TAYLOR NELSON SOFRES (TNN).

Investors Chronicle, March, 2005

Last year was all about integrating NFO WorldGroup, the rival business that Taylor Nelson Sofres (TNS) bought in July 2003. This has now been completed, and the group expects to be making annualised savings of GBP20m this year.

There are two further benefits. One is simply that, with lower risk now running through the group, TNS has been able to refinance its debts, which should save a further GBP2m a year. But the second is that it can also begin pushing revenue growth again. NFO was bought to strengthen TNS's international network, making it more capable of winning multinational contracts. Finance director Andy Boland points to the European Union's Eurobarometer contract win as evidence that this has been borne out in practice. He says that TNS should grow...

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