 Reduced Disclosure Framework. Under company law the directors must not approve 
the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and 
profit or loss of the Company and Group for that period. In preparing these financial statements, the directors are 
required to:
 select suitable accounting policies and then apply them consistently;
 make judgments and accounting estimates that are reasonable and prudent;
 state whether applicable IFRSs and United Kingdom Accounting Standards in respect of the group and parent  
 company financial statements respectively, have been followed, subject to any material departures disclosed  
 and explained in the financial statements;
 prepare the financial statements on the going concern basis unless it is inappropriate to presume that the  
 Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain 
the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the 
Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are 
also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the preven-
tion and detection of fraud and other irregularities. 
The directors confirm that:
 so far as each director is aware, there is no relevant audit information of which the Company’s auditor is  
 unaware; and
 the directors have taken all steps that they ought to have taken to make themselves aware of any relevant  
 audit information and to establish that the auditor is aware of that information.
The directors are responsible for the maintenance and integrity of the corporate and financial information 
included on the Company’s website. Legislation in the United Kingdom governing the preparation and dissemina-
tion of financial statements may differ from legislation in other jurisdictions. 
 
JAMES GEDDES
Company Secretary and Chief Financial Officer
18 March 2016
20 BrainJuicer Group PLC Annual Report and Accounts 2015
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 2015 which 
comprise the consolidated income statement, the consolidated statement of comprehensive income, the con-
solidated balance sheet, the consolidated cash flow statement, the consolidated statement of changes in equity, 
the company balance sheet and statement of changes in equity; and the related notes. The financial report-
ing framework that has been applied in the preparation of the group financial statements is applicable law and 
International Financial Reporting Standards (IFRSs) as adopted by the European Union. The financial reporting 
framework that has been applied in the preparation of the parent company financial statements is applicable law 
and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including 
FRS 101 “Reduced Disclosure Framework”.
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 20 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 Financial Reporting Council’s 
website at www.frc.org.uk/auditscopeukprivate.
OPINION ON FINANCIAL STATEMENTS
In our opinion:
 the financial statements give a true and fair view of the state of the group’s and of the parent company’s  
 affairs as at 31 December 2015 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 applicable law and  
 United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including  
 FRS 101 "Reduced Disclosure Framework"; and
 the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
OPINION ON OTHER MATTER PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion the information given in the Strategic Report and the Directors’ Report for the financial year for 
which the financial statements are prepared is consistent with the financial statements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report 
to you if, in our opinion:
 adequate accounting records have not been kept by the parent company, or returns adequate for our audit  
 have not been received from branches not visited by us; or
 the parent company financial statements are not in agreement with the accounting records and returns; or
 certain disclosures of directors’ remuneration specified by law are not made; or
 we have not received all the information and explanations we require for our audit.
MALCOLM GOMERSALL
Senior Statutory Auditor for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
Central Milton Keynes
18 March 2016 
21 BrainJuicer Group PLC Annual Report and Accounts 2015
  2015 2014
 Note £’000 £’000
REVENUE 3 25,184 24,645
Cost of sales  (4,934) (5,235)
GROSS PROFIT  20,250 19,410
   
Administrative expenses  (15,704) (15,109)
OPERATING PROFIT 3 4,546 4,301
Finance costs 16 (45) (15)
PROFIT BEFORE TAXATION  4,501 4,286
   
Income tax expense 17 (1,469) (1,389)
PROFIT FOR THE FINANCIAL YEAR  3,032 2,897
ATTRIBUTABLE TO THE EQUITY HOLDERS OF THE COMPANY  3,032 2,897
EARNINGS PER SHARE ATTRIBUTABLE TO EQUITY HOLDERS  
OF THE COMPANY
Basic earnings per share 19 24.0p 23.0p
Diluted earnings per share 19 22.7p 21.3p
The notes on pages 27 to 46 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 2015
22 BrainJuicer Group PLC Annual Report and Accounts 2015
Consolidated Statement of Comprehensive Income
For the Year Ended 31 December 2015
23
  2015 2014
  £’000 £’000
PROFIT FOR THE FINANCIAL YEAR 3,032 2,897 
 
OTHER COMPREHENSIVE INCOME:
ITEMS THAT MAY BE SUBSEQUENTLY RECLASSIFIED TO PROFIT OR LOSS  
Exchange differences on translating foreign operations  (88) (62)
Other comprehensive income for the year, net of tax  (88) (62)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR AND AMOUNTS 
ATTRIBUTABLE TO EQUITY HOLDERS 2,944 2,835
The notes on pages 27 to 46 are an integral part of these consolidated financial statements. BrainJuicer Group PLC Annual Report and Accounts 2015
Consolidated Balance Sheet
As at 31 December 2015
  2015 2014
 Note £’000 £’000
ASSETS   
NON-CURRENT ASSETS   
Property, plant and equipment 4 304 163
Intangible assets 5 519 797
Deferred tax asset 18 589 814
  1,412 1,774
CURRENT ASSETS   
Inventories 7 90 195
Trade and other receivables 8 6,595 6,724
Cash and cash equivalents  6,365 5,347
  13,050 12,266
TOTAL ASSETS  14,462 14,040
EQUITY   
CAPITAL AND RESERVES ATTRIBUTABLE TO EQUITY HOLDERS  
OF THE COMPANY   
Share capital  9 132 131
Share premium account  1,599 1,580
Merger reserve  477 477
Foreign currency translation reserve  (152) (64)
Retained earnings  7,184 5,581
TOTAL EQUITY  9,240 7,705
LIABILITIES   
NON-CURRENT LIABILITIES   
Provisions 10 469 368
  469 368
CURRENT LIABILITIES   
Provisions 10 263 269
Trade and other payables 11 4,161 5,543
Current income tax liabilities  329 155
  4,753 5,967
TOTAL LIABILITIES  5,222 6,335
TOTAL EQUITY AND LIABILITIES  14,462 14,040
The notes on pages 27 to 46 are an integral part of these consolidated financial statements.
REGISTERED COMPANY NO. 05940040
These financial statements were approved by the directors on 18 March 2016 and are signed on their behalf by:
JOHN KEARON JAMES GEDDES
Director Director
24 BrainJuicer Group PLC Annual Report and Accounts 2015 25
  2015 2014
 Note £’000 £’000
NET CASH GENERATED FROM OPERATIONS  22 4,137 4,672
Tax paid  (1,119) (1,242)
NET CASH GENERATED FROM OPERATING ACTIVITIES  3,018 3,430
   
CASH FLOWS FROM INVESTING ACTIVITIES   
Purchases of property, plant and equipment 4 (291) (159)
Purchase of intangible assets 5 (31) (114)
NET CASH USED BY INVESTING ACTIVITIES  (322) (273)
NET CASH FLOW BEFORE FINANCING ACTIVITIES  2,696 3,157
  
CASH FLOWS FROM FINANCING ACTIVITIES  
Interest 16 (45) (15)
Issue of shares 9 20 -
Proceeds from sale of treasury shares 9 211 334
Purchase of own shares 9 (1,159) (1,033)
Purchase of equity interests 9 - (1,239)
Dividends paid to owners 20 (544) (2,016)
NET CASH USED BY FINANCING ACTIVITIES  (1,517) (3,969)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS   1,179 (812)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR  5,347 6,188
Exchange losses on cash and cash equivalents  (161) (29)
CASH AND CASH EQUIVALENTS AT END OF YEAR  6,365 5,347
The notes on pages 27 to 46 are an integral part of these consolidated financial statements.
Consolidated Cash Flow Statement
For the Year Ended 31 December 2015 BrainJuicer Group PLC Annual Report and Accounts 2015
     Foreign  
   Share  currency    
  Share premium Merger translation Retained  
  capital account reserve reserve earnings Total
 Note £’000 £’000 £’000 £’000 £’000 £’000
AT 1 JANUARY 2014  131 1,579 477 (2) 5,924 8,109
PROFIT FOR THE FINANCIAL YEAR  - - - - 2,897 2,897
Other comprehensive income:       
- currency translation differences  - - - (62) - (62)
TOTAL COMPREHENSIVE INCOME  - - - (62) 2,897 2,835
Transactions with owners:       
Employee share options scheme:       
- exercise of share options  - 1 - - - 1
- value of employee services  - - - - 67 67
- current tax credited to equity  - - - - 414 414
- deferred tax credited to equity 18 - - - - 233  233
Dividends paid to owners 20 - - - - (2,016) (2,016)
Sale of treasury shares  - - - - 334 334
Purchase of treasury shares  - - - - (1,033) (1,033)
Settlement of long term incentives  - - - - (1,239) (1,239)
  - 1 - - (3,240) (3,239)
AT 31 DECEMBER 2014  131 1,580 477 (64) 5,581 7,705
       
PROFIT FOR THE FINANCIAL YEAR  - - - - 3,032 3,032
Other comprehensive income:       
- currency translation differences  - - - (88) - (88)
TOTAL COMPREHENSIVE INCOME  - - - (88) 3,032 2,944
Transactions with owners:       
Employee share options scheme:       
- exercise of share options 9 1 19 - - - 20
- value of employee services 9 - - - - 112 112
- current tax credited to equity  - - - - 169 169
- deferred tax debited to equity 18 - - - - (218) (218)
Dividends paid to owners 20 - - - - (544) (544)
Sale of treasury shares 9 - - - - 211 211
Purchase of treasury shares 9 - - - - (1,159) (1,159)
  1 19 - - (1,429) (1,409)
AT 31 DECEMBER 2015  132 1,599 477 (152) 7,184 9,240
The notes on pages 27 to 46 are an integral part of these consolidated financial statements.
 
