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BrainJuicer Group PLC

("BrainJuicer" or "the Company" or "the Group")

Final Results for the 12 months ended 31 December 2009

Reported under IFRS

Innovative, international online market researcher, BrainJuicer Group PLC (AIM: BJU) today announces its Final Results for the 12 months ended 31 December 2009.

Financial Highlights

Operational Highlights

Early 2010 Highlights

Commenting on the results, John Kearon, Chief Executive of BrainJuicer, said: "We are delighted to have achieved significant international growth in revenue and profit, all organic, in what has been the worst year for our industry in decades.

"Our commitment to reinventing the way market research is done is delivering significantly more business from a larger number of the world's biggest companies. This innovation, coupled with hiring great researchers and our expanded office network in the major research markets, has culminated in a further international mandate from one of the world's largest companies. In 2010 we intend to launch more innovation, open offices in Brazil and China and deliver further significant growth and strategic progress. Our ambitious aim over the next decade is to become a top 10 global market research group."

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CHAIRMAN'S STATEMENT

BrainJuicer has had another good year in financial, operational and strategic terms. Driven entirely by continued organic growth, 2009 revenues increased by 27% to £11,814,000. Operating profit also grew by 27% to £1,645,000.

These results were achieved against a difficult economic background which had an impact on many of our clients. Overall spending on market research declined in 2009 for the first time in many years, and so to generate such strong growth was no mean achievement.

A look at where our revenues and profits arose in 2009 helps to illustrate the extent to which BrainJuicer is becoming a truly international business. For the first time last year total overseas revenues exceeded those generated in the UK, reflecting in particular strong growth in our US business and encouraging progress in our new offices in Switzerland and Germany. Non-UK operating profits also increased substantially both in absolute terms and as a proportion of the total. We intend to extend our geographic footprint further by opening new offices in China and Brazil in 2010.

We are making progress by developing innovative products for our clients, which include many of the world's largest buyers of market research, and by consistently providing them with an excellent service. Revenues from our distinctive, leading edge products, which we call "Juicy" products, rose by two thirds in 2009. Levels of client satisfaction remain very high, as evidenced by the continued high level of repeat business (clients generating around 80% of 2008 revenue returned in 2009).

BrainJuicer continues to strike what we believe is an appropriate balance between delivering profit growth in the short term and at the same time laying the foundations for the substantially larger business which we intend to become over the next several years. As well as generating good growth in profits in 2009, we continued to invest heavily for a business of our size. We increased headcount in our client servicing, operations and product development teams. After the year end, in February 2010, we announced the appointment of Alex Batchelor to the newly created position of Chief Operating Officer. Alex brings a wealth of relevant experience and skills to BrainJuicer, and his appointment will enable our Chief Executive, John Kearon, to devote more of his time to driving growth.

Our investment in generating, testing and validating new products was stepped up again in 2009, an essential element in the process of increasing our market share with major multinational clients. We have also once again committed significant funds to enhancing efficiency and scalability of our technology platform. A new online survey platform is nearing completion.

Market conditions are likely to remain difficult in 2010. We nonetheless intend to deliver further progress, while continuing to invest in those resources which will, we believe, enable BrainJuicer to establish itself as one of the world's leading market research firms.

Ken Ford

Chairman

CHIEF EXECUTIVE'S STATEMENT

Introduction

In 2009 we have continued to grow our revenue and profits, and we have done so while investing more than ever before in our product development and operations, and in expanding our geographic footprint.

While the market has been difficult we have nevertheless made further steps along the path toward our ambitious long term goals: to alter and improve the way in which major consumer companies undertake market research and eventually to become one of the world's leading research companies.

We recognise that we have a long way to go, but we remain confident in the building blocks we are putting in place and are encouraged by the progress we are making. Perhaps the three most important data-points which under-pin our confidence: we are now working with 11 of the world's 20 largest buyers of market research (up from nine in 2008), our revenue from these clients in 2009 grew by over 70% year on year and since the year end we have secured an additional international research mandate as a preferred supplier from one of them.

If we can continue to attract and delight these highly professional buyers of market research, we believe our innovative and relatively radical client proposition is on the right track.

Priorities

Ultimately and simply, we are trying to help our clients, generally mass consumer companies, to create better products, packaging and advertising. We understand the challenges they face in their creative and innovation processes, and we believe that sensitive consumer engagement, undertaken in the right way, plays a key role in inspiring and enlightening those innovation processes. Our priority is to develop and deliver large scale, robust quantitative market research which provides that inspiration, and not just the validation for which such research is traditionally known.

