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Datamonitor PLC
28 July 2003
28 July 2003
Datamonitor plc
The premium business information company
Interim results for the 6 months ended 30th June 2003
"Early return to profit achieved"
HIGHLIGHTS
* Revenue up 10.4% to #17.0m (2002: #15.4m)
* Early return to profit with profit before tax of #0.5m (2002: #3.4m
loss)
* EBITDA* increased to #0.9m (2002: #2.3m loss)
* Operating cash flow positive at #2.7m (2002:outflow of #4.3m)
* Strong debt free balance sheet with a cash balance of #16.0m (31
December 2002: #13.1m)
* Continued sales growth resulting in increased deferred revenue to
#10.5m (2002: #8.1m)
* EBITDA is defined on page 8
Commenting on the results, Bernard Cragg, Chairman of Datamonitor, said:
"I am pleased to report that the initiatives put in place by the new management
team to grow sales and maintain a tight control over costs have resulted in an
early return to profitability for Datamonitor. We end this first half with an
improved cash position and deferred revenues (forward sales) at their highest
ever level."
Enquiries
Datamonitor plc Tel: 020 7796 4133 on the morning of 28 July 2003
Mike Danson, Chief Executive Officer Tel: 020 7675 7000 thereafter
Andrew Gilchrist, Finance Director
Hudson Sandler Tel: 020 7796 4133
Noemie de Andia
CHAIRMAN'S STATEMENT
I am pleased to report that the initiatives put in place by the new management
team to grow sales and maintain a tight control over costs have resulted in an
early return to profitability for Datamonitor. We end this first half with an
improved cash position and deferred revenues (forward sales) at their highest
ever level.
RESULTS
Despite a challenging environment, revenue in the first half of the year
increased by 10.4% to #17.0m (2002: #15.4m). We returned to profitability for
the first time since our flotation with a profit before tax of #0.5m (2002:
#3.4m loss) and an EBITDA of #0.9m (2002: #2.3m loss).
We have significantly improved our cash position in the first half and have a
strong cash balance of #16.0m at 30 June 2003 (31 December 2002: #13.1m).
The results are analysed in more detail in the financial review.
DIVIDEND
We completed our capital reconstruction in May and the Group is committed to
start paying dividends when the recovery of the Group becomes well established
and on the basis of a satisfactory level of dividend cover.
THE BOARD
I became non-executive Chairman of the Board on 10 February 2003 and I have used
the last few months to get to know the business. We have begun to restructure
the Board by the introduction of one new independent non-executive director and
will be making a further non-executive appointment in due course. Like many
companies of the size of Datamonitor we are complying with corporate governance
guidelines in all material areas and I am confident that we have set the right
structures and processes in place.
I welcome Russell Chambers who was appointed non-executive director in July
2003. Russell was Head of UK Investment Banking at Investec from 2001 to 2003.
Prior to this he was a Managing Director in the UK Investment Banking team at
Merrill Lynch Europe where he worked for 13 years. He brings significant
contacts and expertise in the financial sector.
STRATEGY and OUTLOOK
We have established a new lower cost base and our challenge is to now drive
higher levels of revenue from our strong base of intellectual property and
knowledge, whilst continuing to extend the range and applicability of our data
sets. This we will do both organically, and by acquisition where this will
accelerate our speed to market and extend our customer base.
Whilst visibility of forward sales remains limited we have achieved
profitability in the first half and would expect further progress during the
rest of the year.
Bernard Cragg
Chairman
28 July 2003
CHIEF EXECUTIVE'S STATEMENT
The results for the first half demonstrate our success in reducing costs and the
beginning of the benefits of the sales reorganisation, resulting in higher sales
and a return to profitability. Revenue is up compared to the same period last
year which represents an encouraging performance in a difficult environment.
Our cost reduction programme continues to deliver savings. We have continued to
focus and improve our product offering. As a result of both the sales
improvement and reduced costs, coupled with stronger working capital management
and controlled capital expenditure, the business has been strongly cash
generative during the first half.
FINANCIAL REVIEW
Revenue in the first half of the year increased by 10.4% to #17.0m (2002:
#15.4m), principally reflecting the success of the sales initiatives put in
place since the year end. Profit before tax was #0.5m (2002: #3.4m loss). This
represented earnings per share of 0.7p (2002: loss per share of 4.9p).
Gross profit in the first half of the year increased by 20.7% to #11.1m (2002:
#9.2m). Gross margin increased to 65.3% (2002: 60.0%) reflecting higher
revenues and reduced cost of sales. Sales and marketing costs decreased to
#5.3m (2002: #6.0m) as a result of savings made through efficiency gains.
