Pre-Close Trading Update and Notice of Results

YouGov PLC

28 July 2023

 

28 July 2023

YouGov plc

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

Pre-Close Trading Update and Notice of Results

-     Strong underlying growth¹ year-on-year and adjusted operating profit²
in line with market expectations³ 

-     Board succession plan successfully executed and continued confidence in FY24 prospects

YouGov, the international research and data analytics group, today issues a trading update for the full year ending 31 July 2023.

YouGov has performed well during the period against a challenging market backdrop, with good progress in all geographies. During the year, the Group continued to selectively invest in growth initiatives focussed on building-out our panel, enhancing our technology and the continued development of the YouGov Platform, in line with our stated strategy. Alongside this continued investment for growth, the Group expects to report adjusted operating profit² in line with market expectations³, demonstrating continued margin expansion during the period.

As previously communicated, the Group experienced longer sales cycles and protracted client decision making at the start of this calendar year. The Group continues to focus on selling high-margin products and services and remains disciplined to ensure delivery of sustainable, profitable growth. Group revenue is expected to be at the lower end of the consensus range, reflecting underlying growth¹ well ahead of the market.

The Group continues to be highly cash generative and maintains a strong balance sheet with a net cash position⁴ of £104m as of 26 July 2023. This includes approximately £50 million net proceeds from the successful equity placing completed on 7 July 2023, which will be used to partly fund the acquisition of GfK's Consumer Panel Business (GfK CPB).

The Group continued to make good progress on its stated strategy in the second half of the year. The recent acquisition of GfK CPB will accelerate our strategic vision by extending YouGov's offering into European household FMCG consumer insights, enhancing the Group's panel capabilities and customer value proposition. The previously announced Board succession plan for the Group was successfully executed during the period and will be taking effect at the start of the new financial year on 1 August 2023 as planned. The Board remains confident in the Group's prospects for FY24 and beyond.

Notice of Results

YouGov will publish its Full Year Results for the year ended 31 July 2023 on 10 October 2023.

^{1 Defined as growth in business excluding impact of current and prior period acquisitions and movement in exchange rates.}

^{2 Defined as operating profit excluding separately reported items.}

^{3 Based upon 6 analyst estimates, the range for Company-compiled consensus for FY23 Group revenue is £257-274 million and adjusted operating profit is £46-50 million.}

^{4 Excludes IFRS-16 lease liabilities.}

Enquiries

YouGov plc  Stephan Shakespeare / Alex McIntosh / Hannah Jethwani	020 7012 6000
FTI Consulting  Charles Palmer / Tom Blundell / Jemima Gurney	020 3727 1000
Numis Securities (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 24+ 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.

 

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