Consolidated Statement of Changes in Equity
For the Year Ended 31 December 2015
26 BrainJuicer Group PLC Annual Report and Accounts 2015
Notes to the Consolidated Financial Statements
For the Year Ended 31 December 2015
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 Russell Square House, 
10-12 Russell Square, London WC1B 5EH. The Company’s shares are listed on the Alternative Investment Market  
of the London Stock Exchange (“AIM”). 
The Company and its subsidiaries (together “the Group”) provide on-line market research services. Further 
detail of the Group’s operations and its principal activity is set out in the Chairman’s and Chief Executive’s 
Statements and the Business and Financial Review on pages 2 to 8.
The financial statements for the year ended 31 December 2015 (including the comparatives for the year ended 
31 December 2014) were approved by the board of directors on 18 March 2016.
 1  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 estimates and judge-
ments are significant to the consolidated financial statements are disclosed in note 2.
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. 
 2  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 2016 or later periods, but the Group has not adopted them early:
IFRS 9, ‘FINANCIAL INSTRUMENTS’ (EFFECTIVE FROM 1 JANUARY 2018). 
The IASB have released IFRS 9 following completion of the project to replace IAS 39 ‘Financial Instruments: Rec-
ognition and Measurement’. The new standard introduces extensive changes to IAS 39’s guidance on the classifi-
cation and measurement of financial assets and introduces a new ‘expected credit loss’ model for the impairment 
of financial assets. IFRS 9 also provides new guidance on the application of hedge accounting. IFRS 9 is effective 
for annual reporting periods beginning on or after 1 January 2018 and has not yet been endorsed by the EU.
IFRS 15, ‘REVENUE FROM CONTRACTS WITH CUSTOMERS’ (EFFECTIVE 1 JANUARY 2018).
IFRS 15 presents new requirements for the recognition of revenue, replacing IAS 18 ‘Revenue’, IAS 11 ‘Construc-
tion Contracts’, and several revenue-related Interpretations. The new standard establishes a control-based 
revenue recognition model and provides additional guidance in many areas not covered in detail under existing 
IFRSs, including how to account for arrangements with multiple performance obligations, variable pricing, cus-
tomer refund rights, supplier repurchase options, and other common complexities. IFRS 15 is effective for annual 
reporting periods on or after 1 January 2018. The Standard has not yet been endorsed by the EU. Management 
consider that IFRS 15 will have no material impact upon these consolidated financial statements.
27 BrainJuicer Group PLC Annual Report and Accounts 2015
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2015
 2  PRINCIPAL ACCOUNTING POLICIES continued
IFRS 16, ‘LEASES’ (EFFECTIVE 1 JANUARY 2019 BUT NOT YET EU ADOPTED). 
IFRS 16 replaces the current guidance in IAS 17 and will require significant changes in accounting by lessees in 
particular. The standard applies to annual periods beginning on or after January 1, 2019, with earlier application 
permitted if IFRS 15, Revenue from Contracts with Customers, is also applied. Under IAS 17, lessees were required 
to make a distinction between a finance lease (on balance sheet) and an operating lease (off balance sheet). IFRS 
16 now requires lessees to recognise a lease liability reflecting future lease payments and a ‘right-of-use asset’ 
for virtually all lease contracts. The IASB has included an optional exemption for lessees for certain short-term 
leases and leases of low-value assets and there are also grand fathering provisions for leases existing at the date 
of initial application, which the Company is likely to take advantage of. Under IFRS 16, a contract is, or contains, 
a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange 
for consideration. For lease contracts entered into after the initial application date and therefore not subject to 
the grand fathering provisions, the standard could have a significant impact upon these financial statements, 
resulting in the recognition of lease liabilities and right of use assets, upon which finance charges (calculated on 
the effective interest rate method) and straight line depreciation will be charged respectively.
BASIS OF CONSOLIDATION
The Group financial statements consolidate those of the Company and all of its subsidiary undertakings drawn 
up to 31 December 2015. Subsidiaries are all entities over which the Group has power over the subsidiary, i.e. the 
Group has existing rights that give it the ability to direct the relevant activities (the activities that significantly 
affect the subsidiary’s returns), exposure or rights, to variable returns from its involvement with the subsidiary 
and the ability to use its power over the subsidiary to affect the amount of the subsidiary’s returns. 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-con-
solidated 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 acquirer’s net assets.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and 
the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group’s 
share of the identifiable net assets acquired is recorded as goodwill.
All intra-group 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 transac-
tion provides evidence of an impairment of the asset transferred. Amounts reported in the financial statements 
of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted 
by the Group.
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are stated at historical cost less accumulated depreciation and accumulated 
impairment losses. Depreciation is provided to write off the cost of all property, plant and equipment to its 
residual value on a straight-line basis over its expected useful economic lives, which are as follows:
Furniture, fittings and equipment  5 years
Computer hardware 2 to 3 years
The residual value and useful life of each asset is reviewed and adjusted, if appropriate, at each balance sheet 
date.
28 BrainJuicer Group PLC Annual Report and Accounts 2015
 2  PRINCIPAL ACCOUNTING POLICIES continued
INTANGIBLE ASSETS
SOFTWARE
Acquired computer software licenses are capitalised at the cost of acquisition.  These costs are amortised on a 
straight-line basis over their estimated useful economic life of two years. 
Costs incurred in the development of identifiable and unique software products controlled by the Group, and 
that will probably generate economic benefits exceeding costs beyond one year, are recognised as intangible 
assets.  Costs include professional fees and directly-attributable employee costs required to bring the software 
into working condition.  Non-attributable costs are expensed under the relevant income statement heading.
Furthermore, internally-generated software is recognised as an intangible asset only if the Group can demon-
strate all of the following conditions:
(a)  the technical feasibility of completing the intangible asset so that it will be available for use or sale;
(b)  its intention to complete the intangible asset and use or sell it;
(c)  its ability to use or sell the intangible asset;
(d)  how the intangible asset will generate probable future economic benefits;
(e)  among other things, the Group can demonstrate the existence of a market for the output of the intangible  
 asset or the intangible asset itself or, if it is to be used internally, the usefulness of the intangible asset;
(f)  the availability of adequate technical, financial and other resources to complete the development and to  
 use or sell the intangible asset;
(g) its ability to measure reliably the expenditure attributable to the intangible asset during its development.
Internally-generated intangible assets are amortised on a straight-line basis over their useful economic 
lives. Where no internally-generated intangible asset can be recognised, development expenditure is charged 
to administrative expenses in the period in which it is incurred. Once completed, and available for use in the 
business, internally developed software is amortised on a straight line basis over its useful economic life which 
varies between 2 and 7 years.
The Group’s main research software platform, which it developed over a number of years, was brought into use 
on 1 January 2011 and is being amortised over its estimated useful economic life of 7 years.
Amortisation on all intangible assets is charged to administrative expenses.
IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
At each balance sheet date the Group reviews the carrying amount of its property, plant and equipment and 
intangible assets for any indication that those assets have suffered an impairment loss. If any such indication 
exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, 
if any. Intangible assets not available for use are tested for impairment on at least an annual basis. The recover-
able amount is the higher of the fair value less costs to sell and value in use.  
CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash in hand and bank deposits available on demand.
INVENTORIES – WORK IN PROGRESS
Work in progress comprises directly-attributable external costs on incomplete market research projects and is 
held in the balance sheet at the lower of cost and net realisable value.
29 BrainJuicer Group PLC Annual Report and Accounts 2015
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2015
 2  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 that have been enacted or substantively enacted at the reporting date applicable to the fiscal periods 
to which they relate, based on the taxable profit for the year. All changes to current tax assets or liabilities are 
recognised as a component of tax expense in the income statement, except where it relates to items charged or 
credited to other comprehensive income or directly to equity.
Deferred income taxes are calculated using the liability method on temporary differences. This involves the 
comparison of the carrying amounts of assets and liabilities in the consolidated financial statements with their 
respective tax bases. In addition, tax losses available to be carried forward as well as other income tax credits to 
the Group are assessed for recognition as deferred tax assets.
Deferred tax liabilities are always provided for in full. Deferred tax assets are recognised to the extent that it 
is probable that the underlying deductible temporary differences will be able to be offset against future taxable 
income. Deferred tax assets and liabilities are calculated, without discounting, at tax rates that are expected to 
apply to their respective period of realisation, provided they are enacted or substantively enacted at the balance 
sheet date. Deferred tax is recognised as a component of tax expense in the income statement, except where it 
relates to items charged or credited to other comprehensive income or directly to equity.
OPERATING LEASE AGREEMENTS
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with 
the lessor are charged to the income statement net of any incentives received from the lessor on a straight-line 
basis over the period of the lease.
REVENUE RECOGNITION
Revenue is recognised only after the final written debrief has been delivered to the client, except on the rare 
occasion that a large project straddles a financial period end, and that project can be sub-divided into separate 
discrete deliverables; in such circumstances revenue is recognised on delivery of each separate deliverable. Rev-
enue is measured by reference to the fair value of consideration receivable, excluding sales taxes. Revenue from 
all of the Group’s products (Ad Testing, Brand Tracking, Predictive Markets, Other Juicy Quantitative products, 
Twist Quantitative Research, Juice Generation and BCU) is recognised under the same basis.
COST OF SALES
Cost of sales includes external costs attributable to client projects including: respondent sample, data processing, 
language translation and similar costs.
EMPLOYEE BENEFITS
All accumulating employee-compensated absences that are unused at the balance sheet date are recognised as a 
liability. The Group operates several defined contribution pension plans. The Group pays contributions to these 
plans based upon the contractual terms agreed with each employee. The Group has no further payment obliga-
tions once the contributions have been paid.  The contributions are recognised as employee benefit expense 
when they are due.
SHARE-BASED PAYMENT TRANSACTIONS
The Group issues equity-settled share-based compensation to certain employees (including directors). Equity-
settled share-based payments are measured at fair value at the date of grant. The fair value determined at the 
grant date of the equity-settled share-based payment is expensed on a straight-line basis over the vesting 
period, together with a corresponding increase in equity, based upon the Group’s estimate of the shares that will 
eventually vest. With the exception of market-based awards, these estimates are subsequently revised if there is 
any indication that the number of options expected to vest differs from previous estimates.  
30 BrainJuicer Group PLC Annual Report and Accounts 2015
 2  PRINCIPAL ACCOUNTING POLICIES continued
Any cumulative adjustment prior to vesting is recognised in the current period. No adjustment is made to any 
expense recognised in prior periods.
The fair value of option awards with time vesting performance conditions are measured at the date of grant 
using the Hoadley Employee Stock Option Valuation model. The expected life used in the model has been 
adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions and 
behavioural considerations.
The fair value of awards made with market-based performance conditions (for example, the entity’s share 
price) are measured at the grant date using a Monte Carlo simulation method incorporating the market condi-
tions in the calculations.  The awards made in respect of the Group’s long-term incentive scheme have been 
measured using such a method.
Social security contributions payable in connection with the grant of share options is considered integral 
to the grant itself, and the charge is treated as a cash-settled transaction. Cash payments totalling £1,239,000 
made in settlement of part of the Company’s long-term incentive plan during the prior year were accounted for as 
a repurchase of equity interests with the consideration paid debited to equity and disclosed in the Statement of 
Changes in Equity as ‘Settlement of long-term incentives’.
PROVISIONS
Provisions for sabbatical leave and dilapidations are recognised when: the Group has a legal or constructive obli-
gation as a result of past events; it is probable that an outflow of resources will be required to settle the obliga-
tion; and the amount has been reliably estimated. Where material, the increase in provisions due to passage of 
time is recognised as interest expense. The provision for sabbatical leave is measured using the projected unit 
credit method. The provision for dilapidations is measured at the present value of expenditures expected to be 
required to settle those obligations.
FOREIGN CURRENCIES
Items included in the individual financial statements of each of the Group’s subsidiaries are measured using the 
currency of the primary economic environment in which the subsidiary operates (‘the functional currency’). The 
consolidated financial statements are presented in Sterling (‘GBP’), which is the Company’s functional and the 
Group’s presentation currency.
Transactions in foreign currencies are translated into the functional currency at the exchange rates prevailing 
at the dates of the transactions. Foreign exchange gains and losses arising from the settlement of such transac-
tions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in 
foreign currencies are recognised in profit or loss.
The results and financial position of all Group companies that have a functional currency different from the 
presentation currency are translated into the presentation currency as follows:
(a) assets and liabilities for each balance sheet presented are translated at the closing rate at the balance 
sheet date;
(b) income and expenses for each income statement are translated at average exchange rates; and
(c) all resulting exchange differences are recognised as a separate component of equity.
On consolidation, exchange differences arising from the translation of the net investment in foreign opera-
tions are recognised in other comprehensive income. When a foreign operation is partially disposed of or sold, 
exchange differences that were recorded in equity are recognised in the income statement as part of the gain or 
loss on sale.
31 BrainJuicer Group PLC Annual Report and Accounts 2015
 2  PRINCIPAL ACCOUNTING POLICIES continued
SEGMENT REPORTING
Operating segments are reported in a manner consistent with the internal reporting provided to the main deci-
sion-making body of the Company, which collectively comprises the Executive Directors. The Executive Directors 
are responsible for allocating resources and assessing performance of the operating segments.
FINANCIAL INSTRUMENTS
FINANCIAL ASSETS
The Group’s financial assets comprise loans and receivables. The Group does not possess assets held at fair value 
through profit or loss, held-to-maturity investments or available-for-sale financial assets. The classification is de-
termined by management at initial recognition, being dependent upon the purpose for which the financial assets 
were acquired. Financial assets are derecognised when the rights to receive cash flows from the investments have 
expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.
LOANS AND RECEIVABLES
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not 
quoted in an active market. They are included in current assets. The Group’s loans and receivables comprise trade 
and other receivables and cash and cash equivalents in the balance sheet.
Trade receivables are initially recorded at fair value, but subsequently at amortised cost using the effective 
interest rate method. Provision against trade receivables is made when there is objective evidence that the Group 
will not be able to collect all amounts due to it in accordance with the original terms of those receivables. The 
amount of the write-down is determined as the difference between the asset’s carrying amount and the present 
value of estimated future cash flows.
The Group assesses at each balance sheet date whether there is objective evidence that a financial asset or a 
group of financial assets is impaired.
FINANCIAL LIABILITIES
Financial liabilities are initially recognised at fair value, net of transaction costs, and subsequently carried at 
amortised cost using the effective interest rate method. Financial liabilities and equity instruments are classi-
fied according to the substance of the contractual arrangements entered into. An equity instrument is any con-
tract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a 
similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities 
are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are 
included in the income statement. Finance costs are calculated so as to produce a constant rate of return on the 
outstanding liability. Where the contractual terms of share capital do not have any terms meeting the defini-
tion of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to 
equity instruments are debited directly to equity.
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.
32
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2015 BrainJuicer Group PLC Annual Report and Accounts 2015
 2  PRINCIPAL ACCOUNTING POLICIES continued
MERGER RESERVE
The merger reserve represents the difference between the parent company’s cost of investment and a subsidiary’s 
share capital and share premium. The merger reserve in these accounts has arisen from a group reconstruction 
upon the incorporation and listing of the parent company that was accounted for as a common control trans-
action. Common control transactions are accounted for using merger accounting rather than the acquisition 
method.
FOREIGN CURRENCY TRANSLATION RESERVE 
The foreign currency translation reserve represents the differences arising from translation of investments in 
overseas subsidiaries.
TREASURY SHARES
Where the Company purchases the Company’s equity share capital, the consideration paid is deducted from the 
total shareholders’ equity and classified as treasury shares until they are cancelled. Where such shares are subse-
quently sold or re-issued, any consideration received is included in total shareholders’ equity. No gain or loss is 
recognised on the purchase, sale, issue or cancellation of the Company’s own equity instruments.
SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS
SHARE BASED PAYMENTS
The fair value of options granted is determined using the Hoadley Employee Stock Option Valuation model (for 
the employee share option scheme) and a Monte Carlo simulation model (for the long-term incentive scheme). 
These models require a number of estimates and assumptions. The significant inputs into the models are share 
price at grant date, exercise price, historic exercise multiples, expected volatility and the risk free rate. Volatility 
is measured at the standard deviation of expected share price returns based on statistical analysis of historical 
share prices.
During the year (and in previous years) the Company has often purchased shares arising from the exercise of 
share options in order to minimise shareholder dilution and create shareholder value. IFRS 2 does not provide 
guidance on the application of ‘substance over form’ when evaluating whether a share based payment should be 
accounted for as equity or cash-settled. In order to determine whether the Company’s share options are equity or 
cash-settled, consideration needs to be given to whether the settlement of the share options through the issue 
and subsequent repurchase of treasury shares should be treated as one transaction or as two distinct transac-
tions, and whether the Company has a present obligation to settle in cash. The Company does not publicise to 
option holders that treasury shares may be repurchased and the decision to do so is only made at the point of 
option exercise. Consequently, for subsequent settlements treasury shares issued may not be purchased. For 
this reason treating the transaction as a whole would not reflect the transaction’s substance. There’s no present 
obligation to settle in cash given that the Company does not have a policy of repurchasing treasury shares and 
has not advertised to employees that this option will be open to them until the point of exercise. As a result the 
Company’s share options continue to be accounted for as equity rather than cash-settled.
In the prior reporting period the Company cash-settled part of its long-term incentive plan. Despite the repur-
chase of these equity interests the Company did not have an obligation to do so and does not have an obligation, 
constructive or otherwise to do so in the future. As a result, the Company continues to account for share-based 
payments related to its long-term incentive plans as equity rather than cash-settled.
EMPLOYEE BENEFITS
The Group has a sabbatical leave scheme, open to all employees, that provides 20 days paid leave for each six 
years’ of service. The carrying amount of the provision at the balance sheet date amounted to £652,000 (2014: 
£557,000). The provision for liabilities under the scheme is measured using the projected unit credit method. 
This model requires a number of estimates and assumptions. The significant inputs into the model are rate  
of salary growth and average staff turnover as explained in Note 10. 
 4 
33 BrainJuicer Group PLC Annual Report and Accounts 2015
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2015
 3  SEGMENT INFORMATION
When reviewing financial performance, key segmental information that management look at are gross profit, and 
operating profit before allocation of central overheads of the Group’s geographic operating units (“Reportable 
Segments”), and the split of business by type of research solution. 
FINANCIAL PERFORMANCE OF REPORTABLE SEGMENTS: 
 2015 2014
 Revenue Gross Operating Revenue Gross Operating 
  Profit Profit**  Profit Profit**
 £’000 £’000 £’000 £’000  £’000 £’000
US 9,273 7,758 4,419 7,683 6,420 3,700
United Kingdom 8,445 6,733 4,527 8,779 6,814 4,823
Continental Europe 4,088 3,125 1,623 4,416 3,446 1,669
Asia 1,884 1,489 563 2,187 1,699 803
Brazil 1,494 1,145 622 1,580 1,031 283
 25,184 20,250 11,754 24,645 19,410 11,278
REVENUE AND GROSS PROFIT BY RESEARCH SOLUTION: 
 2015 2014
   Revenue Gross Profit Revenue Gross Profit
   £’000 £’000 £’000 £’000
Ad Testing   5,034 4,313 4,241 3,670
Brand Tracking   1,732 1,186 1,121 690
Predictive Markets   8,396 7,339 7,789 6,573
Juicy Core products   15,162 12,838 13,151 10,933
Other Juicy Quantitative products   3,998 3,216 4,510 3,408
Juicy Quantitative Research   19,160 16,054 17,661 14,341
Twist Quantitative Research   4,028 3,043 4,067 3,083
Total Quantitative Research   23,188 19,097 21,728 17,424
Juice Generation and “BCU”   1,996 1,153 2,917 1,986
   25,184 20,250 24,645 19,410
Percentage of revenue    80%  79%
Segmental revenue is revenue generated from external customers and so excludes intercompany revenue. 
** Segmental operating profit excludes costs relating to central services provided by our Operations, IT, Marketing, HR and Finance teams and our Board  
of Directors.
A reconciliation of total operating profit for Reportable Segments to total profit before income tax is set  
out below:
 2015 2014
 £’000 £’000 
OPERATING PROFIT FOR REPORTABLE SEGMENTS 11,754 11,278
Central overheads (7,208) (6,977)
OPERATING PROFIT 4,546 4,301
Finance costs (45) (15)
PROFIT BEFORE INCOME TAX 4,501 4,286
34 BrainJuicer Group PLC Annual Report and Accounts 2015
 3  SEGMENT INFORMATION continued
Revenues are attributed to geographical areas based upon the location in which the service was delivered.
Consolidated balance sheet information is regularly provided to the executive directors but segment balance 
sheet information is not, and accordingly the Company does not disclose segment balance sheet information 
here.
BrainJuicer Group PLC is domiciled in the UK. Revenue from external customers to the UK is £8,445,000 (2014: 
£8,779,000), and revenue from external customers to other countries is £16,739,000 (2014: £15,866,000).
Non-current assets other than financial instruments and deferred tax assets located in the UK is £786,000 
(2014: £920,000), and these non-current assets located in other countries is £37,000 (2014: £40,000).
The Group earns revenue of £1,842,000 (2014: £1,649,000) from its largest customer. This represents 7% (2014: 
7%) of the Group’s consolidated revenue, and is split by geographic operating segment as follows:
 2015 2014
 £’000 £’00
US 736 77
Brazil 629 707
Asia 376 717
UK 101 128
Continental Europe - 20
 1,842 1,649
 4 PROPERTY, PLANT AND EQUIPMENT
 Furniture,  
 fittings and  Computer  
 equipment hardware Total
For the year ended 31 December 2015 £’000 £’000 £’000
AT 1 JANUARY 2015   
Cost  337 861 1,198
Accumulated depreciation (310) (725) (1,035)
NET BOOK AMOUNT 27 136 163
YEAR ENDED 31 DECEMBER 2015   
OPENING NET BOOK AMOUNT 27 136 163
Additions 210 81 291
Foreign exchange (1) 1 -
Depreciation charge for the year (35) (115) (150)
CLOSING NET BOOK AMOUNT 201 103 304
AT 31 DECEMBER 2015   
Cost  397 953 1,350
Accumulated depreciation (196) (850) (1,046)
NET BOOK AMOUNT 201 103 304
35 BrainJuicer Group PLC Annual Report and Accounts 2015
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2015
 4 PROPERTY, PLANT AND EQUIPMENT continued
 Furniture,  
 fittings and  Computer  
 equipment hardware Total
For the year ended 31 December 2014 £’000 £’000 £’000
AT 1 JANUARY 2014   
Cost  337 699 1,036
Accumulated depreciation (299) (625) (924)
NET BOOK AMOUNT 38 74 112
YEAR ENDED 31 DECEMBER 2014   
OPENING NET BOOK AMOUNT 38 74 112
Additions 3 156 159
Depreciation charge for the year (14) (94) (108)
CLOSING NET BOOK AMOUNT 27 136 163
AT 31 DECEMBER 2014   
Cost  337 861 1,198
Accumulated depreciation (310) (725) (1,035)
NET BOOK AMOUNT 27 136 163
 5 INTANGIBLE ASSETS
 Software licenses Software Total
For the year ended 31 December 2015 £’000 £’000 £’000
AT 1 JANUARY 2015    
Cost  609 1,672 2,281
Accumulated amortisation (500) (984) (1,484)
NET BOOK AMOUNT 109 688 797
YEAR ENDED 31 DECEMBER 2015   
OPENING NET BOOK AMOUNT 109 688 797
Additions 31 - 31
Amortisation charge (80) (229) (309)
CLOSING NET BOOK AMOUNT 60 459 519
AT 31 DECEMBER 2015   
Cost  640 1,672 2,312
Accumulated amortisation (580) (1,213) (1,793)
NET BOOK AMOUNT 60 459 519
36 BrainJuicer Group PLC Annual Report and Accounts 2015
 5 INTANGIBLE ASSETS continued   
 Software licenses Software Total
For the year ended 31 December 2014 £’000 £’000 £’000
AT 1 JANUARY 2014    
Cost  498 1,672 2,170
Accumulated amortisation (415) (755) (1,170)
NET BOOK AMOUNT 83 917 1,000
YEAR ENDED 31 DECEMBER 2014   
OPENING NET BOOK AMOUNT 83 917 1,000
Additions 114 - 114
Amortisation charge (88) (229) (317)
CLOSING NET BOOK AMOUNT 109 688 797
AT 31 DECEMBER 2014   
Cost  609 1,672 2,281
Accumulated amortisation (500) (984) (1,484)
NET BOOK AMOUNT 109 688 797
Software comprises the Group’s main research software platform, which it developed over a number of years 
and introduced in 2011, at a cost of £1,604,000. It is being amortised over 7 years and has a remaining amortisa-
tion period of 2 years. The carrying amount of this asset at the balance sheet date was £459,000 (2014: £688,000).
 
