Results for the six months to 31 January 2023

RNS Number : 5973T
YouGov PLC
21 March 2023
 

21 March 2023

YouGov plc

("YouGov" or the "Group")

Results for the six months to 31 January 2023

- Strong H1 performance with continued growth momentum against a difficult macro environment

-  Significant margin improvement despite ongoing investment in technology and international reach

- Continued confidence in achieving FY23 market expectations

 

 

YouGov, the international research and data analytics group, announces its results for the six months ended 31 January 2023.

 

 

Summary of Results

 

Unaudited

six months to

31 January 2023

 

£m

Unaudited

six months to

31 January 2022

 

£m

Change

%

Underlying

Change¹

%

Revenue

131.4

101.2

30%

13%

Adjusted Operating Profit2

22.1

14.0

58%

32%

Adjusted Operating Profit Margin (%)2

17%

14%

   300bps

-

Statutory Operating Profit

20.4

10.8

89%

-

Adjusted Profit before Tax2

26.5

15.4

72 %

49 %

Statutory Profit before Tax

21.0

9.2

128%

-

Adjusted Earnings per Share2

 19.2 p

  10.6 p

81 %

50 %

Statutory Basic Earnings per Share

 14.7 p

5.7 p

158 %

-

 

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

2. Defined in the explanation of non-IFRS measures below.

 

 

Financial highlights

 

·  

Revenue growth of 30% (HY22: 28%) to £131.4m, with underlying¹ business growth of 13%, reflecting continued growth well ahead of the industry.

·  

Adjusted operating profit2 up by 58% (HY22: 33%) to £22.1m, with underlying¹ business growth of 32%, as business efficiencies and operational leverage benefits continue to come through.

·  

Adjusted operating profit margin2 up 300 basis points (bps) to 17%, strong margin expansion despite continued investment in the business for future growth.

·  

Statutory operating profit up by 89% £20.4m (HY22: £10.8m).

·  

Adjusted earnings per share2 up by 81% to 19.2p (HY22: 10.6p).

·  

Robust balance sheet position maintained with net cash at period end of £41.4m (31 January 2022: £20.1m).

 

Operational highlights

 

·  

Continued sales growth in panel-based Custom Research with increasing opportunities for multi-year contracts and trackers, building on the strong momentum seen in H2 2022.

·  

High-quality data products remain embedded across clients' workflows resulting in increased customer stickiness and retention.


Data Products  revenue increased by 9% on an underlying¹basis (20% on a reported basis) to £41.9m, driven by strong subscription renewal rates.


Data Services  revenue decreased by 9% on an underlying¹basis (3% decline on a reported basis) to £23.0m as general market softness continued to delay some clients' more discretionary spending.


Custom Research  revenue increased by 28% on an underlying¹basis (55% on a reported basis) to £65.3m, driven by continued sales momentum globally, as clients prioritise strategic research projects, resulting in the expansion of several client relationships.

·  

Broad-based growth across all geographic segments, with the US remaining the key growth driver with large market opportunities continuing to accelerate in important sectors.


Demand in the UK has picked up despite recessionary market conditions, while Mainland Europe posted a weaker performance due to lower tactical PR activity impacting Data Services.

·  

Investments made during the period to meet client demand and further strengthen our technological capabilities included:


Technology : Continued investment of £4.4m (HY22: £3.7m) in technologies to drive long term growth, including the development of our self-serve tool, YouGov Surveys. 


Panel : Ongoing investment of £4.8m (HY22: £4.4m) in the build-out of our panel and allocation of resources to high growth areas such as the US and Europe, to meet demand for customised research.


Centres of Excellence (CenX) : Remain operationally integral to our platform strategy as we increase the number of functions with representation in a CenX.    

 

 

Current trading and outlook

 

·  

Driven by continued investment in our technological capabilities and our international reach, the Group's sales pipeline remains healthy and continues to provide good visibility as we go into the second half of the financial year.