Our focus is often on the difficult early stage of the innovation process, where creativity and consumer insight is most needed, and which we believe is the segment least well served by our competitors. We also believe that it is this early stage which is the most critical in the innovation process.

We have two categories of product: "Juicy" and "Twist". Juicy products are entirely different from those available elsewhere and challenge traditional approaches. Twist products utilise industry standard quantitative research methods but add our unique qualitative diagnostics MindReader® and FaceTrace®. Juicy products offer higher value to our clients, and are strategically more important to the Company. It is these products which, if successful, will ramp up our growth. Because they are so different from established methods, they take longer to gain client acceptance. It is, therefore, the success of these products which gives the best indication of our longer term positioning. In 2009, our Juicy products grew by 66%, and represented 61% of our total revenue, up from 46% in 2008 and 44% in 2007.

Our clients tend to be very large, and we are a small supplier to most of them. We therefore have considerable potential from our existing client base, and our big challenge is to gain a more significant share of their market research spend. To achieve this, we are looking to secure preferred supplier status. Whilst we believe we have the products, we recognise that we need to establish our credentials and credibility. Market research tends to be a risk averse and conservative industry, and it can take a number of years of demonstrating value, proving validity, and building trusted relationships before clients will nominate a particular product and a particular supplier to such preferred status. However, it is a prize worth winning.

To date the Group has one established preferred supplier relationship, and the revenue from that client was around £1million in 2009. We are beginning to be invited to tender more often for these positions, alongside the largest market research companies. Since the year end we have secured a second international mandate and we are optimistic that in due course we will win more.

It is important for us to continue to expand our geographic coverage. Whilst our online platform enables us to undertake research wherever our clients need it, we also need offices in those countries in which our multinational clients have their main buying points. We now have offices in the three largest market research markets: US, UK and Germany, and also in Switzerland where many multinational companies have located their European headquarters. We are also represented in Australia through a licensing agreement, and in Canada where our former licence partner has become a wholly owned subsidiary since the year end. The next priority countries on our list are China and Brazil.

Profitability and growth

Our revenue growth at 27% was below our average annual growth rate over the previous four years of 37% and below our target, but nevertheless was very pleasing in a year when the economic backdrop was so difficult. Whilst we have long term ambitions, and need to invest for the future, we also remain focussed on shorter term profitability. In 2009, we maintained our margins, and operating profit therefore also grew by 27%. The business remains strongly cash generative, and even after substantial investment for future growth our year end net cash balance increased significantly.

Prospects

In 2010 we intend to launch more innovation, open offices in Brazil and China and deliver further significant growth and strategic progress. Our ambitious aim over the next decade is to become a top 10 global market research group.

John Kearon

Chief Executive Officer

BUSINESS AND FINANCIAL REVIEW

Operations

The Company grew revenue by 27% in 2009 in actual terms, and 22% in constant currency terms, to £11,814,000. This revenue increase was driven by continued strong progress in the US, growing at 60% (48% in constant currency terms) to £2,576,000, and by very encouraging contributions from our new offices in Switzerland and Germany. The US is a very large, sophisticated and competitive research market, and it is very encouraging that our products are being so well received by our large US clients. The Company's UK business recovered after a slow start to the year (revenue for the full year was 2% down). Our Dutch business held its own, with revenue growing at 10% (0% in constant currency terms). For the first time, aggregate overseas revenue, at £6,289,000, exceeded that generated in the UK (£5,525,000).

All of our offices were profitable, including Switzerland and Germany in only their first full year of operation. Some 51% of total EBIT before central overheads, of £4,913,000 arose in the UK, compared with 70% in 2008. This reflected a modest 8% decline in UK profit, strong profit growth in the US and Netherlands, and maiden full year contributions from our new offices in Switzerland and Germany.

Together with our licence partner in Australia and our operation in Canada, which became a wholly owned subsidiary in January 2010, our offices are located in countries which cover 60% of the global research market. This broad geographic coverage is important as we need to align our client service teams to the regional buying points of our multinational clients.

The Company's client base has remained at around 140 companies, but the concentration toward our largest clients has increased. We now serve 11 of the world's 20 largest buyers of market research (up from nine in 2008) and the year-on-year revenue growth from those clients in 2009 was 70%. Client satisfaction and repeat business remains high with 80% of 2008 revenue from clients who have returned in 2009. We delivered a total of 601 client projects in 2009, and the average revenue per project was £20,000 (2008: £19,000), which is indicative of continued progress in winning larger, more international projects from clients.

