Polling group YouGov sees profits more than double
YouGov profits more than double as polling group is boosted by demand for custom research services
- Pretax profit surged to £21m in six months to the end of January from £9.2m
- Revenues rose 30% to £131.4m thanks to sales growth in its custom research arm
YouGov has shrugged off ‘a difficult macro environment’, with profits more than doubling in its first half.
The London-listed polling company reported pre-tax profit of £21million in the six months to the end of January, up from £9.2million in the same period last year.
Revenue rose 30 per cent to £131.4million, boosted by continued sales growth in its panel-based custom research business.
YouGov said demand remained robust, with ‘with increasingly sticky’ customer relationships
The company, which carries out polls on behalf of companies, and offers data analytics services, said its sales pipeline remains healthy.
However, it did note that ‘overall weakness in macro sentiment may impact the speed and level of some client spending’.
Nevertheless, it expects to end the financial year in line with current market expectations.
Chief executive Stephan Shakespeare said: ‘Our demand environment remains robust with increasingly sticky, long-term relationships with existing customers, and growing opportunities for multi-year contracts and trackers with new customers.
‘This sales momentum has continued into the second half of the year, giving us confidence that YouGov can achieve top-line growth for the full year in line with current market expectations.’
In recent years, the London-listed data provider has invested significant sums in developing its technology, launching in new markets, and debuting several new products, including the data marketplace platform YouGov Safe.
It has also bought technology business Rezonence, Australian consultancy Faster Horses, and Istanbul-based research agency Wizsight.
The takeovers form part of a long-term strategy, which aims to double sales and adjusted operating profit margin.
YouGov shares rose 2.3 per cent to 910p in morning trading on Tuesday.
Most Related Links :
Daily News Era Latest News Sports News Finance News Automobile News