·  

While the Group has seen some slower client decision making on more discretionary spend, we continue to see large strategic opportunities in key markets and have not experienced any other material changes in client behaviour to date.

·  

We remain disciplined in our investment approach and will continue to optimise our cost base to ensure we are poised for further margin improvement.

·  

Capital expenditures, which are aimed at positioning the business for further growth in the next strategic growth plan (SP3), are expected to be maintained at a similar level to the prior year.

·  

While the overall weakness in macro sentiment may impact the speed and level of some client spending, our strong performance in the first half gives us confidence in maintaining the current sales momentum to end the financial year in line with current market expectations3.

 

 

Board Succession Planning

 

·  

In line with the previously disclosed Board succession plan, Roger Parry will be standing down from the role of Non-Executive Chair. Stephan Shakespeare will assume the role of Non-Executive Chair, upon a new CEO commencing in post, currently anticipated to be on 1 August 2023, subject to the outcome of the CEO search process. The Board's Nomination Committee is considering a wide variety of both external and internal candidates as part of an international search process. A further update will be provided in due course.

·  

On 23 February 2023, the Group announced the appointment of Shalini Govil-Pai and Devesh Mishra as Non-Executive Directors. Shalini Govil-Pai has over 25 years' experience in the consumer technology space, particularly in the US, while Devesh Mishra brings over 25 years of global operating leadership experience across technology, product, and business operations. The addition of our two new Non-Executive Directors in Shalini and Devesh, ensures a majority of independent members on the Board following the Chair transition.

 

Stephan Shakespeare, Chief Executive Officer, said:

 

"YouGov delivered a strong performance in the first half of our financial year, against a difficult macro environment. In line with our strategy, top-line growth momentum has continued across all geographic segments, and we achieved significant margin expansion and good cash generation during the period.

 

Our demand environment remains robust with increasingly sticky, long-term relationships with existing customers, and growing opportunities for multi-year contracts and trackers with new customers. This sales momentum has continued into the second half of the year, giving us confidence that YouGov can achieve top-line growth for the full year in line with current market expectations.3

 

As we approach the final stretch of our current long-term strategic growth plan, I am more confident than ever that we are investing in the right areas to realise the full potential of our business. We look forward to showcasing the results of our efforts alongside our plans for SP3 at our upcoming Capital Markets Day."

 

3. Based upon the average of 6 analyst estimates, the Company-compiled consensus estimate for FY23 Group revenue is £265 million.

 

Analyst presentation

 

A copy of the presentation will be available online at
https://corporate.yougov.com/investors/presentations/ shortly after the half-year results announcement is live on the Regulatory News Service (RNS).

 

Capital Markets Day

 

The Company will host a Capital Markets Day for institutional investors and analysts in London on Wednesday 17th May 2023 where we will present the next strategic growth plan and our continued evolution into a leading market research platform. The day will be hosted by CEO Stephan Shakespeare, CFO Alex McIntosh, and COO Sundip Chahal and will include presentations from leaders within the Group.

 

 

Forward looking statements

 

Certain statements in this full year report are forward looking. Although the Group believes that the expectations reflected in these forward-looking statements are reasonable, we can give no assurance that these expectations will prove to have been correct. As these statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by these forward-looking statements.

 

We undertake no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise.

 

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 Limited (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 second most quoted market research source in the world. 

YouGov. Living Consumer Intelligence.

For further information, visit business.yougov.com 

 

Chief Executive Officer's Review

YouGov has delivered another strong performance in the first half of the current financial year as demand for our products and services remains robust. While the overall macro environment remains uncertain, the Group has continued to demonstrate the value of its data to clients thereby maintaining strong renewal rates and expanding several key relationships. Following a concerted focus on limiting cost growth, the Group has seen significant improvement in its operating profit margin in the period, while investing in areas that will drive future growth.

 

Factors contributing to our positive performance in the period include:

·   Key geographies: Solid performance was seen in the US, particularly in Custom Research, and recovery in the UK as overall market sentiment has improved.

·   New products: Initial contribution from early-stage products, YouGov Safe and FreeWall®, that are gaining encouraging traction with clients.

