2nd Feb 2024 08:59
(Alliance News) - YouGov PLC on Friday maintained confident of meeting market expectations for the year, despite divisional difficulties, thanks to a resilient performance in the first half.
For the six months ended January 31, the London-based research and data analytics group noted a "resilient" performance, with continued sales momentum in the technology sector. The first half, it explained, was driven by "stable demand" in both the Data Products and Research divisions.
As such, YouGov assured investors that reported revenue for the half would be "strong", thanks in part to "staff costs" - though it didn't elaborate further on the specifics of this strategy.
Further, it said that following the acquisition of the Consumer Panel Services of GfK GmbH, that the business had been trading "ahead of expectations". The buy will support YouGov's growth, it explained, by expanding its combined offering to new and existing clients.
There were, however, some challenges during the period. YouGov acknowledged that some sectors had proved more difficult than others, while discretionary spend continued to be impacted by "general market softness".
Looking forward, it remained "cognisant" of macroeconomic challenges, as well as client budget pressures. However, given that sales momentum "significantly accelerated" in the second quarter following a slow first, the firm is "confident" of achieving current market expectations for the year.
YouGov will publish its results for the six months ended January 31 on March 26.
YouGov shares were trading 0.4% lower at 1,199.70 pence each in London on Friday morning.
By Holly Beveridge, Alliance News reporter
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