YouGov anticipates meeting annual forecasts following a ‘resilient’ first half, which saw sales momentum accelerate in the second quarter after a slow start to its financial year.
The market research organisation reported like-for-like turnover increased in the six months ending January when accounting for costs from mergers and acquisitions and currency headwinds.
It credited the result to ‘stable demand’ in its data products and research divisions, and continued ‘sales momentum’ from the technology industry.
Can I ask?: Market research organisation YouGov reported like-for-like turnover increased in the six months ending January
But the London-based group also noted that other sectors had struggled and discretionary spending remained affected by ‘general market softness’.
YouGov’s trading update is the first since completing the takeover of GfK’s consumer panel services business.
The company agreed last year to acquire the operation for €315million (£270million), primarily funded from loans, to help expand its presence in Europe’s fast-moving consumer goods sector.
Since the acquisition was finalised on 9 January, YouGov has observed a ‘positive response from both employees and clients’.
However, it told investors on Friday that it ‘remains cognisant of the challenging market conditions and client budget pressures as we move into the second half of the financial year’.
YouGov added: ‘Clients are increasingly looking for high-quality, data-driven solutions, and while we continue to experience longer sales cycles, we remain confident in our products and our sales momentum.’
Founded in 2000 by Stephan Shakespeare and former Conservative Party chairman Nadhim Zahawi, YouGov is well-known in Britain for conducting online political polling.
Alongside this, the group runs surveys for major corporations, like social media app TikTok, brewing giant Molson Coors, Vauxhall Motors and Virgin Money.
Shakespeare stood down from running the company on a day-to-day basis last November, handing over the reins to Steve Hatch, a former executive of Facebook owner Meta.
Under Hatch, YouGov is looking to boost growth by expanding in the United States, where it hopes to capitalise on the upcoming US presidential election.
The group was reportedly mulling a listing on Wall Street, where it could potentially attract higher valuations and deeper capital pools.
But last month, Hatch told City AM that such a move was ‘not on the agenda,’ adding: ‘It’s worth remembering that the UK has been such a great home for us.’
YouGov shares were 1.2 per cent lower at 1,191.05p on Friday morning, although they have still jumped by around a quarter over the past 12 months.
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