·   Operational leverage: Investments in recent years to expand our sales teams, central functions and CenX operations are beginning to deliver margin benefits as our top-line expands.

 

Delivering on our strategic priorities

 

Based on our strategy, we have previously identified five key priorities that will be a focus in the near term. The key progress made under each of these priorities over the first half of the financial year has been set out below.

 

 

Product development and technology

 

·  

Launched YouGov Surveys, our self-serve tool allowing users to build surveys with granular targeting capabilities.

·  

Continued the development of the YouGov Platform with the launch of free audience and brand data tools that enable individuals and businesses to experience the power of YouGov's data.

 

Panel

 

·  

Growth in our global research panel of 20% to 24 million registered members, while lowering global cost per acquisition through diversification and optimisation of our acquisition channels, including the use of YouGov Chat to recruit hard-to-reach groups.

·  

Utilised our latest technology acquisition, YouGov FreeWall®, to expand our panel reach through publisher networks to deliver targeted digital campaigns.

 

Global accounts

 

·  

Increased share of wallet with several key clients globally, particularly in the technology and gaming sectors in the US, through panel-based Custom Research projects.

·  

Achieved strong renewal rates for our subscription products in an increasingly uncertain macro environment.

 

 

 

 

 

Global infrastructure

 

·  

Continued to expand the role played by our CenX and improve the efficiency with which we deliver our services, through the creation of client service and survey management teams in India.

·  

Ongoing build out of staff in our newest CenX in Mexico City to ensure the US research business is well supported through the addition of sales and client service capabilities over the coming months.

 

Acquisitions

 

·  

Collaboration with the LINK team on social research and financial services clients yielding good results and initial sales of syndicated data products recorded.

·  

Rezonance's FreeWall ® product is effectively supplementing the Group's ongoing panel recruitment efforts.

 

 

Strategic growth plan

 

We are in the final stage of our current long-term strategic growth plan ("FYP2") and continue to make progress in its execution. As previously announced, the ambitious long-term incentive plan ("LTIP") performance targets accompanying FYP2 to incentivise senior management over the plan period (FY19-FY23) are:

 

·  

double Group revenue;

·  

double Group adjusted operating profit margin1; and

·  

achieve an adjusted earnings per share1 compound annual growth rate in excess of 30%.

 

1 Defined in the explanation of non-IFRS measures below.

 

With the substantial investments in our panels and support functions now largely complete, we are beginning to reap the benefits of operational leverage as the business scales, as demonstrated by the margin expansion in the first half of the year. We have sustained the investment in our technological platforms to ensure we continue to innovate, improve the panellist experience and further the development of the YouGov Platform.

 

We remain committed to driving top-line growth in the medium-term, with a continued focus on improving our profitability margin. Looking ahead, we believe there is substantial headroom for growth in our existing business lines and further upside potential stemming from our evolution into a platform company. As we navigate the current macro environment, we are reassured by the stickiness of our client base and the strong, long-term relationships we have built that will continue to drive the business forward.

 

Current trading and outlook

 

·   Driven by continued investment in our technological capabilities and our international reach, the Group's sales pipeline remains healthy and continues to provide good visibility as we go into the second half of the financial year.

·   While the Group has seen some slower client decision making on more discretionary spend, we continue to see large strategic opportunities in key markets and have not experienced any other material changes in client behaviour to date.

·   We remain disciplined in our investment approach and will continue to optimise our cost base to ensure we are poised for further margin improvement.

·   Capital expenditures, which are aimed at positioning the business for further growth in the next strategic growth plan (SP3), are expected to be maintained at a similar level to the prior year.

·   While the overall weakness in macro sentiment may impact the speed and level of some client spending, our strong performance in the first half gives us confidence in maintaining the current sales momentum to end the financial year in line with current market expectations2

 

2. Based upon the average of 6 analyst estimates, the Company-compiled consensus estimate for FY23 Group revenue is £265 million.

