an Ebiquity company

Final Results PresentationYear ended 30 April 2012

July 20121

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Review of the yearYear ended 30 April 2012

Strong year on year performance

Revenue growthTotal revenue of £52.9m up 20%

Operating profit growthTotal operating profit of £8.2m up 55%

Organic operating profit up 35%

Margin and earnings growthOperating margin up from 12.0% to 15.5%

Underlying diluted EPS up 23% to 7.4p

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Profit and earnings growth in line with expectations

All profit and margin numbers are underlying (before highlighted items)

Business growth

Development into social media and brand reputationEcho Research

Russian media analytics Joined Up Media Company

Australian media analytics Faulkner Media Management

Expanded international presenceFairbrother Lenz Eley

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International expansion and broadened Ebiquity offering

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5 year reviewTaking stock

Major achievements

2008 2012

International business 26% 76%

Germany revenue £nil £7.6m*

France revenue £nil £1.4m*

US revenue £1.3m £7.5m

New Business units in Russia, Australia, Italy with franchise partners in Spain/Nordics

New international data centre in Newcastle with approx 235 employees

* On a pro forma basis

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5 year revenue growth

7

£k

£17.2m

£52.9m

5 year underlying operating profit growth

8

£k

£2.0m

£8.2m

5 year underlying diluted EPS growth

9

pence

4.3p

7.4p

2011/12 highlights

• Strong growth despite economic head winds• Clients remain cautious and contract closing is slow• Growth in Analytics division underlines success of core strategy

- "adding value to data"• Contract renewals remain strong at over 90% in value across both divisions• Multi-geography contracts main driver of growth• Acquisition integration successfully releasing cost synergies with 35%

increase in organic operating profit

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5 key factors driving importance of the market

1. Proliferation of marketing and media channels and the impact of digital media distribution

2. Rise of user-generated content such as social media and blogs, which have lead to the increasing empowerment of consumers

3. Challenges of multi-channel marketing, and the burgeoning need for the measurement of marketing performance

4. Growth in available data that can provide clients with greater insight into the effectiveness of their marketing programmes

5. Consolidation and globalisation of the marketing and advertising industry as it relates to brand owners

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Growing worldwide demand for independent marketing and media performance measurement

Growing worldwide demand for independent marketing and media performance measurement

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Financial SummaryYear ended 30 April 2012

Year on year revenue analysis

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Revenue increase of 20%

2011 43,329 - 836 44,165

movement 977 8,488 (711) 8,754

2012 44,306 8,488 125 52,919

£k

Revenue from current year acquisitions

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Results consolidated from date of control

Both columns are year ended 30 April 2012

£k

Revenue analysis by segment

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Strong shift towards Analytics business

Analytics organic growth

9%

Analytics acq’n p-f growth

8%

Pro forma continuing revenue analysis

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Continuing organic revenue plus pro forma acquisitions

£k

17

Positive impact of synergy release and disposal of underperforming businessGross margins

Total

Analytics

Platform

Total gross profit £29,898k (2011: £24,799k)

2011 2012

Year on year underlying operating profit analysis

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Positive impact of synergy release, acquisitions and disposal of underperforming business

2011 5,830 - (532) 5,298

Movement 1,429 1,044 434 2,907

2012 7,259 1,044 (98) 8,205

£k

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Positive impact of synergy release and disposal of underperforming businessUnderlying margins

Operating profit (EBIT)

EBITDA

2011 2012

Highlighted items – administration expenses

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Low level of integration costs

£4,607k£6,546k

In addition to the above highlighted items within administration expenses, £311k of capitalised loan arrangement fees were written off at the time of the refinancing exercise in March 2012 - these are included in finance expenses (2011:

nil).

£k

Profit before tax and EPS

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Strong growth in underlying profit and EPS

30 April 2011

30 April 2012

Underlying operating result 5,298 8,205Highlighted items (6,546) (4,607)Reported operating result (1,248) 3,598Net finance costs (528) (644)Highlighted finance costs - (311)Reported result before tax (1,776) 2,643Underlying result before tax 4,770 7,561

Underlying diluted EPS 6.02p 7.40p

+55%

+59%

+23%

Financing analysis

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£11m of available facility…comfortably in line with all banking covenants

Gross debt 7,685 18,353

Cash 3,158 6,190

Net debt 4,527 12,163

Gross debt/EBITDA¹ 1.2 1.7

Net debt/EBITDA¹ 0.7 1.1

¹EBITDA based on 12m historic pro forma

Gross debt

£k

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Profit and earnings growth in line with expectations

