Market research firm posts double-digit growth

A North East market research agency has passed £3 million in annual turnover after securing a series of major contract wins and renewals.

Newcastle-headquartered Explain Market Research has reported turnover of more than £3 million alongside an 11 per cent increase in profit, driven by growth across the utilities, energy, water and public sectors.

The agency has retained a number of nationally significant utilities contracts while expanding its client base with new partnerships, including work with Ordnance Survey and a place on Northumbrian Water Group’s framework as the sector prepares for the next regulatory period, PR29.

Employing 80 people, including 40 based in its dedicated Telephone Insight Hub, Explain provides around 14,000 customer surveys each month, helping infrastructure operators improve customer experience, enhance services and meet regulatory requirements.

Bosses say the latest results reflect continued demand for high-quality customer insight as organisations face increasing pressure to better understand customer needs and make evidence-based decisions.

Chief executive Kim Davis said: “Passing the £3 million turnover mark and achieving this level of profit growth is a significant milestone for our team, but what we’re most proud of is how we’ve achieved it.

“We’ve built our reputation on delivering robust, human-centred insight that organisations can trust when making important decisions. 

“Retaining major contracts through competitive tender processes demonstrates the confidence our clients have in both our people and our approach.

Founded in 1993, Explain has grown into a national research partner, working with organisations across utilities, infrastructure, health, public services and other regulated sectors.

The agency combines quantitative and qualitative research, online communities and stakeholder engagement to help clients better understand the people they serve.

Kim added: “At a time when many organisations are facing uncertainty, we’ve been able to continue investing in our people and creating skilled jobs here in the North East. 

“More than 40 colleagues work within our Insight Hub, delivering research programmes that influence decision-making across some of the UK’s most important infrastructure providers.

“The North East has an incredible talent pool, and we're proving that nationally important insight and research work can be delivered from Newcastle just as effectively as anywhere else in the country.”

Want your business, product or service to be seen regionally and nationally? Bdaily helps you get your story in front of the right audience, every day. Find out how Bdaily can help →

Join more than 55,000 subscribers by signing up to our daily bulletin each morning here.