General and administrative costs (before depreciation and amortisation)
decreased to #4.8m (2002: #5.6m).
EBITDA was #0.9m (2002: #2.3m loss) and our operating profit increased to #0.2m
(2002: #3.6m loss).
The average exchange rate used to translate dollar revenue into sterling in the
first half was 1.61 (2002: 1.46).
We have improved our cash position in the first half and have a strong cash
balance of #16.0m at 30 June 2003 (31 December 2002: #13.1m). This strong cash
position is a result of our return to profitability, improved working capital
management and controlled but sensible levels of capital expenditure.
Deferred revenues, which represent Datamonitor's forward sales, have increased
to #10.5m (2002: #8.1m) and are at the highest level ever achieved by the Group.
As disclosed at the year end, on going depreciation costs are much lower than in
previous years. Capital expenditure in the first half of the year was #0.1m
(2002: #1.6m). Our on going development of websites and delivery platforms is
undertaken by internal teams and the cost is expensed as it is incurred during
the period.
OPERATIONAL REVIEW
Operational initiatives
We reorganised our Account sales teams in January 2003 and our Telesales teams
in May 2003. We have been strengthening the teams by bringing in new staff and
through active sales management. New performance standards have been set and
new sales targets and incentives have been put in place to raise performance
levels. We also removed administrative duties from the sales team in order to
focus it on selling. Inevitably these changes have caused some disruption and
therefore the full benefit of the reorganisation has yet to be seen.
We have continued our cost reduction programme. Having achieved our original
target reduction of #4m of annual cost savings we continue to identify and
harness savings across the business. In particular, we have worked on
re-engineering our processes and systems to improve operations and obtain cost
savings. There has been a reduction in general and administrative costs and in
the general and administrative headcount (noticeably in the Human Resources,
Finance and Marketing Support functions), a better focused marketing spend and a
reduction in property expenditure. We have been able to achieve improved
performance levels with a reduced headcount and a good example of this is in
Finance where our debtor book has been reduced through a smaller, better
organised team.
Sector Review
Premium services revenues comprise subscription products and custom solutions.
Characterised by deeply embedded customer relationships, these revenues provide
the Group with a predictable, high-quality revenue stream with a substantial
deferred revenue bank. Premium services revenues grew by 4.2% to #12.3m (2002:
#11.8m), helped by new business wins achieved from our more focussed sales and
marketing approach, and represent 72.6% (2002: 77.0%) of the Group's revenue.
Revenue from subscription products, our largest selling product category,
increased by 6.6% to #9.7m (2002: #9.1m) as we increased our customer numbers
and average customer value. The number of customers with an annual contract
value of over #7,500 increased to 460 at 30 June 2003 (at 31 December 2002:
416). The average value of these customers reduced to #32,000 (at 31 December
2002: #34,000). Our renewal rate is 61.4% (2002: 56.0%). We have moved from a
period of weaker management and sales performance to a new management team. The
new team is not satisfied with the renewal rate and sees it as an area of
opportunity; we are now working to improve the renewal rate through a
reorganised sales team, stronger account management, and reinforcing the product
proposition.
Subscriptions with an annual contract value exceeding #7,500 had a total value
of #14.5m at 30 June 2003 (at 31 December 2002: #14.1m) while subscriptions with
an annual contract value under #7,500 had a total value of #2.1m (at 31 December
2002: #1.7m).
Revenue from custom solutions decreased marginally to #2.6m (2002: #2.7m).
Other information products (non-subscription products) comprise principally of
the sale of single copy reports. Revenue from other information products
increased by 31.4% to #4.6m (2002: #3.5m), and now represents 27.4% (2002:
23.0%) of the Group's revenue.
Development of Intellectual Property
Datamonitor has a significant Intellectual Property platform from which we can
develop the business and we continue to invest in it and to enhance the product
offering.
Although we have reduced the Group's cost base this has not affected the product
areas and this is clearly demonstrated by a small increase in the size of the
Group's research and analysis headcount since the year end to 235 staff. This
is the highest headcount the Group has employed in this area and the team is
obviously growing in experience and capability.
We are focussed on strengthening the product proposition and ensuring that it is
applicable and relevant to customer needs. Our renewal rates demonstrate that
our product is sought after but we can improve these rates and continue to embed
our product in our customers' processes and procedures.