 

Stephan Shakespeare

Chief Executive Officer

21 March 2023



 

Chief Financial Officer's Review

 

The Group has delivered a strong performance in the six months to 31 January 2023 as we continue to deliver sustainable, profitable growth.

 

Total Group revenue rose 30% to £131.4m in the period, compared to £101.2m in the six months to 31 January 2022, with continued growth across all geographic segments and on the back of currency tailwinds, primarily the US Dollar.

 

Underlying1 revenue growth (excluding foreign exchange movements and contribution from acquisitions) was 13% over the prior year period.

 

The diversity in our client base and the strategic value of our data to key clients has enabled us to deliver a good performance in the context of volatile trading conditions.

 

Gross margins increased by 30 basis points (bps) to 84.8% as a higher proportion of sales was derived from panel-based custom research projects.

 

Group operating costs (excluding separately reported items) of £89.4m (HY22: £71.5m) increased by 25% in reported terms, and 18% in constant currency terms. Group adjusted operating profit (excluding separately reported items) increased to £22.1m (a 58% increase from £14.0m in HY22). Underlying1 operating profit increased by 32%, when excluding the impact of acquisitions and FX, on the back of tighter cost control, benefits of operational leverage and lower growth in amortisation of intangibles. Adjusted operating margins increased 300 basis points from 13.8% to 16.8%. 

 

The statutory operating profit (which is after charging other separately reported items of £1.7m) increased by 89% to £20.4m (HY22: £10.8m).

 

Performance by Division

 

Data Products

 

Our syndicated data products suite includes YouGov BrandIndex and YouGov Profiles as well as newer sector specific offerings and our latest cross-device tracker, YouGov Safe.

 

Our Data Products division saw slower growth in the period, despite healthy renewal rates, due to fewer new subscription sales. This was in part due to greater focus from our commercial teams on custom projects, which limited the sale of new subscriptions. Revenue from Data Products increased by 20% in reported terms (9% growth in underlying terms) in the period. The adjusted operating profit from Data Products increased by 60% to £17.8m and the operating margin increased to 42%. This significant increase in margins can be attributed to inherent operational leverage benefits of syndicated products and higher cost allocations to the Custom Research division.

 

Geographically, the US remains the largest Data Products market and grew by 10% in the period on an underlying basis. The UK delivered 15% growth for the period on the back of strong demand from the technology and media sector.

 

 

 

 

 

Data Services

 

Our Data Services division consists of our fast-turnaround research services, including our market-leading YouGov RealTime Omnibus.

 

In the period, revenue from Data Services declined by 3% in reported terms and by 9% in underlying terms to £23.0m. This was mainly driven by a sharp decline in Mainland Europe due to several factors including lower tactical PR activity in light of geopolitical instability in the region, phasing of projects into H2 and some reclassification of work to the Custom Research division. Additionally, the division saw low single-digit growth in the period in the UK and continued to see flat performance in the US.

 

This division's profitability recorded a 26% decrease to £3.2m (HY22: £4.3m) and the operating margin contracted from 18% to 14% due to the division's weak performance.

 

Custom Research

 

Our Custom Research division includes tailored research projects and tracking studies.

 

During the period, the division's revenue increased by 55% in reported terms, including contribution from the LINK acquisition in December 2021, while growth in underlying terms was 28% to £65.3m. This significant acceleration in the division was largely driven by the US, as our commercial teams demonstrated the benefits of our global panel coverage, high-quality data and innovative tools to help expand several client relationships. New clients wins in Mainland Europe and work around the US mid-term elections have also contributed to this strong performance.

 

This strong performance, greater focus on margin-enhancing projects and increased efficiencies through the use of CenX has resulted in the division's adjusted operating profit increasing to £14.2m (HY22: £8.0m) representing an operating margin of 22% (HY22: 19%).

