10th Oct 2023 09:06
(Alliance News) - YouGov PLC shares jumped on Tuesday, after it upped its dividend as annual profit surged 77%.
Shares in the London-based research and data analytics group were up 14% to 789.00 pence each in London early Tuesday.
YouGov reported that in the financial year that ended July 31, pretax profit surged 77% to GBP44.7 million from GBP25.3 million a year earlier.
Revenue climbed 17% to GBP258.3 million from GBP221.1 million.
This was driven by growth across all of its geographies, YouGov said, despite macroeconomic challenges and difficult trading conditions in some markets during the period.
In response, YouGov upped its full-year dividend by 25% to 8.75p from 7.00p.
Looking ahead, YouGov said it remains confident in its prospects for financial 2024 and in meeting current market expectations "on a stand-alone basis".
Trading for the current financial year has started off in line with expectations, it added.
"Building on the momentum we saw in the first half of the year, YouGov has delivered another year of strong performance in FY23 against a challenging macroeconomic backdrop. We have continued to invest for sustainable growth, in line with our strategy, while delivering further margin expansion and robust cash generation," said Chief Executive Steve Hatch.
"Demand for YouGov's products and services remains strong with continued new business momentum, high renewal rates and sticky customer relationships."
By Sophie Rose, Alliance News reporter
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