REG - YouGov PLC - Update on Current Trading

YouGovAnnouncement

20/06/2024 07:00

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RNS Number : 1454T  YouGov PLC  20 June 2024

20 June 2024

YouGov plc

 

("YouGov" or "the Group" or "the Company")

 

Update on Current Trading

 

YouGov, the international research and data analytics group, provides the
following update on current trading and full year outlook.

 

Following the half-year results, YouGov has seen lower sales bookings than
anticipated. As a result, YouGov now expects Group reported revenues for FY24
to be approximately £324-327 million. In line with our stated strategy, the
Company had invested in the business to set up for an acceleration in growth
in H2. While we have seen an improvement in the second half, the growth was
below expectations; therefore we now expect full-year Group adjusted operating
profit to be £41-44 million.

 

We continue to see increased demand for our customised research solutions,
however, sales in our Data Products division have remained slow and we
continue to see declines in fast-turnaround research services. Geographically
we have seen challenges in EMEA, particularly in the DACH region.

 

The Consumer Panel Services (CPS) business is continuing to perform well, in
line with expectations following completion of the acquisition in January 2024
and the integration process for this significant transaction is progressing
well. However, having now finalised the alignment of CPS's revenue recognition
policies with YouGov's, some contribution from CPS will shift slightly into
FY25.

 

As we move into FY25, we will focus on optimising our cost base and
prioritising investment in key growth areas such as upgrading our Data
Products, continuing to build out our AI capabilities and enhancing our sales
organisation to further capitalise on YouGov's unique asset: its high-quality
global panel and proprietary dataset.

 

This announcement contains inside information for the purposes of the market
abuse regulation (EU No. 596/2014) as it forms part of United Kingdom domestic
law by virtue of the European Union (Withdrawal) Act 2018, as amended.

 

 

Enquiries:

 YouGov plc

 Steve Hatch, CEO

 Alex McIntosh, CFO                                             020 7012 6000

 Hannah Jethwani, Investor Relations Director

 FTI Consulting

                                                              020 3727 1000
 Charles Palmer / Valerija Cymbal / Jemima Gurney

 Deutsche Numis (NOMAD and Joint Broker)

 Nick Westlake / Iqra Amin                                      020 7260 1000

 Berenberg (Joint Broker)

 Mark Whitmore / Richard Andrews / Alix Mecklenburg-Solodkoff   020 3207 7800

 

 

About YouGov

 

YouGov is an international online research data and analytics technology
group.

 

Our mission is to offer unparalleled insight into what the world thinks.

 

Our innovative solutions help the world's most recognised brands, media owners
and agencies to plan, activate and track their marketing activities better.

 

With operations in the UK, the Americas, Europe, the Middle
East, India and Asia Pacific, we have one of the world's largest research
networks.

 

At the core of our platform is an ever-growing source of consumer data that
has been amassed over our twenty years of operation. We call it Living Data.
All of our products and services draw upon this detailed understanding of our
27+ million registered panel members to deliver accurate, actionable consumer
insights.

 

As innovators and pioneers of online market research, we have a strong
reputation as a trusted source of accurate data and insights. Testament to
this, YouGov data is regularly referenced by the global press, and we are the
most quoted market research source in the world.

 

YouGov. Living Consumer Intelligence.

 

For further information, visit business.yougov.com

 

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