 

 

Revenue

Six months to

31 Jan 2023

£m

Six months to

31 Jan 2022

£m

Revenue growth

%

Underlying1 revenue change %

Data Products

41.9

34.8

20%

9%

Data Services

23.0

23.7

(3%)

(9%)

Custom Research

65.3

42.0

55%

28%

Central Items

1.2

0.7

71%

-

Group

131.4

101.2

30%

13%

 



 

Adjusted Operating Profit1

 

 

Six months to

31 Jan 2023

£m

Six months to

31 Jan 2022

£m

Operating

Profit growth

%

Operating Margin

Six months to

31 Jan 2023

Six months to

31 Jan 2022

Data Products

17.8

11.1

60%

42%

32%

Data Services

3.2

4.3

(26%)

14%

18%

Custom Research

14.2

8.0

78%

22%

19%

Central Costs

(13.1)

(9.4)

39%

-

-

Group

22.1

14.0

58%

17%

14%

 

Performance by Geography

Revenue

Six months

to

31 Jan 2023

£m

Six months

to

31 Jan 2022

£m

Revenue

growth

%

Underlying1

revenue

change %

UK

31.4

26.7

18%

18%

Americas

64.0

46.1

39%

18%

Mainland Europe

28.3

20.0

41%

3%

Middle East

4.4

2.8

59%

38%

Asia Pacific

11.0

9.3

19%

11%

Central Items

(7.7)

(3.7)

109%

60%

Group 

131.4

101.2

30%

13%

 

Adjusted Operating Profit1

Six months to

31 Jan 2023

£m

Six months to

31 Jan 2022

£m

Operating

Profit growth

%

Operating Margin

Six months to

31 Jan 2023

Six months to

31 Jan 2022

UK

6.6

6.9

(4%)

26%

USA

21.7

16.0

36%

35%

Mainland Europe

1.4

2.6

(46%)

13%

Middle East

1.3

0.5

160%

18%

Asia Pacific

1.0

0.5

100%

6%

Central Costs

(9.9)

(12.5)

(21%)

-

Group

22.1

14.0

58%

14%

 

1 Defined in the explanation of non-IFRS measures below.

 

Panel Development

 

We continue to invest in our online panel to increase our research capabilities, both in our newer geographies and in the US on the back of strong client demand. At 31 January 2023, the total number of registered panellists had increased by 20% to over 24 million, compared to 20 million at 31 January 2022, as set out in the table below.

 

Region

Panel size at

31 January 2023

millions

Panel size at

31 January 2022

millions

UK

2.79

2.55

Americas

8.76

7.20

Mainland Europe

5.36

4.31

MENA and India

2.92

2.53

Asia Pacific

4.18

3.36

Total

24.01

19.95

 

 

Group financial performance

 

Amortisation of intangible assets and central costs

 

Amortisation charges for intangible assets totalled £10.8m in the period (HY22: £9.4m) of which £5.4m (HY22: £4.8m) relates to the consumer panel and £4.6m (HY22: £4.2m) to our software and technology development activities. Growth in amortisation of intangibles has slowed versus the prior year following the completion of the build out of new panel markets.

 

Central costs, which include support functions and contribution from incubator projects, have increased to £13.1m (HY22: £9.4m).

 

Separately reported items

 

Acquisition related costs in the period comprise £1.5m of contingent consideration treated as staff costs in respect of the acquisitions of Charlton Insights Inc, Faster Horses Pty Limited and YouGov Finance Limited (renamed from Lean App Limited) and £0.2m of bonus-related costs in respect of LINK Marketing Services AG (LINK).

 

Profit before tax and earnings per share

 

Adjusted profit before tax was £26.5m, increasing by 72% compared to £15.4m in HY22, largely in line with the increase in adjusted operating profit. The adjusted tax rate decreased from 23.5% in HY22 to 21.0%. Statutory profit before tax increased to £21.0m compared to £9.2m in the six months ended 31 January 2022.

 

During the period adjusted earnings per share has increased by 81% from 10.6p to 19.2p, driven by the growth in the business, and statutory earnings per share has more than doubled from 5.7p to 14.7p.