 6 FINANCIAL RISK MANAGEMENT
The Group’s financial risk management policies and objectives are explained in the Directors’ report on page 12.
CREDIT RISK
The Group reviews and manages credit risk, arising from trade receivables and cash and cash equivalents, on a 
consolidated basis. The vast majority of the Group’s clients are large blue-chip organisations, and the Group has 
only ever suffered minimal bad debts. The Group has concentrations of credit risk as follows:
 2015 2014
 £’000 £’000
CASH AND CASH EQUIVALENTS  
HSBC Bank PLC (AA credit rating) 6,275 5,225
Deutsche Bank 39 79
UBS 44 26
Other banks 7 17
 6,365 5,347
TRADE RECEIVABLES  
Largest customer by revenue  491 336
37 BrainJuicer Group PLC Annual Report and Accounts 2015
 6 FINANCIAL RISK MANAGEMENT continued
FINANCIAL INSTRUMENTS BY CATEGORY
At the balance sheet date the Group held the following financial instruments by category:
ASSETS AND LIABILITIES AS PER BALANCE SHEET 
 2015  2014
 £’000 £’000
LOANS AND RECEIVABLES  
Trade and other receivables (ex prepayments and accrued income) 6,300 6,304
Cash and cash equivalents 6,365 5,347
 12,665 11,651
OTHER FINANCIAL LIABILITIES CARRIED AT AMORTISED COST  
Trade payables 915 1,187
Accruals 2,607 3,733
 3,522 4,920
The Group’s financial liabilities (of £3,522,000) are all payable within less than one year of the balance sheet 
date, and will be financed from existing cash reserves and operating cash flows. The carrying value of financial 
assets and liabilities approximates to their fair value.
 7 INVENTORY
 2015 2014
 £’000 £’000
WORK IN PROGRESS 90 195
 8 TRADE AND OTHER RECEIVABLES
 2015 2014
 £’000 £’000
Trade receivables 6,143 6,137
Other receivables 157 167
Prepayments 295 420
 6,595 6,724
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 2015, trade receivables of £1,493,000 (2014: £1,343,000) 
were past due but not impaired. 
The ageing of these trade receivables is as follows:
 2015 2014
 £’000 £’000
Up to 3 months 1,258 1,109
3 to 6 months 235 234
 1,493 1,343
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2015
38 BrainJuicer Group PLC Annual Report and Accounts 2015
 8 TRADE AND OTHER RECEIVABLES continued
As of 31 December 2015, trade receivables of £24,000 (2014: £Nil) were impaired. The carrying amount of the 
Group’s trade and other receivables are denominated in the following currencies:  
 2015 2014
 £’000 £’000
US Dollar 2,404 2,680
Sterling 1,596 1,839
Euro 1,324 1,450
Swiss Franc 569 372
Brazilian Real 387 160
Chinese Yuan 85 135
Indian Rupee 66 35
Japanese Yen 66 -
Canadian Dollar 46 -
Singapore Dollar 38 45
Australian Dollar 14 8
 6,595 6,724
 
