YouGov profits more than double as polling group boosted by demand for personalized research services
- Pre-tax profit jumped to £21m in the six months to the end of January from £9.2m
- Revenue rose 30% to £131.4m on growing sales of its custom search arm
YouGov shrugged off “a challenging macro environment”, with profits more than doubling in the first half.
The London-listed polling firm reported pre-tax profit of £21million in the six months to the end of January, compared with £9.2million in the same period last year.
Revenue rose 30% to £131.4m, driven by continued sales growth from its panel-based custom research business.
YouGov said demand remained robust, with customer relationships “increasingly sticky”
The company, which conducts surveys for businesses and offers data analytics services, said its sales pipeline remained healthy.
However, he noted that “overall weakness in macroeconomic sentiment may impact the speed and level of some customer spending.”
Nonetheless, he expects to end the year in line with current market expectations.
Managing Director Stephan Shakespeare said: “Our demand environment remains robust with increasingly strong, long-term relationships with existing customers and growing opportunities for multi-year and follow-on contracts with new customers.
“This sales momentum continued in the second half of the year, giving us confidence in YouGov’s ability to deliver full-year revenue growth in line with expectations. current market.
In recent years, the London-listed data provider has invested significant sums in developing its technology, launching in new markets and launching several new products, including the YouGov Safe data market platform.
It also bought tech firm Rezonence, Australian consultancy Faster Horses and Istanbul-based research agency Wizsight.
The acquisitions are part of a long-term strategy, which aims to double the turnover and the adjusted operating margin.
YouGov shares rose 2.3% to 910p in morning trading on Tuesday.