Some examples of recent development of the Intellectual Property base and
investment in the product offering include the following:
* Healthcare - we have invested further to expand our knowledge and
understanding in several areas including Neuropathic Pain, Prostrate Cancer and
Diabetes. We have developed our Healthcare offering to the investment
community.
* Consumer - we have undertaken more detailed consumer surveys to
establish and measure the financial impact of consumer trends for our FMCG
customers.
* Technology - we have expanded our Technology offering into other
vertical markets including Healthcare and Financial Services so that we have
products targeted for Technology within other verticals.
* Financial Services - we are launching a new series of consumer trend
reports and we are reopening the Financial Services division in the US.
* Automotive & Logistics - we have invested in new data sets for the US
market.
We have continued to develop the website and our delivery platforms and have
made the website more user friendly based on customer feedback. These
developments are largely undertaken by our in house development team and the
costs are expensed monthly and not capitalised. We have also invested in a
RIXML platform which will enable us to analyse and present company data in more
detail.
Brand Development
We are investing in and developing our brand and promoting our products and
services. Datamonitor enjoys high levels of international media exposure and
publicity with the Datamonitor name appearing in the international and national
press, radio and television on average over 500 times per month, enhancing our
exposure and credibility as an authoritative market commentator.
PEOPLE
The turnaround in our trading performance and our return to profitability could
not have happened without the dedication of our colleagues across the business
and the Board thanks them for their contribution during the first half of this
year. We continue to strengthen our teams and we incentivise staff through a
mixture of share option schemes and awards.
Mike Danson
Chief Executive Officer
28 July 2003
The results for the period can be summarised as follows:
Statement of operations - unaudited
Six months to Six months to Year to
30 June 2003 30 June 2002 31 December 2002
#'000 % #'000 % #'000 %
Premium services 12,307 72.6% 11,843 77.0% 23,099 73.7%
Non-subscription 4,648 27.4% 3,547 23.0% 8,253 26.3%
information products
Total revenue 16,955 100.0% 15,390 100.0% 31,352 100.0%
Cost of Services (5,887) (34.7)% (6,151) (40.0)% (11,822) (37.7)%
Gross profit 11,068 65.3% 9,239 60.0% 19,530 62.3%
Sales and marketing costs (5,288) (31.2)% (5,952) (38.7)% (11,437) (36.4)%
General and admin expenses (4,835) (28.5)% (5,555) (36.1)% (10,166) (32.4)%
EBITDA* 945 5.6% (2,268) (14.7)% (2,073) (6.6)%
Depreciation & amortisation (744) (4.4)% (1,374) (9.0)% (2,917) (9.3)%
201 1.2% (3,642) (23.7)% (4,990) (15.9)%
Exceptional items: - - - - (2,183) (7.0)%
Depreciation and
Impairment charges
Operating profit / (loss) 201 1.2% (3,642) (23.7)% (7,173) (22.9)%
Net interest received 271 1.6% 282 1.8% 542 1.7%
Profit / (loss) before taxation 472 2.8% (3,360) (21.8)% (6,631) (21.2)%
*EBITDA is defined as earnings before interest, tax, depreciation and
amortisation.
Consolidated profit and loss account
for the six months ended 30 June 2003
Six months ended Year ended
30 June 31 December
Note 2003 2002 2002
Unaudited Unaudited Audited
#000 #000 #000
Turnover 16,955 15,390 31,352
Cost of sales (5,887) (6,151) (11,822)
Gross profit 11,068 9,239 19,530
Sales and marketing costs (5,288) (5,952) (11,437)
Administrative expenses
Before exceptional items (5,579) (6,929) (13,083)
Exceptional item - Depreciation and - - (2,183)
impairment charges
Operating profit/(loss) 201 (3,642) (7,173)
Interest receivable and similar income 272 282 544
Interest payable and similar charges (1) - (2)
Profit/(loss) on ordinary activities before 472 (3,360) (6,631)
taxation
Tax on profit/(loss) on ordinary activities 3 (2) - -
Retained profit/(loss) for the period 470 (3,360) (6,631)
Basic earnings/(loss) per ordinary share 4 0.73p (4.89p) (9.72p)
Adjusted earnings/(loss) per ordinary share 4 0.88p (4.89p) (9.63p)
Diluted earnings/(loss) per ordinary share 4 0.70p (4.89p) (9.62p)
All results during current and previous periods relate to continuing operations.
