Last checked at 20 Jun 2024 07:00
20 June 2024
YouGov plc
("YouGov" or "the Group" or "the Company")
Update on Current Trading
YouGov, the international research and data analytics group, provides the following update on current trading and full year outlook.
Following the half-year results, YouGov has seen lower sales bookings than anticipated. As a result, YouGov now expects Group reported revenues for FY24 to be approximately £324-327 million. In line with our stated strategy, the Company had invested in the business to set up for an acceleration in growth in H2. While we have seen an improvement in the second half, the growth was below expectations; therefore we now expect full-year Group adjusted operating profit to be £41-44 million.
We continue to see increased demand for our customised research solutions, however, sales in our Data Products division have remained slow and we continue to see declines in fast-turnaround research services. Geographically we have seen challenges in EMEA, particularly in the DACH region.
The Consumer Panel Services (CPS) business is continuing to perform well, in line with expectations following completion of the acquisition in January 2024 and the integration process for this significant transaction is progressing well. However, having now finalised the alignment of CPS's revenue recognition policies with YouGov's, some contribution from CPS will shift slightly into FY25.
As we move into FY25, we will focus on optimising our cost base and prioritising investment in key growth areas such as upgrading our Data Products, continuing to build out our AI capabilities and enhancing our sales organisation to further capitalise on YouGov's unique asset: its high-quality global panel and proprietary dataset.
This announcement contains inside information for the purposes of the market abuse regulation (EU No. 596/2014) as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.
Enquiries:
YouGov plc Steve Hatch, CEO Alex McIntosh, CFO Hannah Jethwani, Investor Relations Director |
020 7012 6000 |
FTI Consulting Charles Palmer / Valerija Cymbal / Jemima Gurney |
020 3727 1000 |
Deutsche Numis (NOMAD and Joint Broker) Nick Westlake / Iqra Amin |
020 7260 1000 |
Berenberg (Joint Broker) Mark Whitmore / Richard Andrews / Alix Mecklenburg-Solodkoff |
020 3207 7800 |
About YouGov
YouGov is an international online research data and analytics technology group.
Our mission is to offer unparalleled insight into what the world thinks.
Our innovative solutions help the world's most recognised brands, media owners and agencies to plan, activate and track their marketing activities better.
With operations in the UK, the Americas, Europe, the Middle East, India and Asia Pacific, we have one of the world's largest research networks.
At the core of our platform is an ever-growing source of consumer data that has been amassed over our twenty years of operation. We call it Living Data. All of our products and services draw upon this detailed understanding of our 27+ million registered panel members to deliver accurate, actionable consumer insights.
As innovators and pioneers of online market research, we have a strong reputation as a trusted source of accurate data and insights. Testament to this, YouGov data is regularly referenced by the global press, and we are the most quoted market research source in the world.
YouGov. Living Consumer Intelligence.
For further information, visit business.yougov.com