an Ebiquity company

Final Results PresentationYear ended 30 April 2011

July 2011

2

Review of the yearYear ended 30 April 2011

• International revenues now represents 71% of total Group revenue (2010: 38%)

• Underlying operating profit of £5.3m (2010: £2.6m)

• Underlying profit before tax of £4.8m (2010: £2.3m)

• Underlying EPS of 6.02p (2010: 5.55p)

3

Strong financial performance delivering total revenue up 108% with operating profit doubling to £5.3m

• Integration of Xtreme Information completed ahead of schedule and below budget

• Ebiquity Germany, following acquisitions, now represents 13% of total worldwide revenue

• US business grows at over 40% as media transparency becomes increasingly important

• Newly established Ebiquity Italy growing at almost 25% per year

• Recently acquired market leading Russia media measurement and benchmarking business

4

Further acquisitions build international growth

• Acquisition of Echo Research Group adds “earned” and “social” media to offering

• Business drivers continue to be positive despite economic uncertainty

• Ebiquity restructured into clearly defined offerings

• New data processing centre in Newcastle adding to international capabilities

5

Business continues to evolve to capitalise on global demand

6

New data processing centre

7

Key Business Drivers

7

New business structure to reflect new capabilities

Advertising Intelligence

Media

Effectiveness

Digital

Reputation & PR

Media Technology

Practice

8

9

Greater geographic reach

9

10

EchoNew skills for a new world

11

New Product Development

Seasonality

Economy

Competitor Advertising

Reputation

In-house Media

Price Promotions

Retail Environment

Regulatory Environment

Business Performance

Offline MediaOrganisational ChangesDigital/Social Media

Sponsorship

Managing and measuring business performance

12

Business Performance

“Paid Media” “Unpaid Media”

Outbound Messaging

Customer Empowerment

Brand reputation and performance measurementEbiquity’s unique capabilities

13

Redefining the media landscape

50 staff + 200 analysts

Offices in London, Paris, New York and Singapore

Member of UN Global Compact

Winner of 89 Industry Awards, including Platinum & Golds for Integrated Research all Echo research complies with the MRS Code of Conduct, ESOMAR, CASRO & ISO 9000:2001

14

15

Monitoring Social Media

16

Identifying source and trends

17

Ebiquity / Echo Suite of Services

18

Identify best customers

Target advertising

Are these conversations aligned with the image I want?

Monitor what’s being said about the competition

Developing the optimum message strategy

Allows you to track movement in brand / ad awareness as a result of media efforts

Who are my customers and what motivates them?

What are their media consumption habits and shopping behaviours?

Position your brand based on market needs and wants

Create buzz around a new product or service

Advertising Testing

ResearchImprove

Media ROIMedia/PR

MonitoringCustomer

SegmentationBrand /

Advertising Tracking

Thought Leadership and

PR Research

Is my brand recognition increasing in the marketplace?

Is my target market aware of our advertising?

Is it changing their image of us?

Improve media agency’s \appearance

How do I take ownership of important issues in my industry?

Am I getting the most out of my media spend?

Can I spend less and get the same return?

Can my plan be improved before I commit budget?

What’s being said about my brand, both offline and online?

What is the right message for our target audience?

Impact analysis

Understand if your reputation is at risk

Understand and refine competitive positioning

What is the impact of my media spend on the perceptions, sentiment and behavior of our stakeholders ?

Outlook

1. Our role as an independent provider of insights, based on the clear analysis of available data, will continue to grow in importance

2. We expect continued strong performance from our overseas offices

3. We will continue to build our business internationally in line with our clients’ needs

4. The more complex the market, the greater the supply of data and the more crucial it will be for clients to make sense of it all

1. This simple fact is the basis of our continuing confidence

• We expect to see continued margin improvement and earnings growth

19

20

Financial SummaryYear ended 30 April 2011

21

Revenue

2011 2010

£’000 £’000 Var

Analytics 17,900 15,197 18%

Platform 26,265 6,021 336%

Total 44,165 21,218 108%

Revenue increase of 108%...Comfortably in line with expectation

22

Revenue

International revenue: non UK sourced revenue, or UK sourced revenue where marketing activity is analysed in more than one country

A more international service

23

RevenueA more balanced offering

24

Gross margins

56% 55%Total

57% 51%Platform

54% 56%Analytics

Total gross profit £24,799k (2010: £11,598k)

2011 2010

Positive impact of acquisitions and synergies implemented earlier than planned

25

Underlying operating profit

2011 2010

£’000 £’000 Var

Analytics 7,123 7,603 (6)%

Platform 7,739 1,284 503%

Central (9,564) (6,244) (53)%

Total 5,298 2,643 100%

Positive impact of acquisitions and early synergy release

26

Underlying operating margin

12.0% 12.5%Operating profit (EBIT)

EBITDA 14.6% 15.0%

2011 2010

Lower than last year as forecast, but ahead of expectation

27

Highlighted items

2011 2010

Cash Non cash Total Total

Recurring:

Share based expenses 1,038 1,038 308

Amortisation of purchased intangibles 1,549 1,549 412

- 2,587 2,587 720

Non recurring:

Integration costs 1,550 1,550 212

Severance costs 1,405 1,405 1,132

Property costs 421 301 722 122

Acquisition costs 282 282 -

3,658 301 3,959 1,466

Total 3,658 2,888 6,546 2,186

High planned non-recurring integration costs to release significant cost synergies

28

Profit before tax and EPS

2011 2010

£’000 £’000 Var

Underlying operating result 5,298 2,643 100%

Highlighted items (6,546) (2,186)

