22nd Apr 2020 10:57
(Alliance News) - YouGov PLC on Wednesday reported a rise in profit in the first half as data unit revenue surged.
Shares in the market research firm were 11% higher in London on Wednesday at 657.00 pence.
In the six months to January 31, YouGov's pretax profit grew 13% to GBP9.2 million from GBP8.2 million in the same period the year before.
Revenue was 16% higher year on year in the first half at GBP76.9 million versus GBP66.5 million.
YouGov noted the US remains its largest business driver with adjusted operating profit increasing by 20% to GBP9.3 million
Data Products & Services revenue was 17% higher at GBP43.4 million - with Data Products growing 29% and Data Services improving 3%.
Custom Research revenue was 12% higher at GBP33.9 million.
YouGov said trading in the second started positively and is in line with internal expectations. The firm noted it has not directly suffered from the Covid-19 pandemic.
"Notwithstanding the current macro-economic situation, our pipeline of sales opportunities for our syndicated Data Products remains strong with more opportunities for growth in Custom Research," YouGov said.
Chief Executive Stephan Shakespeare added: "YouGov turns 20 this year, and I am confident of the company's resilience during this period of macro-economic and social uncertainty. We meet the new challenges posed by the Covid-19 pandemic from a position of strength, with a robust business model, strong balance sheet and skilled employees who continue to provide our clients with valuable opinions and consumer insights across their markets. YouGov data is an important tool for our clients at this time, helping them to understand and respond to rapidly changing consumer and social sentiment."
YouGov ended January 31 with a cash balance of GBP27.2 million.
By Paul McGowan; [email protected]
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