Statement of total recognised gains and losses
for the six months ended 30 June 2003
Six months ended Year ended
30 June 31 December
2003 2002 2002
Unaudited Unaudited Audited
#000 #000 #000
Profit/(loss) on ordinary activities after taxation 470 (3,360) (6,631)
Exchange difference on retranslation of net liabilities (27) 97 2
of subsidiary undertaking
Total recognised gains and losses relating to the period 443 (3,263) (6,629)
All results during current and previous periods relate to continuing operations.
Consolidated balance sheet
at 30 June 2003
As at As at As at
30 June 30 June 31 December
Note 2003 2002 2002
Unaudited Unaudited Audited
#000 #000 #000
Fixed assets
Intangible assets 1,203 - 1,268
Tangible assets 1,824 5,939 2,375
Investments 1,442 839 1,442
4,469 6,778 5,085
Current assets
Stocks 34 99 32
Debtors 9,521 9,781 9,593
Cash at bank and in hand 16,015 13,295 13,146
25,570 23,175 22,771
Creditors: amounts falling due within
one year (16,515) (13,771) (14,866)
Net current assets 9,055 9,404 7,905
Total assets less current liabilities 13,524 16,182 12,990
Provisions for liabilities and charges (408) (243) (417)
Net assets 13,116 15,939 12,573
Capital and reserves
Called up share capital 7,040 7,040 7,040
Share premium account 5 100 28,287 28,287
Other reserves 5 7,659 - -
Profit and loss account 5 (1,683) (19,388) (22,754)
13,116 15,939 12,573
Equity shareholders' funds
Consolidated cash flow statement
for the six months ended 30 June 2003
Six months ended Year ended
30 June 31 December
Note 2003 2002 2002
Unaudited Unaudited Audited
#000 #000 #000
Cash inflow/(outflow) from operating activities 6 2,717 (4,258) (3,176)
Returns on investments and servicing of finance 7 209 282 542
Taxation (2) - -
Capital expenditure and financial investment 7 (116) (1,643) (2,370)
Purchase of business (33) - (695)
Cash inflow/(outflow) before financing 2,775 (5,619) (5,699)
Financing 7 100 - -
Increase/(decrease) in cash in the period 2,875 (5,619) (5,699)
Reconciliation of net cash flow to movement in net funds 8
Increase/(decrease) in cash in the period 2,875 (5,619) (5,699)
Exchange difference (6) 97 28
Movement in net funds in the period 2,869 (5,522) (5,671)
Net funds at the start of the period 13,146 18,817 18,817
Net funds at the end of the period 16,015 13,295 13,146
Reconciliations of movements in equity shareholders' funds
for the six months ended 30 June 2003
Six months ended Year ended
30 June 31 December
2003 2002 2002
Unaudited Unaudited Audited
#000 #000 #000
Profit/(loss) on ordinary activities after taxation 470 (3,360) (6,631)
Exchange difference on retranslation of net liabilities of (27) 97 2
subsidiary undertaking
Release of surplus accrual for share capital expenses 100 - -
Net increase/(reduction) in shareholders' funds 543 (3,263) (6,629)
Opening shareholders' funds 12,573 19,202 19,202
Closing shareholders' funds 13,116 15,939 12,573
Notes
1. Basis of preparation
The financial statements have been prepared using the Group's accounting
policies set out in the Annual Report for the year ended 31 December 2002.
The comparative figures for the financial year ended 31 December 2002 are not
the Group's statutory accounts for that financial year. Those accounts have been
reported on by the Group's auditors and delivered to the Registrar of Companies.
The report of the auditors was unqualified and did not contain a statement under
section 237 (2) or (3) of the Companies Act 1985.
2 Segmental information
The Group views its operations and manages its business as principally one
segment, research and analysis. As a result, the financial information
disclosed herein materially represents all of the financial information related
to the Group's principal operating segment.
Six months ended Year ended
30 June 31 December
2003 2002 2002
Unaudited Unaudited Audited
#000 #000 #000
Turnover
USA 3,983 4,471 8,435
Europe 12,972 10,919 22,917
16,955 15,390 31,352
Operating profit/(loss)
USA 1,240 (322) (284)
Europe (1,039) (3,320) (6,889)
201 (3,642) (7,173)
Net interest 271 282 542
Profit/(loss) on ordinary activities before 472 (3,360) (6,631)
taxation
Net assets/(liabilities)
USA (896) (2,138) (2,125)
Europe 14,012 18,077 14,698
Total net assets 13,116 15,939 12,573
Group turnover is allocated to geographic segments based on the location from
which services are delivered and orders fulfilled. Turnover by destination is
not materially different to turnover by origin. Group operating profit/(loss)
and net assets/(liabilities) are allocated to the locations which give rise to
the result for the period and net asset/(liability) position.