 9 SHARE CAPITAL
The share capital of BrainJuicer Group PLC consists only of fully paid Ordinary Shares (“shares”) with a par value 
of 1p each. All shares are equally eligible to receive dividends and the repayment of capital, and represent one 
vote at the Annual General Meeting.
ALLOTTED, CALLED UP AND FULLY PAID ORDINARY SHARES:
 Number £’000
At 1 January 2015 and 1 January 2014 13,141,867 131
Exercise of share options 81,895 1
At 31 December 2015 13,223,762 132
During the year the Company issued 81,895 Ordinary Shares (“shares”) on the exercise of employee share 
options for cash consideration of £19,779 of which £18,960 was credited to share premium and £819 to share 
capital. The Company transferred 286,713 shares out of treasury to satisfy the exercise of employee share options 
at a weighted average exercise price of 73 pence per share for total consideration of £211,000. The weighted 
average share price at exercise date was 404 pence per share. The Company subsequently repurchased 286,713 of 
these shares at a weighted average price of 404 pence per share. The total consideration payable on repurchase 
amounted to £1,159,000.
At 31 December 2015, the Company had 13,223,762 Ordinary Shares in issue (2014: 13,141,867) of which 
509,268 were held in treasury (2014: 509,268). The treasury shares will be used to help satisfy the requirements 
of the Group’s share incentive schemes. 
 
