31st Mar 2014 10:39
LONDON (Alliance News) - YouGov PLC said Monday it swung to a pretax loss due to acquisition and restructuring costs while revenues rose in the half-year as it continued with its growth plans and extended into China and South East Asia.
The firm recorded a GBP427,000 pretax loss for the period, after a GBP191,000 profit for the comparable period, due to costs associated with two acquisitions and other costs.
In its half yearly report for the six months to January 31, 2014, YouGov said adjusted pretax profit - before such intangibles and exceptional items - rose 18% to GBP3.0 million from GBP2.6 million last year.
Revenue for the period was up 9% to GBP32.6 million from the GBP30.1 million recorded in 2013.
YouGov said it swung to a pretax loss after charging amortisation of intangible assets of GBP1.9 million, up on the GBP1.6 million in 2013, and exceptional costs came in at GBP1.1 million, higher than the GBP0.4 million costs recorded the previous year. The exceptional costs included GBP0.5 million relating to YouGov's acquisitions made in the period - Doughty Media 2 and Decision Fuel - as well as GBP0.6 million in restructuring costs arising from staff reductions, mainly in Nordic and US markets.
The firm increased its half yearly dividend payment to 0.6 pence per share up from 0.5 pence last year, maintaining its "progressive dividend policy," said the firm.
The company said acquisitions, such as Decision Fuel in January - now renamed YouGov Asia Pacific - has extended its operations into China and South East Asia and also brought the benefits of a proprietary platform for conducting surveys through mobile devices.
Looking ahead, YouGov said it is continuing to operate in line with its growth strategy, which includes geographical expansion, boosting its public profile and increasing its product and services offerings, and that current trading is in line with the Board's expectations and the firm noting, "we are confident of the full year outcome."
"To maintain our position we have continued to invest in product development and technology with a focus on areas including analytics, mobile applications and social media as well as in our panel. With this investment, the Group is well placed to deliver further growth in the second half of the year and beyond," added Stephan Shakespeare, Chief Executive.
Shares in YouGov were trading marginally higher Monday morning up 0.68% at 111.00 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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