Turnover from ComputerWire in the six months ended 30 June 2003 was #1.8m (2002:
#NIL).
Net interest arose substantially in Europe.
Notes (continued)
3 Taxation
Six months ended Year ended
30 June 31 December
2003 2002 2002
Unaudited Unaudited Audited
#000 #000 #000
UK Corporation tax at 30 % (2002 : 30%) - - -
Foreign tax 2 - -
Tax on profit/(loss) on ordinary activities 2 - -
There is no UK Corporation tax charge for the period due to the trading losses
incurred. The Group has losses of approximately #16,500,000 available for carry
forward against future trading profits at 30 June 2003.
In addition, at 30 June 2003 the Company has an unrecognised gross deferred tax
asset of approximately #934,000 arising on the cumulative excess of depreciation
over capital allowances.
4 Earnings/(loss) per share and adjusted earnings/(loss) per share
In order to show results from operating activities on a comparable basis, an
adjusted earnings/(loss) per share has been calculated which excludes
amortisation of goodwill.
Six months ended Year ended
30 June 31 December
2003 2002 2002
Unaudited Unaudited Audited
#000 #000 #000
Profit/(loss) for the period attributable to 470 (3,360) (6,631)
shareholders - basic earnings/(loss) per share
Adjustments:
Amortisation of goodwill 98 - 32
Loss (before amortisation) of business acquired - - 25
Adjusted profit/(loss) 568 (3,360) (6,574)
Weighted average number of shares in issue 70,376,440 70,376,440 70,376,440
Weighted average non-vested shares held by employee (5,656,875) (1,680,904) (2,126,631)
share ownership trust
Basic and adjusted earnings/(loss) per share denominator 64,719,565 68,695,536 68,249,809
Effect of dilutive share options 2,324,236 2,245 701,602
Diluted earnings/(loss) per share denominator 67,043,801 68,697,781 68,951,411
Basic earnings/(loss) per ordinary share 0.73p (4.89p) (9.72p)
Adjusted earnings/(loss) per ordinary share 0.88p (4.89p) (9.63p)
Diluted earnings/(loss) per ordinary share 0.70p (4.89p) (9.62p)
Notes (continued)
5 Reconciliation of movements in capital and reserves
Share Profit Equity
premium and loss shareholders'
account Share capital Other reserves account funds
#000 #000 #000 #000 #000
At beginning of period 28,287 7,040 - (22,754) 12,573
Retained profit for the period - - - 470 470
Exchange difference on retranslation - - - (27) (27)
of net liabilities of subsidiary
undertaking
Release of surplus accrual for share 100 - - - 100
capital expenses
Capital reconstruction (28,287) - 7,659 20,628 -
At end of period 100 7,040 7,659 (1,683) 13,116
Capital Reconstruction
Pursuant to a special resolution proposed at the company's annual general
meeting on 16 April 2003 and approved by over 75% of ordinary shareholders at
that meeting the company applied to the High Court to cancel its share premium
account thus eliminating the accumulated deficit on the company's profit and
loss account at 31 December 2002 of #20,628,000 and creating other reserves of
#7,659,000.
Subsequently the High Court issued an order confirming the proposed capital
reconstruction which became effective once the High Court order was registered
by the Registrar of Companies.
Once undertakings given by the company to the High Court in protection of
creditors have been satisfied the #7,659,000 other reserves may be transferred
to distributable reserves which may be used to pay dividends amongst other
purposes.
