A Newcastle-based market research consultancy has reported an 8% growth in sales revenue, to £1.04m for financial year ending March, 2013.
Explain, which is based at Leazes Park Road, has also seen a 40% jump in sales for the first quarter of this financial year, ending in June – a result the company says is due to a strategy of continued, focused investment in new product and new business development, allowing it to thrive despite the market falling by 3% in 2012.
Chief executive David Shiel said: “Last year, we employed two new executives with the aim of developing our presence in FMCG [fast-growing consumer goods], automotive and branding and, a few months on, it’s clear to see a return in that investment.
“In addition, we’ve also seen growth in core sectors such as financial services. We’ve added two top 10 building societies to our list of recent wins – and the demand for research consultancy within social housing continues to outstrip all expectations.”
The company, which employs more than 50 people, says it aims to provide customer insight using qualitative and quantitative methods, and operates a unique, service-led approach that focuses on four key areas of expertise: depth of understanding, method of approach, interpretation of findings and implementation.
The company has also launched a pioneering online research platform, which continues to show the fastest growth of all its research methods.
Shiel said: “Three months ago we made the important decision to appoint a specialist technology supplier which is now working alongside us to help maximise the potential of all the opportunities we currently have on the table.
“Newcastle-based ‘Born Digital’ has an outstanding track record and are already adding value as we work to develop dynamic partnerships with a leading European car manufacturer, a major dairy brand and a leading arts and culture body.”