 

Technology investment and global expansion

 

The Group invested £4.4m (HY22: £3.7m) in the continuing advancement of our technology platform while investment in panel recruitment amounted to £4.8m (HY22: £4.4m) as spend has normalised following our new panel markets expansion in 2021. £0.6m (HY22: £0.6m) was spent on the purchase of property, plant and equipment. Other cash outflows included £5.6m spent on purchase of treasury shares, taxation payments of £1.6m (HY22: £2.8m) and the annual shareholder dividend payment of £7.7m (HY22: £6.7m) in December 2022.

 

The Group is expecting £9.6m of deferred consideration payable in respect of future earn-outs related to acquisitions, of which £6.6m is expected to be paid in the next twelve months.

 

There was a net cash inflow of £4.7m in the period, compared to an inflow of £6.0m in the six months to 31 January 2022. Net cash balance of £41.4m was higher than at 31 January 2022 (£20.1m). No exposure or affiliation with Silicon Valley Bank or its UK subsidiary.

 

Currency

 

The Group's results were affected by the net depreciation of £ Sterling as its average exchange rate was 13% lower against the USD in this period than in the six months to 31 January 2022. Also, the £ Sterling was 2% lower against the EUR in this period than in the six months to 31 January 2022. The net impact of foreign exchange on the Group's adjusted operating profit1 was an increase of £3.2m compared to calculation in constant currency terms.

 

Alex McIntosh

Chief Financial Officer

21 March 2023

 

1 Defined in the explanation of non-IFRS measures below.



 

Explanation of Non-IFRS measures

 

Financial Measure

How we define it

Why we use it

Underlying growth

Growth in business excluding impact of current and prior period acquisitions and business closures, and movement in exchange rates (i.e. current year performance calculated with exchange rates held constant at prior year rates).

Provides a more comparable basis to assess the year-to-year operational business performance and is how our performance is reviewed internally

Separately reported items

Items that in the Directors' judgement are one-off or need to be disclosed separately by virtue of their size or incidence

 

Adjusted operating profit

Operating profit excluding separately reported items

 

Adjusted operating profit margin

Adjusted operating profit expressed as a percentage of revenue

 

Adjusted profit before tax

Profit before tax before share based payment charges, imputed interest and separately reported items

 

Adjusted taxation

Taxation due on the adjusted profit before tax, excluding the tax effect of separately reported items

 

Provides a more comparable basis to assess the underlying tax rate 

 

Adjusted tax rate

Adjusted taxation expressed as a percentage of adjusted profit before tax

 

Adjusted profit after tax

Adjusted profit before tax less adjusted taxation

 

Facilitates performance evaluation, individually and relative to other companies

Adjusted profit after tax attributable to owners of the parent

Adjusted profit after tax less profit attributable to non-controlling interests

 

Adjusted earnings per share

Adjusted profit after tax attributable to owners of the parent divided by the weighted average number of shares.  Adjusted diluted earnings per share includes the impact of share options

 

Cash conversion

The ratio of cash generated from operations to adjusted EBITDA

 

Indicates the extent to which the business generates cash from adjusted EBITDA

 

 

 

Reconciliation of Non-IFRS measures

Adjusted Operating Profit1

 

Six months

to

31 Jan 2023

£m

Six months

to

31 Jan 2022

£m

% Change

Statutory operating profit

20.4

10.8

89%

Separately reported items

1.7

3.2

(47%)

Adjusted operating profit1

22.1

14.0

58%

 

Adjusted Profit Before Tax1

 

Six months

to

31 Jan 2023

£m

Six months

to

31 Jan 2022

£m

% Change

Statutory profit before tax

21.0

9.2

128%

Separately reported items

1.7

3.2

(47%)

Share based payments

3.8

3.0

27%

Adjusted profit before tax1

26.5

15.4

72%

 

1 Defined in the explanation of non-IFRS measures above.


YOUGOV PLC

STATEMENT OF DIRECTORS' RESPONSIBILITIES

For the six months ended 31 January 2023

 

 

The Directors confirm that these condensed interim financial statements have been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting", as adopted by the European Union and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:

· an indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

· material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report.