We have continued to build our teams. Average headcount in 2009 was 70 people, up from 59 in 2008. As well as increasing our front line client servicing teams, we have also increased significantly our operations and product development ("BrainJuicer Labs") teams. This represents a sizeable investment for the Company, and one which while dilutive to our profits in 2009 will, we believe, position us well to achieve our growth aspirations. Through efficiency and scale gains, we have still managed to increase our average revenue per employee to £169,000 (2008: £158,000).

Financial Performance

The Company grew revenue in 2009 to £11,814,000 (2008: £9,322,000). Gross profit grew by 30% to £8,935,000 (2008: £6,864,000), representing 76% of revenue (up from 74% in 2008). Administrative expenses grew by 31% to £7,290,000 (2008: £5,574,000) due primarily to the headcount increase. However, within administrative expenses is a foreign exchange loss of £164,000 (2008: £158,000 gain). Administrative expenses before these foreign exchange items rose by 24%. Operating profit grew 27% to £1,645,000 (2008: £1,290,000) and operating margin was flat at 13.9% (2008: 13.8%). Interest income from our cash balances was negligible at £13,000 (2008: £82,000) due to the fall off in interest rates, giving a profit before tax of £1,658,000 (2008: £1,372,000). Our tax charge was £473,000 (2008: £408,000) and the effective tax rate was 29% (2008: 30%). Profit after tax grew 23% to £1,185,000 (2008: £964,000).

Basic earnings per share grew to 9.2p (2008: 7.6p) and diluted earnings per share to 9.0p (2008: 7.4p). Basic earnings per share is calculated as profit after tax divided by the weighted average number of shares in issue during the year (12,923,663, up from 12,610,803 in 2008). Diluted earnings per share accounts for shares that would be issued on exercise of employee stock options. The weighted average number of shares for our diluted earnings per share calculation was 13,107,085 shares (2008: 13,108,126 shares).

The Company generated £811,000 (2008: £43,000) of cash flow before dividends, interest and share transactions (employee stock option share issues and treasury share purchases), after investing £470,000 (2008: £550,000) in its software technology and other non-current assets. It paid £207,000 in dividends (2008: £277,000 including a 1.7p per share special dividend), received £13,000 of interest (2008: £82,000) received £38,000 from stock option share issues (2008: £4,000) and paid £39,000 in treasury share purchases (2008: £nil). The Company's net increase in cash was £616,000 (2008: a decline of £148,000) and its cash balance at year end was £2,343,000 (2008: £1,727,000). The Company's trade and other receivables (its biggest asset) was £4,073,000 at year end (2008: 3,206,000), and the debtor payback period was 75 days (2008: 66 days). Its net assets were £4,735,000 (2008: £3,627,000).

The Company's non-current assets include £832,000 (2008: £516,000) of software development in progress. This represents a new online survey platform that has taken several years to build and is nearing completion. It is anticipated that this new platform will be deployed during the second half of 2010, and will have a useful economic life of at least four years. The Company has not started to depreciate this asset, as it is not yet ready for use, but will do so once it starts to deploy it.

The Company paid an interim dividend of 0.6p per share in September 2009, a 20% increase on the 2008 interim payment of 0.5p per share. The Board now proposes a final dividend of 1.3p per share, 30% higher than the 1.0p per share 2008 final dividend (in 2008 we also paid a special one-off dividend of 1.7p per share). The Board has also approved a first interim dividend for 2010 of 0.6p per share, for payment prior to 6 April 2010 when the income tax rate increases for higher rate tax payers. Our financial position remains strong, with healthy cash flows and cash balances, and we expect to maintain a progressive dividend policy.

Summary

The Company has emerged from a year with a difficult economic backdrop in a strong position. Growth is down on our trend rate, but we have grown significantly nevertheless. Revenue, profit, earnings per share, cash flow and dividends are all up on 2008, and in all cases by healthy percentages. Perhaps more importantly, we have not held back on investment in any of the areas that we feel are key to our future growth: product development, geographic expansion, operations, and our technical platform. We continue to feel confident in our positioning, with our innovative products, multinational client base and highly regarded team.

James Geddes

Chief Financial Officer

CONDENSED CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED

31 DECEMBER 2009

Earnings per share for profit attributable

to the equity holders of the Company

All of the activities of the Group are classed as continuing.

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR YEAR ENDED 31 DECEMBER 2009

CONDENSED CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2009

CONDENSED CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2009

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AS AT

31 DECEMBER 2009

BrainJuicer Group plc ("the Company"), a United Kingdom resident, and its subsidiaries (together "the Group") provide on-line market research services. The Company's shares are listed on the Alternative Investment Market of the London Stock Exchange ("AIM"). The address of the Company's registered office is 13-14 Margaret Street, London, W1W 8RN.