39 BrainJuicer Group PLC Annual Report and Accounts 2015
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2015
 9 SHARE CAPITAL continued
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 also under an unapproved scheme. The exercise price for share 
options granted historically is equal to the mid-market opening quoted market price of the Company’s shares 
on the date of grant, and in general, they vest evenly over a period of one to three years following grant date. 
Options granted in more recent years have been awarded in accordance with management long-term incentive 
plans and have such options have a zero exercise price and are subject to performance criteria. If share options 
remain unexercised after a period of ten years from the date of grant, the options expire. Share options are for-
feited 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:
 2015 2014
   Average   Average
   exercise price  exercise price  
   per share Options per share Options 
   Pence No Pence No
OUTSTANDING AT 1 JANUARY   63.6 1,139,572 127.2 835,166 
Granted   - 591,120 - 544,968
Lapsed   - - 11.4 (602)
Exercised   62.5 (368,608) 139.3 (239,960)
OUTSTANDING AT 31 DECEMBER   36.4 1,362,084 63.6 1,139,572
EXERCISABLE AT 31 DECEMBER   64.3 770,964 63.6 1,139,572
The weighted average share price at date of exercise of options exercised during the year was 405 (2014: 452) 
pence. During the year 591,120 nil cost share options were granted under the Company’s current long-term incen-
tive scheme. The options granted in the year have a weighted average fair value of 134 pence per share, valued 
assuming a weighted average share price at grant date of 389 pence, weighted average risk free rate of 0.59%, 
dividend yield of 1.05% and weighted average volatility of 31.49%. 
At 31 December, the Group had the following outstanding options and exercise prices:
 2015 2014
 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
2016 62.3 3,011 9.0 62.3 6,022 21.0
2017 162.5 105,073 13.0 162.5 150,533 25.0
2018 147.5 48,216 27.0 147.5 49,716 39.0
2019 94.0 34,982 37.0 94.0 54,902 49.0
2020 30.3 562,682 52.5 35.2 861,399 64.4
2021 286.0 17,000 70.0 286.0 17,000 82.0
2025 - 591,120 110.8 - - -
AT 31 DECEMBER 36.4 1,362,084 73.6 63.6 1,139,572 57.4
40 BrainJuicer Group PLC Annual Report and Accounts 2015
 9 SHARE CAPITAL continued
LONG TERM INCENTIVE SCHEMES
During the year, the Company awarded 197,040 nil cost stock options to each of its executive directors (John 
Kearon, James Geddes and Alex Batchelor) under the long-term incentive scheme established in 2014 and 
approved at the Company’s annual general meeting on 12 May 2014.
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 £112,000 (2014: £67,000). The 
associated charge for social security was £88,000 (2014: £129,000). 
 10 PROVISIONS
 Sabbatical  Dilapidation 
 provision provisions Total
 £’000  £’000  £’000 
AT 1 JANUARY 2014 516 80 596
Provided in the year 99 - 99
Utilised in the year (58) - (58)
AT 31 DECEMBER 2014 557 80 637
Provided in the year 131 - 131
Utilised in the year (36) - (36)
AT 31 DECEMBER 2015 652 80 732
Of which:  
Current 263 - 263
Non-current 389 80 469
 652 80 732
The Group has a sabbatical leave scheme, open to all employees. The scheme provides 20 days paid leave for 
each successive period of 6 years’ service.
There is no proportional entitlement for shorter periods of service. The provision for the liabilities under the 
scheme is measured using the projected unit credit method. The calculation of the provision assumes an annual 
rate of growth in salaries of 5% (2014: 5%), a discount rate of 2.75% (2014: 2.5%), based upon good quality 6-year 
corporate bond yields, and an average staff turnover rate of 15% (2014: 15%). 
Dilapidation provisions represent the Group’s best estimate of costs required to meet its obligations under 
property lease agreements.
 11 TRADE AND OTHER PAYABLES
 2015  2014
 £’000  £’000
Trade payables 915 1,187
Social security and other taxes 639 623
Accruals and deferred income 2,607 3,733
 4,161 5,543
Trade and other payables are due within one year and are not interest bearing. The contractual terms for the 
payment of trade payables are generally 45 days from receipt of invoice.
41 BrainJuicer Group PLC Annual Report and Accounts 2015
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2015
 12 COMMITMENTS 
The Group leases offices under non-cancellable operating leases for which the future aggregate minimum lease 
payments are as follows:
 2015  2014
 £’000  £’000 
No later than 1 year 827 375
Later than 1 but no later than 5 years 2,351 448
More than 5 years 1,912 -
 5,090 823
The Group has the benefit of 9 months rent-free for a lease with an annual rental commitment of £493,000. 
At the balance sheet date 4 rent-free months were outstanding (2014: Nil). The benefit of the rent-free months 
together with other lease incentives of £23,000 has been was spread over the length of the lease to 15 April 2025.
 13 EXPENSES BY NATURE
 2015  2014
 £’000  £’000 
Employee benefit expense 10,608 10,887
Depreciation and amortisation 459 426
Net foreign exchange losses - 77
Other expenses 9,571 8,954
 20,638 20,344
Analysed as:  
Cost of sales 4,934 5,235
Administrative expenses 15,704 15,109
 20,638 20,344
 14 PROFIT BEFORE TAXATION
Profit before taxation is stated after charging:
 2015  2014
 £’000  £’000 
SERVICES PROVIDED BY THE COMPANY’S AUDITOR AND ITS ASSOCIATES  
Fees payable to the Company’s auditor for the audit of the parent company and consolidated financial statements  43 42
  
Fees payable to the Company’s auditor and its associates for other services:
- Audit-related assurance services 16 19
- Taxation compliance services  28 65
- Tax advisory services  37 47
- Other services 3 7
  
OPERATING LEASE EXPENSES – Land and buildings 859 490 
  
DEPRECIATION AND AMORTISATION 459 426
  
NET LOSS ON FOREIGN CURRENCY TRANSLATION - 77
  
42 BrainJuicer Group PLC Annual Report and Accounts 2015
 15 EMPLOYEE BENEFIT EXPENSE
The average number of staff employed by the Group during the financial year amounted to:
 2015  2014
 No  No 
NUMBER OF ADMINISTRATIVE STAFF 158 152
The aggregate employment costs of the above were:
 2015  2014
 £’000  £’000 
Wages and salaries 8,357 8,775
Social security costs 1,099 1,244
Pension costs – defined contribution plans 268 257
Long service leave cost 95 41
Share based remuneration 112 67
Redundancies 113 27
Medical benefits 564 476
 10,608 10,887
The directors have identified 6 (2014: 6) key management personnel, including three executive and three non-
executive directors. 
Compensation to key management is set out below:
 2015  2014 
 £’000  £’000 
Short-term employee benefits (salaries, bonuses and benefits in kind) 661 649
Post-employment benefits (pension costs – defined contribution plans) 33 32
Share-based payment 112 17
 806 698
Details of directors’ emoluments are given in the Remuneration Report on page 17.
 
