Datamonitor reports £2.5m pre-tax profit

UK market research company Datamonitor has reported a £2.5m (€3.7m) pre-tax profit in the year to December 2003 from a £6.6m (€9.7m) loss the year earlier, as cost cutting plans paid off.

Sales were up 27.2% to £40.2m (€59.5m), while like-for-like sales, excluding ComputerWire which it bought in October 2002, rose 18.3% to £36.4m (€53.8m).

"Second-half sales, revenue and profit performance has been strong with margins improving," said non-executive chairman Bernard Cragg.

"This is a good performance given that it has been achieved against the background of the operational changes being implemented to improve business performance."

Datamonitor expects further cost cutting in 2004 but anticipates expanding its sales teams and sees overall costs rising.

"Market conditions in the industries we serve continued to be challenging in 2003," said Danson.

"There does now seem to be some stability and early signs of recovery in the global economy."