 

The Board of Directors of YouGov plc are:

· Roger Parry - Non-Executive Chair

· Rosemary Leith - Non-Executive Director and Senior Independent Director

· Andrea Newman - Non-Executive Director

· Ashley Martin - Non-Executive Director

· Nick Prettejohn - Non-Executive Director

· Shalini Govil-Pai - Non-Executive Director1

· Devesh Mishra - Non-Executive Director1

· Stephan Shakespeare - Chief Executive Officer

· Alex McIntosh - Chief Financial Officer

· Sundip Chahal - Chief Operating Officer

 

By order of the Board:

 

 

 

Alex McIntosh

Chief Financial Officer

21 March 2023

 

1 Appointed on 23 February 2023 with effect from 27 February 2023, after the end of the interim reporting period for the six months ended 31 January 2023




 

YOUGOV PLC

CONSOLIDATED INCOME STATEMENT

For the six months ended 31 January 2023


 

 

Unaudited

Unaudited

Audited

 

 

6 months to

6 months to

Year ended

 

 

31 January

31 January

31 July

 

 

2023

2022

2022

 

Note

£m

£m

£m

 


 



Revenue

3

131.4

101.2

221.1

Cost of sales


(19.9)

(15.7)

(33.7)

Gross profit


111.5

85.5

187.4

Administrative expenses


(91.1)

(74.7)

(157.4)

Operating profit


20.4

10.8

30.0

Separately reported items

4

1.7

3.2

6.3

Adjusted operating profit1

3

22.1

14.0

36.3



 



Finance income


0.9

-

-

Finance costs


(0.3)

(1.6)

(4.7)

Profit before taxation


21.0

9.2

25.3

Taxation

5

(5.0)

(2.9)

(7.8)

Profit after taxation


16.0

6.3

17.5



 



Attributable to:


 



- Owners of the parent


16.1

6.4

17.1

- Non-controlling interests


(0.1)

 (0.1)

0.4



16.0

6.3

17.5

Earnings per share


 



Basic earnings per share attributable to the owners of the parent

6

 

14.7p

5.7p

15.7p

Diluted earnings per share attributable to the owners of the parent

6

 

14.4p

5.6p

15.4p



 



1 Defined in the explanation of non-IFRS measures.


All operations are continuing.



 

YOUGOV PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 31 January 2023

 

Unaudited

Unaudited

Audited

6 months to

6 months to

Year ended

31 January

31 January

31 July

2023

2022

2022

 

£m

£m

£m


 



Profit for the period

16.0

6.3

17.5

Other comprehensive income/(expense)

 



Items that will not be reclassified to profit or loss

 



Actuarial gains

0.2

-

1.2

Items that may be subsequently reclassified to profit or loss

 



Currency translation differences

0.3

1.0

7.0

Other comprehensive income for the year

0.5

1.0

8.2

Total comprehensive income for the period

16.5

7.3

25.7


 



Attributable to:

 



- Owners of the parent

16.6

7.4

25.3

- Non-controlling interests

(0.1)

(0.1)

0.4

Total comprehensive income for the period

16.5

7.3

25.7


Items in the statement above are disclosed net of tax.


YOUGOV PLC

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

 

 

Unaudited

Unaudited

Audited

 

31 January 2023

31 January 2022

31 July

 2022

 

Assets

Note

£m

£m

£m

 

Non-current assets

 

 



 

Goodwill

8

83.7

75.1

80.4

 

Other intangible assets

8

33.7

41.4

38.0

 

Property, plant and equipment

8

4.0

4.0

4.2

 

Right of use assets

8

10.4

12.4

11.3

 

Deferred tax assets

 

11.9

9.1

11.3

 

Total non-current assets

 

143.7

142.0

145.2

 

 

 

 



 

Current assets

 

 



 

Trade and other receivables

 

58.1

39.0

53.7

 

Current tax assets

 

-

5.7

4.1

 

Cash and cash equivalents

 