This condensed consolidated annual financial information was approved by the board of directors for issue on 9 March 2010.

The financial information set out in this report does not constitute the Company's statutory accounts for the years ended 31 December 2009 or 2008 but is derived from those accounts. Statutory accounts for 2008 have been delivered to the registrar of companies, and those for 2009 will be delivered in due course. The auditors have reported on those accounts; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 237 (2) or (3) of the Companies Act 1985 in respect of the accounts for 2008 nor a statement under section 498 (2) or (3) of the Companies Act 2006 in respect of the accounts for 2009.

Except as described below, the principal accounting policies adopted are consistent with those of the annual financial statements for the year ended 31 December 2008, as described in those annual financial statements.

The following new standards and amendments to standards are mandatory for the first time for the financial year beginning 1 January 2009.

IAS 1 (revised), 'Presentation of financial statements'.

The revised standard prohibits the presentation of items of income and expenses (that is 'non-owner changes in equity') in the statement of changes in equity, requiring 'non-owner changes in equity' to be presented separately from owner changes in equity. All 'non-owner changes in equity' are required to be shown in a performance statement. Entities can choose whether to present one performance statement (the statement of comprehensive income) or two statements (the income statement and statement of comprehensive income). The Group has elected to present two statements: an income statement and a statement of comprehensive income. The Group financial statements have been prepared under the revised disclosure requirements.

The Standard also requires that two comparative periods be presented for the Consolidated Balance Sheet when an entity: (i) applies an accounting policy retrospectively; (ii) makes a retrospective restatement of items in its financial statements; or (iii) reclassifies items in the financial statements.

IFRS 8, 'Operating segments'

IFRS 8 replaces IAS 14, 'Segment reporting'. It requires a 'management approach' under which segment information is presented on the same basis as that used for internal reporting purposes. This has resulted in an increase in the number of reportable segments presented, as the previously reported Continental Europe segment has been split into Netherlands, Switzerland and Germany. Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker has been identified as the Chief Executive Officer ("the CEO").

The CEO reviews the Group's internal reporting in order to assess performance and allocate resources. Management has determined the operating segments based upon these reports.

The CEO considers the business from both a geographic and product perspective. From a product perspective, management assesses the performance of its 'Juicy' and 'Twist' products.

The CEO assesses the performance of the operating segments based on earnings before interest and taxation. Interest income is not included in the result for each operating segment that is reviewed by the CEO.

A reconciliation of total EBIT for reportable segments to total profit before income tax is provided as follows:

Revenues are attributed to geographical areas based upon the location in which the sale originated.

Reportable segments' assets are reconciled to total assets as follows:

IFRS 8 has been amended so that a measure of segment assets is only required to be disclosed if the measure is regularly provided to the chief operating decision maker (the CEO). The amendment is effective for periods beginning on or after 1 January 2010.

Consolidated cash, trade receivable, property, plant and equipment and intangible asset balances are regularly provided to the chief operating decision-maker but segment assets and segment liabilities are not provided.

The entity is domiciled in the UK. The result of its revenue from external customers in the UK is £5,525,000 (2008: £5,613,000), and the total of revenue from external customers from other countries is £6,289,000 (2008: £3,709,000).

The total of non-current assets other than financial instruments and deferred tax assets located in the UK is £939,000 (2008: £728,000), and the total of these non-current assets located in other countries is £35,000 (2008: £54,000).

Revenues of £1,909,000 (2008: £1,067,000) are derived from a single external customer. £1,202,000 (2008: £734,000) of these revenues are attributable to the UK operating segment with £461,000 (2008: £173,000) and £246,000 (2008: £160,000) attributable to the Netherlands and United States segments respectively.

Additions to software development in progress during the year relate to capitalized software development costs for the cost of building a new software platform for delivering our research.

Income tax expense for the year differs from the standard rate of taxation as follows:

(a) Basic

Basic earnings per share are calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year.

In January 2010, 222,011 options over ordinary shares were granted to employees pursuant to the Company's Share Option Scheme and 17,000 ordinary shares issued under the Company's Employee Share Incentive Plan.

(b) Diluted

Diluted earnings per share is calculated by adjusting the weighted average number of shares outstanding to assume conversion of all dilutive potential ordinary shares. For share options, a calculation is made in order to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the Company's shares) based on the monetary value of the subscription rights attached to outstanding share options. The number of shares calculated in this way is compared with the number of shares that would have been issued assuming the exercise of the share options.

A dividend in respect of the year ended 31 December 2009 of 1.3p per share, is to be proposed at the AGM. These financial statements do not reflect this dividend payable.