 16 FINANCE COSTS
 2015  2014
 £’000  £’000 
Other interest payable 45 15
 
 17 INCOME TAX EXPENSE
 2015  2014
 £’000  £’000 
Current tax 1,461 1,298
Deferred tax 8 91
 1,469 1,389
43 BrainJuicer Group PLC Annual Report and Accounts 2015
 17 INCOME TAX EXPENSE continued
Income tax expense for the year differs from the standard rate of taxation as follows:
 2015  2014
 £’000  £’000 
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 4,501 4,286
Profit on ordinary activities multiplied by standard tax rate of 20.21% (2014: 21.45%) 910 919
Difference between tax rates applied to Group’s subsidiaries 402 299
Expenses not deductible for tax purposes 142 74
Tax on intra-group management charges (Brazil and China) 126 161
Adjustment to current tax in respect of prior years (78) (11)
Credit on exercise of share options taken to income statement (33) (53)
TOTAL TAX  1,469 1,389
 
 18 DEFERRED TAX
The analysis of deferred tax assets and deferred tax liabilities is as follows:
 2015  2014 
 £’000  £’000 
Deferred tax assets:  
- Deferred tax assets to be recovered after more than 12 months 360 445
- Deferred tax assets to be recovered within 12 months 306 409
 666 854
Deferred tax liabilities:  
- Deferred tax liability to be recovered within 12 months (77) (40)
DEFERRED TAX ASSET (NET): 589 814
The gross movement in deferred tax is as follows:
 2015  2014
 £’000  £’000 
AT 1 JANUARY 814 670
Foreign exchange differences 1 2
Income statement charge (8) (91)
Tax (debited)/credited directly to equity (218) 233
AT 31 DECEMBER 589 814
The movement in deferred income tax assets and liabilities during the year, without taking into consideration 
the offsetting of balances within the same tax jurisdiction, is as follows:
DEFERRED TAX ASSETS 
 Other  Overseas tax Share Dilapidation  Sabbatical  
 provisions losses options  provisions provision Total
 £’000 £’000  £’000  £’000  £’000  £’000 
AT 1 JANUARY 2015 (3) 55 670 13 119 854
Foreign exchange differences - (1) 2 (1) 1 1
Charged to income statement 30 (11) (21) - 31 29
Debited directly to equity - - (218) - - (218)
AT 31 DECEMBER 2015 27 43 433 12 151 666
 
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2015
44 BrainJuicer Group PLC Annual Report and Accounts 2015
 18 DEFERRED TAX continued
DEFERRED TAX LIABILITIES   
  Accelerated  
  capital  
  allowances
  £’000 
AT 1 JANUARY 2015  (40)
Charged to income statement  (37)
AT 31 DECEMBER 2015  (77)
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.
 19 EARNINGS PER SHARE
(A) BASIC EARNINGS PER SHARE
Basic earnings per share are calculated by dividing the profit attributable to equity holders of the Company by 
the weighted average number of Ordinary Shares in issue during the year.
 2015  2014
PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY (£’000) 3,032 2,897
  
Weighted average number of Ordinary Shares in issue 12,684,787 12,613,136
BASIC EARNINGS PER SHARE 24.0p 23.0p
(B) DILUTED EARNINGS PER SHARE
Diluted earnings per share is calculated by adjusting the weighted average number of shares outstanding assum-
ing conversion of all dilutive share options to Ordinary Shares.
  2015  2014
PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY AND PROFIT  
USED TO DETERMINE DILUTED EARNINGS PER SHARE (£’000) 3,032 2,897
Weighted average number of Ordinary Shares in issue 12,684,787 12,613,136
Share options 642,941 978,342
Weighted average number of Ordinary Shares for diluted earnings per share 13,327,728 13,591,478
DILUTED EARNINGS PER SHARE 22.7p 21.3p
 20 DIVIDENDS PER SHARE
 2015  2014 
 £’000 £’000
Final dividend for 2014: 3.3 pence per share (2014: 3 pence per share for 2013) 417 378
Interim dividend for 2015: 1 pence per share (2014: 1 pence per share) 127 126
Special dividend for 2015: Nil pence per share (2014: 12 pence per share) - 1,512
 127 1,638
TOTAL ORDINARY DIVIDENDS PAID IN THE YEAR 544 2,016
The directors are proposing a final dividend in respect of the year ended 31 December 2015 of 3.5 pence per 
share. These financial statements do not reflect this proposed dividend.
45 BrainJuicer Group PLC Annual Report and Accounts 2015
Notes to the Consolidated Financial Statements continued
For the Year Ended 31 December 2015
 21 RELATED PARTY TRANSACTIONS
During the prior year the Company’s 2010 long-term incentive plan for senior executives vested. In settlement 
John Kearon received cash of £656,000 and both James Geddes and Alex Batchelor were each awarded options 
over 125,722 shares in the Company at an exercise price of £Nil per share.
Dividends paid to directors were as follows:
 2015  2014 
 £  £
John Kearon 165,980 617,599
James Geddes 6,808 25,332
Alex Batchelor 4,380 16,296
Ken Ford 860 3,200
Robert Brand 1,290 4,800
Graham Blashill 215 800
 179,533 668,027
  
 22 NET CASH GENERATED FROM OPERATIONS
 2015  2014 
 £’000  £’000 
PROFIT BEFORE TAXATION 4,501 4,286
Depreciation 150 108
Amortisation 309 317
Interest paid 45 15
Share-based payment expense 112 67
Decrease in inventory 105 43
Decrease in receivables 129 620
Decrease in payables (1,287) (752)
Exchange differences on operating items 73 (32)
NET CASH GENERATED FROM OPERATIONS 4,137 4,672
 
 23 SEASONALITY OF REVENUES
Group revenues tend to be higher in the second-half of the financial year than in the first six months. For the 
year ended 31 December 2015, revenues for the second half of the year represented 54% of total revenues  
(2014: 55%).
 24 AUDIT EXEMPTION
BrainJuicer Limited, company number 03900547, is exempt from the requirements of the Companies Act 2006 
relating to the audit of accounts under section 479A.
46 BrainJuicer Group PLC Annual Report and Accounts 2015
Company Balance Sheet
As at 31 December 2015
47
   2015 2014
 Note £’000 £’000
FIXED ASSETS  
Other intangible assets 2 519 796
Tangible assets 3 156 114
Investments 4 581 581
  1,256 1,491
CURRENT ASSETS   
Inventories  - 1
Debtors due within one year 5 2,271 3,986
Debtors due after one year 5 147 160
Cash at bank  3,724 2,784
  6,142 6,931
   
CREDITORS – AMOUNTS DUE WITHIN ONE YEAR 6 (1,408) (2,976)
NET CURRENT ASSETS  4,734 3,955
TOTAL ASSETS LESS CURRENT LIABILITIES  5,990 5,446
PROVISIONS FOR LIABILITIES 7 (349) (291)
NET ASSETS  5,641 5,155
CAPITAL AND RESERVES   
Share capital  9 132 131
Share premium account  1,599 1,580
Retained earnings  3,910 3,444
SHAREHOLDERS’ FUNDS  5,641 5,155
REGISTERED COMPANY NO. 05940040
These financial statements were approved by the directors on 18 March 2016 and are signed on their behalf by:
JOHN KEARON JAMES GEDDES
Director Director BrainJuicer Group PLC Annual Report and Accounts 2015
Company Statement of Changes in Equity
For the Year Ended 31 December 2015
  Share   
 Share premium  Retained  
 capital account  earnings Total
 £’000 £’000 £’000 £’000
AT 1 JANUARY 2014 131 1,579 1,689 3,399
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE  
INCOME ATTRIBUTABLE TO THE EQUITY HOLDERS - - 5,277 5,277
Transactions with owners:       
Employee share options scheme:       
- exercise of share options - 1 - 1
- value of employee services - - 67 67
- current tax credited to equity - - 121 121
- deferred tax credited to equity - - 244 244
Dividends paid to owners - - (2,016) (2,016)
Sale of treasury shares - - 334 334
Purchase of treasury shares - - (1,033) (1,033)
Settlement of long term incentives - - (1,239) (1,239)
 - 1 (3,522) (3,521)
AT 31 DECEMBER 2014 131 1,580 3,444 5,155
       