Notes (continued)
6 Reconciliation of operating profit/(loss) to operating cash flows
Six months ended Year ended
30 June 31 December
2003 2002 2002
Unaudited Unaudited Audited
#000 #000 #000
Operating profit/(loss) 201 (3,642) (7,173)
Exceptional item within operating loss - - 2,183
Operating profit/(loss) before exceptional item 201 (3,642) (4,990)
Depreciation, amortisation and impairment charges 744 1,375 2,775
Loss/(profit) on disposal of tangible fixed assets - - 142
(Increase)/decrease in stocks (2) 13 80
Decrease/(increase) in debtors 134 (852) (354)
Increase/(decrease) in creditors 1,649 (1,141) (992)
(Decrease)/increase in provisions for liabilities and charges (9) (11) 163
Net cash inflow/(outflow) from operating activities 2,717 (4,258) (3,176)
Notes (continued)
7 Analysis of cash flows
Six months ended Year ended
30 June 31 December
2003 2002 2002
Unaudited Unaudited Audited
#000 #000 #000
Returns on investment and servicing of finance
Interest received 210 282 544
Interest paid (1) - (2)
Net cash inflow from returns on investment and servicing of 209 282 542
finance
Capital expenditure and financial investment
Purchase of tangible fixed assets (116) (1,647) (1,771)
Purchase of own shares - - (603)
Sale of own shares - 4 4
Net cash outflow from capital expenditure and financial (116) (1,643) (2,370)
investment
Financing
Release of surplus accrual for share capital expenses 100 - -
Net cash inflow from financing 100 - -
8 Analysis of net funds
At 1 January Cash flow Exchange At 30 June
2003 difference 2003
#000 #000 #000 #000
Cash at bank and in hand 13,146 2,875 (6) 16,015
Interim Statement
Copies of the interim report will be posted in due course to all shareholders on
the register at 10 August 2003 and will be available from the company at Charles
House, 108 - 110 Finchley Road, London NW3 5JJ or via our web site
www.datamonitor.com.
Independent review report by KPMG Audit Plc to Datamonitor plc
Introduction
We have been engaged by the company to review the financial information set out
on pages 9 to 18 and we have read the other information contained in the interim
report and considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.
This report is made solely to the company in accordance with the terms of our
engagement to assist the company in meeting the requirements of the Listing
Rules of the Financial Services Authority. Our review has been undertaken so
that we might state to the company those matters we are required to state to it
in this report and for no other purpose. To the fullest extent permitted by
law, we do not accept or assume responsibility to anyone other than the company
for our review work, for this report, or for the conclusions we have reached.
Director's responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules which require that the accounting policies and presentation applied to the
interim figures should be consistent with those applied in preparing the
preceding annual accounts except where they are to be changed in the next annual
accounts in which case any changes, and the reasons for them, are to be
disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/
4: Review of interim financial information issued by the Auditing Practices
Board for use in the United Kingdom. A review consists principally of making
enquiries of Group management and applying analytical procedures to the
financial information and underlying financial data and, based thereon,
assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed. A review is substantially less
in scope than an audit performed in accordance with Auditing Standards and
therefore provides a lower level of assurance than an audit. Accordingly we do
not express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2003.
KPMG Audit Plc
Chartered Accountants
8 Salisbury Square
London EC4Y 8BB
28 July 2003
Notes to Editors:
Datamonitor is a premium business information company specialising in industry
analysis. We help our clients, the world's leading companies, to address
complex strategic issues. Through our proprietary databases and wealth of
expertise, we provide clients with unbiased expert analysis and in depth
forecasts for six industry sectors: Automotive, Consumer Markets, Energy,
Financial Services, Healthcare and Technology.
Datamonitor's objective is to be the premier global research and analysis
company in each of these six industry sectors. The key elements of our strategy
are:
* To increase sales to our existing customers and to expand our customer
base. Each industry sector has growth potential that will generate economies of
scale as revenues increase against a relatively fixed cost base.
* To extend our international scope. Although our analysts, our
research base and our products are all international, our customer base is
concentrated in Europe and North America. We have plans to extend our
geographic spread through a number of initiatives.
* To exploit our intellectual property. Our primary aim is to reap the
rewards from the significant investment our existing products represent by
adding revenue while keeping our cost base relatively fixed. We will, however,
continue to evaluate new opportunities to expand our business through targeted
new product development.
* To enhance our Internet distribution. Our publishing platform was
designed to provide an ideal platform from which to expand our Internet
distribution.
Datamonitor's key products and services include:
1. Premium services products:
* Strategic Planning Programmes or SPP's. A flagship subscription
product that combines a variety of market reports, periodic written analysis and
briefings on industry trends and events, forecasting models, supporting data and
access to Datamonitor analysts. Customers subscribe to SPP's as an annual
prepaid package. The Group offers SPP's in each of the industry sectors it
covers.
* Custom solutions. Discreet assignments that Datamonitor undertakes on
request from its customers as extensions of its customer relationships.
2. Other information products:
* Market reports. Standardised reports on the Group's industry sectors
and electronic commerce.
* Dashboard. An interactive, daily updated business information service
covering essential data on companies, industries and countries on a global
basis. The service covers information on over 50 countries, 2,000 industry
sectors and 17,000 companies
Please visit our website for further information at www.datamonitor.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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