During the period, share options over 316,119 ordinary shares were exercised at a weighted average exercise price of 11.9 pence per share. The total proceeds were £37,625, of which £3,161 was recognised as share capital, and £34,464 as share premium. The weighted average share price at exercise date was 94p.

On 9 January 2009, share options over 207,313 ordinary shares were granted to Directors and employees with an exercise price set at the market price on the date of grant (94 pence per share).

On 8 July 2009, the Company purchased 30,000 ordinary shares (nominal value of £300) into treasury at a price of 130 pence per share (representing 0.23% of the called up share capital) in accordance with the authority granted to it by shareholders at the Annual General Meeting held on 13 May 2009. The purchased shares have been transferred out of treasury to award shares under the Company's Employee Share Incentive Plan.

On 9 January 2009, the Group entered into a share purchase agreement to acquire the entire issued share capital of High Level Research Inc., an unlisted company incorporated in Canada, subject to certain performance conditions being met. Subsequent to the year-end the Group entered into a replacement share purchase agreement pursuant to which the entire share capital of High Level Research Inc was acquired for cash consideration of CAD$1.

Under the terms of the initial share purchase agreement, had the performance conditions been met, the contingent consideration would have comprised cash of CAD$450,000 and a variable number of ordinary shares to the value of CAD$450,000. On the 15th working day in each of February, May, August and November in each of 2009, 2010, 2011, 2012, 2013 or February 2014, the Group had the right to waive any of the performance conditions.

The derivatives in respect of the share purchase agreement for the acquisition of High Level Research Inc. have been recorded at the balance sheet date at a carrying amount of £nil.

During the previous year the Group acquired an interest of 3.64% in Slater Marketing Group Pty Limited, an unlisted company incorporated in Australia, for cash consideration of £40,000 plus transaction costs of £50,000. During the current year the Group acquired a further interest of 3.64% for cash consideration of £43,000.

Under the terms of the share purchase agreement, cash consideration of AUD$1,040,000 and a variable number of ordinary shares to the value of AUD$1,000,000 become payable on or before 31 December 2012 subject to certain performance conditions being met by Slater Marketing Group Pty Limited. On the last working day of February, May, August and November in each of 2009, 2010, 2011 and 2012, the Group has the option to acquire Slater Marketing Group Pty Limited whether or not the performance conditions have been satisfied.

The investment has been classified as an available for sale financial asset and measured at cost.

As stated in our principal accounting policies note, investments in equity instruments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured and derivatives that are linked to, and must be settled by delivery of such unquoted equity instruments, are measured at cost.

There is no active market for the shares of Slater Marketing Group Pty Limited and given the range of possible outcomes, no reliable method of valuation. The investment and associated derivatives in respect of the share purchase agreement for the acquisition of Slater Marketing Group Pty Limited have been recorded at a cost of £133,000 (2008: £90,000) and £nil (2008: £nil) respectively. In the opinion of the directors no reliable fair value information can be disclosed for these financial instruments.

The Group made sales to companies connected to Unilever UK Holdings Limited, a significant shareholder, during the year totalling £1,909,286(2008: £1,063,525). The balance outstanding at the year end was £805,545 (2008: £471,145).

Services are sold to related parties on an arm's length basis at prices available to third parties.

The wife of Mark Muth, a director of the company, provided services for the Group totalling £Nil (2008: £18,181). There was no balance outstanding at the year end (2008: £Nil).

Based upon prior experience, Group revenues tend to be higher in the second-half of the financial year than in the first six months.

For the year ended 31 December 2009, revenues for the second half of the year represented 59% of total revenues compared to 57% for the year ended 31 December 2008.

On 7 January 2010 the Group entered into a share purchase agreement to acquire the entire issued share capital of High Level Research Inc., a company incorporated in Canada, for cash consideration of CAD$1. The net assets and goodwill of the acquiree are not material to the Group.

On 4 January 2010 the Company purchased 37,000 ordinary shares of 1 pence each in the Company into treasury at a price of 131.5 pence in accordance with the authority granted to it by shareholders at the Annual General Meeting held on 13 May 2009. 17,000 of the shares purchased have been transferred out of treasury to award shares under the Company's Employee Share Incentive Plan.

Provisions for dilapidations as at 31 December 2008 amounting to £48,000 (2007: £Nil) have been reclassified from current liabilities to non-current liabilities. Provisions for dilapidations are now disclosed in the consolidated balance sheet under provisions rather than trade and other payables. This reclassification has been made in order to show separately on the consolidated balance sheet, provisions previously included within trade and other payables.