Reported operating result (1,248) 457 (373)%

Net finance costs (528) (352)

Share of associates - (5)

Reported result before tax (1,776) 100 (1,876)%

Underlying result before tax 4,770 2,286 109%

Underlying diluted EPS 6.02p 5.55p 8%

Impact of significant planned restructuring costs on reported result…strong EPS growth

29

Financing analysis

As at 1 May 2010

Year ended 30 April 2011

As at 30 April 2011

Drawn Repaid

Term loan 7,975 (2,040) 5,935

Revolving credit facility 1,750 1,750

Acquisition fund -

Gross debt 7,975 1,750 (2,040) 7,685

Cash 5,243 3,158

Loans to associates² 285 -

Net debt 2,447 4,527

Gross debt/EBITDA³ 1.3 1.2

Net debt/EBITDA³ 0.4 0.7

¹ £750k RCF and £1,500k acquisition fund ² Ownership changed from associate to subsidiary during the year ³ 2010 Based on pro forma 2010 results; 2011 based on actual 2011 result

£2.25m of available facility¹

30

Financial summary

• Significant increase in company size

• Strong international growth

• A more balanced mix of global services

• Cost synergies delivered early

• Conservatively financed

• Comfortably ahead of all market expectations

Significant increases on prior year, and ahead of all market expectations

31

Financial Appendices

Appendix: Summary of results

32

Year ended 30 April 2011

Market Expectation Year ended 30 April 2010Revised

published 19/1/11

Originalpublished 23/7/10

Revenue 44,165 43,100 41,900 21,218

Underlying operating profit 5,298 4,900 4,600 2,643

Underlying operating profit mgn 12.0% 11.3% 10.9% 12.5%

Underlying profit before tax 4,770 4,400 4,200 2,286

Underlying diluted EPS 6.0p 5.4p 5.4p 5.6p

Net debt 4,527 4,600 3,200 2,447

Significant increases on prior year, and ahead of all market expectations

33

Appendix: Acquisitions during the year

Billetts Germany

Media Advisor

Italy

Buro CP Germany

Total

Acquisition date 1 May 2010 28 May 2010 1 November 2010

Acquisition detail Increased stake from 10% to 51%

51% acquisition Trade and assets purchase

Segment Analytics Analytics Platform

Cash up front £20k £170k £70k £260k

Investment already held £13k - - £13k

Deferred consideration - £309k £374k £683k

Fair value of consideration £33k £479k £444k £956k

Fair value of assets acquired £38k £194k - £232k

Non controlling interest (£18k) (£95k) - (£113k)

Goodwill arising on acquisition £13k £380k £444k £837k

Continued global expansion

34

Appendix: Transactions post year end

Acquisition of Echo Research Group

Acquisition of Joined Up Media

Company

Disposal of Newslive

Nature of business Global reputation analysis, media measurement, stakeholder research

Media auditing in Russia and CEE

Editorial monitoring in the UK

Operations London, New York, Paris, Singapore

London, Moscow London

Segment Analytics Analytics Platform

Transaction date 20 May 2011 27 May 2011 1 July 2011

Transaction detail 100% acquisition 50.1% acquisition Trade/assets disposal

Cash up front £3,500k £356k £167k

Deferred consideration maximum £6,500k £844k -

Total potential consideration/proceeds £10,000k £1,200k £167k

Earn out basis 2 years based on revenue targets

2 years based on revenue/profit mgns

n/a

Key financials Mar 11: Rev £5m, u/l op profit £0.5m, 45 staff

Mar 11: Rev £0.8m, u/l op profit £0.1m, 7

staff

n/a

Improved client offering

35

Appendix: Statement of financial position2011 2010

Non current assets Goodwill 31,457 30,235

Purchased intangibles 8,350 9,291

Other 4,247 3,418

44,054 42,944

Current assets Trade debtors 10,143 8,300

Accrued income 2,130 923

Cash 3,158 5,243

Loans to associates - 285

Bank security deposits 200 300

Prepayments 1,573 1,566

Other 638 584

17,842 17,201

Current liabilities Trade creditors 3,861 2,993

Loans 3,721 1,994

Deferred income 8,707 8,567

Accruals 4,028 3,248

Other 3,766 3,087

24,083 19,889

Non current liabilities Loans 3,643 5,575

Deferred tax 2,171 2,608

Other 948 907

6,762 9,090

Net assets 31,051 31,166

36

Appendix: Cash flow statement

2011 2010

Cash generated from operations 1,430 3,243

Finance expense (365) (271)

Income taxes paid (757) (551)

Net cash from operating activities 308 2,421

Investing activitiesAcq’n of subsidiaries, net of cash acquired (898) (326)

Purchase of PPE (1,260) (164)

Capitalised development costs (77) (135)

Repayment of loan from associates - 66

Finance income 2 14

(2,233) (545)

Financing activitiesIssue of new shares 38 750

New borrowings 1,750 8,000

Loan repayments (1,982) (5,884)

Bank loan fee/securities 100 (506)

Loan note issue costs - (217)

Repayment of finance leases (21) -

(115) 2,143

Net (decrease)/increase in cash (2,040) 4,019

37

Appendix: International revenue

¹ International revenue: non UK sourced revenue, or UK sourced revenue where marketing activity is analysed in more than one country

US domestic 15% (2010: 11%)

38% multi territory contracts (2010: 27%)

Mainland Europe domestic

14% (2010: nil)

AsiaPac domestic 4% (2010: nil)

International revenue¹ doubled to 71% of group revenue (2010: 38%)