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE  
INCOME ATTRIBUTABLE TO THE EQUITY HOLDERS - - 1,892 1,892
Transactions with owners:       
Employee share options scheme:       
- exercise of share options 1 19 - 20
- value of employee services - - 112 112
- current tax credited to equity - - 123 123
- deferred tax debited to equity - - (169) (169)
Dividends paid to owners - - (544) (544)
Sale of treasury shares - - 211 211
Purchase of treasury shares - - (1,159) (1,159)
 1 19 (1,426) (1,406)
AT 31 DECEMBER 2015 132 1,599 3,910 5,641
48 BrainJuicer Group PLC Annual Report and Accounts 2015
 1  ACCOUNTING POLICIES
STATEMENT OF COMPLIANCE
The separate financial statements of the Company are presented in accordance with Financial Reporting Standard 
101 – ‘The Reduced Disclosure Framework’. They have been prepared under the historical cost convention. The 
principal accounting policies of adopted in the preparation of these financial statements are set out below. These 
policies have been applied consistently throughout the year.
CHANGES IN ACCOUNTING POLICIES
This is the first year for which the financial statements have been prepared in accordance with FRS 101. The 
date of transition to FRS 101 is 1 January 2014. An explanation of the transition is included in Note 10 to the 
financial statements. In applying FRS 101 for the first time the Company has applied early the amendment to FRS 
101 which permits a first time adopter not to present an opening balance sheet at the beginning of the earliest 
comparative period presented.
This Company is included in the consolidated financial statements of BrainJuicer Group PLC for the year ended 
31 December 2015. These accounts are available from the registered office address of the Company.
DISCLOSURE EXEMPTIONS ADOPTED
In preparing these financial statements the Company has taken advantage of all disclosure exemptions available 
under FRS 101. Therefore these financial statements do not include:
1. A statement of cash flows and related notes.
2. The requirement to produce a balance sheet at the beginning of the earliest comparative period.
3. The requirements of IAS 24 Related Party Disclosures to disclose related party transactions entered into 
between two or more wholly owned members of the group.
4. Disclosure of key management personnel compensation.
5. Capital management disclosures.
6. Presentation of a comparative reconciliation of the number of shares outstanding at the beginning and at 
the end of the period.
7. The effect of future accounting standards not adopted.
8. Disclosures in respect of financial instruments and fair value measurement.
OTHER 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 Company, 
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 Company can dem-
onstrate all of the following conditions:
(a) the technical feasibility of completing the intangible asset so that it will be available for use or sale;
(b) its intention to complete the intangible asset and use or sell it;
(c) its ability to use or sell the intangible asset;
(d) how the intangible asset will generate probable future economic benefits;
(e) among other things, the Company 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.
49
Notes to the Company Financial Statements
For the Year Ended 31 December 2015 BrainJuicer Group PLC Annual Report and Accounts 2015
Notes to the Company Financial Statements continued
For the Year Ended 31 December 2015
50
 1  ACCOUNTING POLICIES continued
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 main research software platform, which it developed over a number of years, was brought into 
use on 1 January 2011 and is being amortised over its estimated useful economic life of 7 years.
Amortisation on all intangible assets is charged to administrative expenses.
TANGIBLE FIXED ASSETS
Property, plant and equipment are stated at historical cost less accumulated depreciation and accumulated 
impairment losses. Depreciation is provided to write off the cost of all property, plant and equipment to its 
residual value on a straight-line basis over its expected useful economic lives, which are as follows:
Furniture, fittings and equipment  5 years
Computer hardware  2 to 3 years
The residual value and useful life of each asset is reviewed and adjusted, if appropriate, at each balance sheet 
date.
IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
At each balance sheet date the Company 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 AT BANK
Cash at bank comprises cash in hand and bank deposits available on demand.
INVENTORIES – WORK IN PROGRESS
Work in progress comprises directly-attributable external costs on incomplete market research projects and is 
held in the balance sheet at the lower of cost and net realisable value.
INCOME TAXES
Current income tax liabilities comprise those obligations to fiscal authorities relating to the current or prior 
reporting period, that are unpaid at the balance sheet date. They are calculated according to the tax rates and 
tax laws that have been enacted or substantively enacted at the reporting date 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 Company 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. BrainJuicer Group PLC Annual Report and Accounts 2015 51
 1  ACCOUNTING POLICIES continued
EMPLOYEE BENEFITS
All accumulating employee-compensated absences that are unused at the balance sheet date are recognised as  
a liability.
The Company operates a defined contribution pension plan. The Company pays contributions to the plan  
based upon the contractual terms agreed with each employee. The Company 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 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. 
PROVISIONS
Provisions for sabbatical leave are recognised when: the Company 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 recog-
nised 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.
FINANCIAL INSTRUMENTS
FINANCIAL ASSETS
The Company’s financial assets comprise loans and receivables. The Company does not possess assets held at fair 
value through profit or loss, held-to-maturity investments or available-for-sale financial assets. The classification 
is determined by management at initial recognition, being dependent upon the purpose for which the financial 
assets were acquired. Financial assets are derecognised when the rights to receive cash flows from the invest-
ments have expired or have been transferred and the Company 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 Company’s loans and receivables comprise 
trade and other debtors and cash at bank in the balance sheet.
Trade debtors are initially recorded at fair value, but subsequently at amortised cost using the effective inter-
est rate method. Provision against trade debtors is made when there is objective evidence that the Company will 
not be able to collect all amounts due to it in accordance with the original terms of those debtors. The amount 
of the write-down is determined as the difference between the asset’s carrying amount and the present value of 
estimated future cash flows.
The Company assesses at each balance sheet date whether there is objective evidence that a financial asset or 
a group of financial assets is impaired.
FINANCIAL LIABILITIES 
Financial liabilities are initially recognised at fair value, net of transaction costs, and subsequently carried at 
amortised cost using the effective interest rate method. Financial liabilities and equity instruments are classi-
fied according to the substance of the contractual arrangements entered into. An equity instrument is any con-
tract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a 
similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities 
are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are 
included in the income statement. Finance costs are calculated so as to produce a constant rate of return on the 
outstanding liability. Where the contractual terms of share capital do not have any terms meeting the defini-
tion of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to 
equity instruments are debited directly to equity. BrainJuicer Group PLC Annual Report and Accounts 2015 52
Notes to the Company Financial Statements continued
For the Year Ended 31 December 2015
 1  ACCOUNTING POLICIES continued
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.
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 subse-
quently sold or re-issued, any consideration received is included in total shareholders’ equity. No gain or loss is 
recognised on the purchase, sale, issue or cancellation of the Company’s own equity instruments.
SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS
SHARE-BASED PAYMENTS 
The fair value of options granted is determined using the Hoadley Employee Stock Option Valuation model (for 
the employee share option scheme) and a Monte Carlo simulation model (for the long-term incentive scheme). 
These models require a number of estimates and assumptions. The significant inputs into the models are share 
price at grant date, exercise price, historic exercise multiples, expected volatility and the risk free rate. Volatility 
is measured at the standard deviation of expected share price returns based on statistical analysis of historical 
share prices.
During the year (and in previous years) the Company has often purchased shares arising from the exercise of 
share options in order to minimise shareholder dilution and create shareholder value. IFRS 2 does not provide 
guidance on the application of ‘substance over form’ when evaluating whether a share based payment should be 
accounted for as equity or cash-settled. In order to determine whether the Company’s share options are equity or 
cash-settled, consideration needs to be given to whether the settlement of the share options through the issue 
and subsequent repurchase of treasury shares should be treated as one transaction or as two distinct transac-
tions, and whether the Company has a present obligation to settle in cash. The Company does not publicise to 
option holders that treasury shares may be repurchased and the decision to do so is only made at the point of 
option exercise. Consequently, for subsequent settlements treasury shares issued may not be purchased. For 
this reason treating the transaction as a whole would not reflect the transaction’s substance. There’s no present 
obligation to settle in cash given that the Company does not have a policy of repurchasing treasury shares and 
has not advertised to employees that this option will be open to them until the point of exercise. As a result the 
Company’s share options continue to be accounted for as equity rather than cash-settled.
In the prior reporting period the Company cash-settled part of its long-term incentive plan. Despite the repur-
chase of these equity interests the Company did not have an obligation to do so and does not have an obligation, 
constructive or otherwise to do so in the future. As a result, the Company continues to account for share-based 
payments related to its long term incentive plans as equity rather than cash-settled.
EMPLOYEE BENEFITS
The Company has a sabbatical leave scheme, open to all employees, that provides 20 days paid leave for each six 
years’ of service. The carrying amount of the provision at the balance sheet date amounted to £304,000 (2014: 
£261,000). The provision for liabilities under the scheme is measured using the projected unit credit method. 
This model requires a number of estimates and assumptions. The significant inputs into the model are rate of sal-
ary growth and average staff turnover as explained in Note 7. 
  BrainJuicer Group PLC Annual Report and Accounts 2015 53
 2 OTHER INTANGIBLE ASSETS
 Software licenses Software Total
 For the year ended 31 December 2015 £’000 £’000 £’000
AT 1 JANUARY 2015    
Cost  405 1,672 2,077
Accumulated amortisation (297) (984) (1,281)
NET BOOK AMOUNT 108 688 796
YEAR ENDED 31 DECEMBER 2015   
OPENING NET BOOK AMOUNT 108 688 796
Additions 30 - 30
Amortisation charge (78) (229) (307)
CLOSING NET BOOK AMOUNT 60 459 519
AT 31 DECEMBER 2015   
Cost  435 1,672 2,107
Accumulated amortisation (375) (1,213) (1,588)
NET BOOK AMOUNT 60 459 519
 Software licenses Software Total
 For the year ended 31 December 2014 £’000 £’000 £’000
AT 1 JANUARY 2014    
Cost  293 1,672 1,965
Accumulated amortisation (210) (755) (965)
NET BOOK AMOUNT 83 917 1,000
YEAR ENDED 31 DECEMBER 2014   
OPENING NET BOOK AMOUNT 83 917 1,000
Additions 112 - 112
Amortisation charge (87) (229) (316)
CLOSING NET BOOK AMOUNT 108 688 796
AT 31 DECEMBER 2014   
Cost  405 1,672 2,077
Accumulated amortisation (297) (984) (1,281)
NET BOOK AMOUNT 108 688 796
Software comprises the Group’s main research software platform, which it developed over a number of years 
and introduced in 2011, at a cost of £1,604,000. It is being amortised over 7 years and has a remaining amortisa-
tion period of 2 years. The carrying amount of this asset at the balance sheet date was £459,000 (2014: £688,000). BrainJuicer Group PLC Annual Report and Accounts 2015 54
Notes to the Company Financial Statements continued
For the Year Ended 31 December 2015
 3 TANGIBLE ASSETS
 Furniture,  
 fittings and  Computer  
 equipment hardware Total
For the year ended 31 December 2015 £’000 £’000 £’000
AT 1 JANUARY 2015   
Cost  154 336 490
Accumulated depreciation (152) (224) (376)
NET BOOK AMOUNT 2 112 114
YEAR ENDED 31 DECEMBER 2015   
OPENING NET BOOK AMOUNT 2 112 114
Additions 91 50 141
Depreciation charge for the year (11) (88) (99)
CLOSING NET BOOK AMOUNT 82 74 156
AT 31 DECEMBER 2015   
Cost  99 386 485
Accumulated depreciation (17) (312) (329)
NET BOOK AMOUNT 82 74 156
 Furniture,  
 fittings and  Computer  
 equipment hardware Total
For the year ended 31 December 2014 £’000 £’000 £’000
AT 1 JANUARY 2014   
Cost  154 204 358
Accumulated depreciation (150) (153) (303)
NET BOOK AMOUNT 4 51 55
YEAR ENDED 31 DECEMBER 2014   
OPENING NET BOOK AMOUNT 4 51 55
Additions - 132 132
Depreciation charge for the year (2) (71) (73)
CLOSING NET BOOK AMOUNT 2 112 114
AT 31 DECEMBER 2014   
Cost  154 336 490
Accumulated depreciation (152) (224) (376)
NET BOOK AMOUNT 2 112 114 BrainJuicer Group PLC Annual Report and Accounts 2015 55
 4 INVESTMENTS
   Group companies
   £’000 
COST AND NET BOOK AMOUNT   
At 1 January 2015 and at 31 December 2015   581
SUBSIDIARY UNDERTAKINGS
Details of subsidiary undertakings at 31 December 2015 are as follows:
   Country of
   incorporation
BrainJuicer Limited   UK
BrainJuicer BV   Netherlands
BrainJuicer Inc   USA
BrainJuicer Sarl   Switzerland
BrainJuicer GmbH   Germany
BrainJuicer Marketing Consulting (Shanghai) Co., Ltd   China
BrainJuicer Do Brazil Servicos de Marketing LTDA   Brazil
BrainJuicer Srl   Italy
BrainJuicer France SARL   France
BrainJuicer Market Research Pte Ltd   Singapore
BrainJuicer India Private Limited   India
System1 Agency Limited   UK
BrainJuicer Limited and System1 Agency Limited are wholly owned direct subsidiaries of BrainJuicer Group 
PLC. The remaining subsidiaries are each wholly owned direct subsidiaries of BrainJuicer Limited. The activities 
of all companies are the provision of online market research services, apart from System1 Agency Limited (that 
commenced trading from January 2016) which provides advertising agency services. 
 5 DEBTORS
 2015  2014
 £’000 £’000 
DUE WITHIN ONE YEAR
Trade debtors - 35
Amounts due from group undertakings 1,713 3,304
Other debtors 32 46
Corporation tax recoverable 150 24
Deferred tax (Note 8) 210 353
Prepayments 166 224
 2,271 3,986
DUE AFTER ONE YEAR
Deferred tax (Note 8) 147 160
 