Strong year on year performance

Revenue growthTotal revenue of £52.9m up 20%

Operating profit growthTotal operating profit of £8.2m up 55%

Organic operating profit up 35%

Margin and earnings growthOperating margin up from 12.0% to 15.5%

Underlying diluted EPS up 23% to 7.4p

All profit and margin numbers are underlying (before highlighted items)

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Outlook2012/13 and beyond

Outlook

• Ebiquity remains a first mover in media and marketing performance

measurement

• Underlying drivers of market growth remain strong

• Renewals and new business pipeline on track

• However lack of confidence in economic recovery will continue to act

as a brake on growth

• Cautiously optimistic we will deliver to our plans

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Financial AppendicesYear ended 30 April 2012

Appendix: Acquisitions during the period

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Acquisitions Disposal

Echo Research Group

Joined Up Media Company

Faulkner Media Management

Fairbrother Lenz Eley

Newslive

Nature of business Reputation management& social media

Media analytics in Russia/CEE

Media analytics in Australia/NZ

Media analytics worldwide

UK editorial monitoring

Operations Surrey, NY, Paris, S’pore Moscow, Ldn Sydney Ldn, H’burg, Paris Ldn

Segment Analytics Analytics Analytics Analytics Platform

Transaction date 20 May 2011 28 May 2011 14 October 2011 14 March 2012 1 July 2011

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

Cash up front £3,500k £318k A$4,000k (£2,500k) £5,000k £167k

Deferred consideration maximum £6,500k £882k A$1,900k (£1,200k) £6,000k -

Estimated deferred consideration £1,100k £254k A$1,900 (£1,200k) £4,371k -

Total potential consideration £10,000k £1,200k A$5,900k (£3,700k) £11,000k £167k

Total estimated consideration £4,600k £572k A$5,900k (£3,700k) £9,371k £167k

Earn out basis 2 years based on revenue targets

2 years based on revenue/profit mgns

2 years based on revenue/profit mgns

1 year based on profit multiple

n/a

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

£0.5m, 45 staff

Apr 11: Rev £0.8m, u/l op profit

£0.1m, 7 staff

Apr 11: Rev £3.5m, u/l op profit

£0.4m, 24 staff

Dec 11: Rev £8.6m u/l op profit

£1.0m, 70 staff

Apr 11: Rev £0.8m u/l op loss(£0.5m),35 staff

Appendix: Acquisitions during the year

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April 2012 April 2011Non current assets Goodwill 43,291 31,457

Purchased intangibles 11,864 8,350

Other 4,520 4,247

59,675 44,054

Current assets Trade debtors 13,818 10,143

Accrued income 4,447 2,130

Cash 6,190 3,158

Bank security deposits - 200

Prepayments 1,696 1,573

Other 795 638

26,946 17,842

Current liabilities Trade creditors 5,391 3,861

Loans 2,245 3,721

Deferred income 7,984 8,707

Accruals 3,194 4,029

Other 10,598 3,765

29,412 24,083

Non current liabilities Loans 15,814 3,643

Deferred tax 2,847 2,171

Other 2,786 948

21,447 6,762

Net assets 35,762 31,051

Appendix: Statement of financial position

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Year ended 30 April 2012

Year ended30 April 2011

Cash generated from operations 2,493 1,430

Finance expense (527) (339)

Income taxes paid (792) (757)

Net cash from operating activities 1,174 334

Investing activitiesAcq’n of subsidiaries, net of cash acquired (9,934) (898)

Purchase of PPE (892) (1,260)

Capitalised development costs (180) (77)

Finance income 6 2

(11,000) (2,233)

Financing activitiesIssue of new shares 2,302 38

New borrowings 25,780 1,750

Loan repayments (15,034) (1,982)

Bank loan fee/securities (200) 74

Repayment of finance leases (19) (21)

Dividends paid to non-controlling interests (10) -

12,819 (115)

Net increase / (decrease) in cash 2,993 (2,040)

Appendix: Cash flow statement

Appendix: Summary of new banking facility

• £30m multi-currency facility• Approx £19m drawn• Approx £11m available (nb. estimated future earn out payments of £7.2m*)• Interest rate of 2.75% plus LIBOR (can be lowered from March 2013 depending on covenants)• Analysis of drawn amount and repayment plan set out below:

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In place from March 2012 on 4 year term

Currency GBP Repayments Bullet

GBP £15,338k £15,338k £8,210k £7,128k

Dollar $2,500k £1,597k £798k £798k

Euro €2,500k £2,095k - £2,095k

£19,030k £9,008k £10,021k

Repayment quarters /16

Repayment/quarter (from April 12) £563k

All numbers are approximate due to foreign exchange fluctuations

* £5.4m in 2012/13, £1.7m in 2013/14 and £0.1m in 2014/15