TAYLOR NELSON SOFRES (TNN).

Investors Chronicle, March, 2004

The big news at Taylor Nelson Sofres (TNS) last year was its $425m acquisition of market research company NFO. But TNS also experienced a pick-up in demand at the end of 2003, which has carried on into 2004. TNS is looking for growth of between 3 and 4 per cent this year, now that there are signs of recovery in the US - as well as a pick-up in Europe and continued strong growth in Asia Pacific.

The integration of NFO is going well. Integration costs were GBP9m, but synergy benefits have already produced cost savings of GBP2m and that's expected to reach GBP20m by next year. Looking ahead, the healthcare activities should build on the recovery seen in the second half after the company suffered a first-half hit from a lack of Federal Drugs Administration approval...

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