 6 CREDITORS: AMOUNTS DUE WITHIN ONE YEAR
 2015  2014
 £’000 £’000
Trade creditors 238 193
Social security and other taxes 88 67
Amounts due to group undertakings 522 1,952
Accruals and deferred income 560 764
 1,408 2,976 BrainJuicer Group PLC Annual Report and Accounts 2015
 7 PROVISIONS FOR LIABILITIES
 Deferred tax Sabbatical  
 (Note 8) provision Total
 £’000  £’000  £’000 
AT 1 JANUARY 2014 24 207 231
Provided in the year 6 91 97
Utilised in the year - (37) (37)
AT 31 DECEMBER 2014 30 261 291
Provided in the year 15 63 78
Utilised in the year - (20) (20)
AT 31 DECEMBER 2015 45 304 349
The Company has a sabbatical leave scheme, open to all employees. The scheme provides 20 days paid leave for 
each successive period of 6 years’ service. There is no proportional entitlement for shorter periods of service. The 
provision for the liabilities under the scheme is measured using the projected unit credit method. 
The calculation of the provision assumes an annual rate of growth in salaries of 5% (2014: 5%), a discount rate 
of 2.75% (2014: 2.5%), based upon good quality 6-year corporate bond yields, and an average staff turnover rate 
of 15% (2014: 15%). 
 8 DEFERRED TAX
The analysis of deferred tax assets and deferred tax liabilities is as follows:
 2015  2014 
 £’000  £’000 
Deferred tax assets:  
- Deferred tax assets to be recovered after more than 12 months 147 160
- Deferred tax assets to be recovered within 12 months 210 353
 357 513
Deferred tax liabilities:  
- Deferred tax liability to be recovered within 12 months (45) (30)
DEFERRED TAX ASSET (NET): 312 483
The gross movement in deferred tax is as follows:
 2015  2014
 £’000  £’000 
AT 1 JANUARY 483 251
Income statement charge (2) (12)
Tax (debited)/credited directly to equity (169) 244
AT 31 DECEMBER 312 483
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  Share Sabbatical  
   provisions  options provision Total
   £’000 £’000  £’000  £’000
AT 1 JANUARY 2015   1 460 52 513
Credited to income statement   1 3 9 13
Debited directly to equity   - (169) - (169)
AT 31 DECEMBER 2015   2 294 61 357
56
Notes to the Company Financial Statements continued
For the Year Ended 31 December 2015 BrainJuicer Group PLC Annual Report and Accounts 2015 57
 8 DEFERRED TAX continued
 DEFERRED TAX LIABILITIES
  Accelerated  
  capital  
  allowances
  £’000 
AT 1 JANUARY 2015  (30)
Charged to income statement  (15)
AT 31 DECEMBER 2015  (45)
 9 SHARE CAPITAL
Allotted, called up and fully paid:
 Number £’000 
AT 1 JANUARY 2015 AND 1 JANUARY 2014 13,141,867 131
Exercise of share options 81,895 1
AT 31 DECEMBER 2015 13,223,762 132
 
 10 TRANSITION TO FRS 101
The Company has adopted FRS 101 for the first time having previously applied UK GAAP that was effective before 
periods commencing on or after 1 January 2015. The date of transition to FRS 101 was 1 January 2014. The com-
pany has restated its comparatives for the year ended 31 December 2014.
On applying FRS 101 for the first time, the Company has elected to retain its interests in subsidiaries at the 
previous UK GAAP carrying amount at the date of transition to FRS 101.
Transition to FRS 101 – reconciliation to restated Company Balance Sheet:
 31 DEC 2015  1 JAN 2014 
 £’000  £’000 
Shareholders’ funds under previous UK GAAP 4,682 3,292
Deferred tax on share-based payments (see below) 473 107
RESTATED SHAREHOLDERS’ FUNDS 5,155 3,399
Under previous UK GAAP the Company did not recognise deferred tax on the excess of the expected future tax 
deduction over the tax attributable to the cumulative share-based payment expense. All tax relating to share-
based payment deductions was recognised in profit or loss. 
Under FRS 101, the current or deferred tax in respect of this tax deduction is included in profit or loss for the 
year, except that any excess of current or deferred tax over the amount of the tax rate applied to the amount of 
the related cumulative remuneration expense is recognised directly in equity.
There was no effect upon original profit on ordinary activities before tax for the year ended 31 December 2014 
as a result of the adoption of FRS 101.
 11 PROFIT FOR THE YEAR
The Company has made use of the exemptions as permitted by Section 408 of the Companies Act 2006 and accord-
ingly the income statement of the Company is not presented as part of the accounts. The parent company profit 
for the year to 31 December 2015 of £1,892,000 (2014: £5,277,000) is included in the Group profit for the financial 
year. Details of executive and non-executive directors’ emoluments and their interest in shares and options of 
the company are shown within the directors’ remuneration report on pages 17 to 18. Company Information
INDEPENDENT AUDITOR 
GRANT THORNTON UK LLP
Chartered Accountants and 
Statutory Auditors
Grant Thorton House
202 Silbury Boulevard
Central Milton Keynes
MK9 1LW
 
REGISTRARS 
CAPITA ASSET SERVICES
34 Beckenham Road
Beckenham
Kent
BR3 4TU
STOCKBROKERS 
CANACCORD GENUITY LIMITED 
88 Wood Street
London
EC2V 7QR
COMPANY SECRETARY  
James Geddes
REGISTERED OFFICE 
10-12 Russell Square
London
WC1B 5EH
REGISTERED NUMBER 
05940040
info@brainjuicer.com
www.brainjuicer.com