41.4

40.9

37.4

 

Total current assets

 

99.5

85.6

95.2

 

Total assets

 

243.2

227.6

240.4

 

 

 

 



 

Liabilities

 

 



 

Current liabilities

 

 



 

Trade and other payables

 

61.9

48.6

66.8

 

Contingent consideration

 

6.6

2.4

6.1

 

Provisions

 

11.7

9.7

11.2

 

Short term borrowings

 

-

0.8

-

 

Current lease liabilities

 

2.8

3.5

2.9

 

Current tax liabilities

 

5.3

4.9

3.5

 

Total current liabilities

 

88.3

69.9

90.5

 

Net current assets

 

11.2

15.7

4.7

 

 

 

 



 

Non-current liabilities

 

 



 

Contingent consideration

 

3.0

3.1

2.4

 

Provisions

 

6.7

5.8

6.7

 

Pension net defined benefit liability

 

2.0

2.9

2.0

 

Long term borrowings

 

-

20.0

-

 

Long term lease liabilities

 

8.6

10.0

9.3

 

Deferred tax liabilities

 

3.4

0.7

4.5

 

Total non-current liabilities

 

23.7

42.5

24.9

 

Total liabilities

 

112.0

112.4

115.4

 

Net assets

 

131.2

115.2

125.0

 

 

Equity

 

 



Issued share capital

9

0.2

0.2

0.2

Share premium

 

31.5

31.5

31.5

Merger reserve

 

9.2

9.2

9.2

Treasury reserve

 

(15.2)

(0.8)

 (9.6)

Foreign exchange reserve

 

14.9

8.6

14.6

Retained earnings

 

91.0

67.3

79.4

Total equity attributable to owners of the parent

 

131.6

116.0

125.3

Non-controlling interests in equity

 

(0.4)

(0.8)

(0.3)

Total equity

 

131.2

115.2

125.0











 

 

YOUGOV PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the six months ended 31 January 2023

 



Attributable to equity holders of the Company



 


Share
capital
£m

Share premium
£m

Merger reserve
 m

Treasury

share reserve 

£m

Foreign
exchange reserve
£m

Retained earnings
£m

Total
£m

Non-controlling interest
£m

Total
£m

Balance at 1 August 2021

0.2

31.5

9.2

(2.3)

7.6

66.5

112.7

(0.7)

112.0

 

Period to 31 January 2022










 

Exchange differences on translating foreign operations

-

-

-

-

1.0

-

1.0

-

1.0

 

Net gain recognised directly in equity

-

-

-

-

1.0

-

1.0

-

1.0

 

Profit for the period

-

-

-

-

-

6.4

6.4

(0.1)

6.3

 

Total comprehensive income for the period

-

-

-

-

1.0

6.4

7.4

(0.1)

7.3

 

Dividends paid

-

-

-

-

-

(6.7)

(6.7)

-

(6.7)

 

Issue of shares

-

-

-

-

-

-

-

-

-

 

Share-based payments

-

-

-

-

-

2.8

2.8

-

2.8

 

Treasury shares used to settle share option exercises

-

-

-

1.5

-

(1.5)

-

-

-

 

Tax in relation to share-based payments






(0.2)

(0.2)

-

(0.2)

 

Acquisition of treasury shares

-

-

-

-

-

-

-

-

-

 

Total transactions with owners recognised directly in equity

-

-

-

1.5

-

(5.6)

(4.1)

-

(4.1)

 

Balance at 31 January 2022

0.2

31.5

9.2

(0.8)

8.6

67.3

116.0

(0.8)

115.2

 

Period to 31 July 2022










 

Actuarial gains

  1.2

1.2

 -

1.2

 

Exchange differences on translating foreign operations

-

-

-

-

6.0

-

6.0

-

6.0

 

Net income recognised directly in equity

-

-

-

-

6.0

1.2

7.2

-

7.2

 

Profit for the period

-

-

-

-

-

10.7

10.7

0.5

11.2

 

Total comprehensive income for the period

-

-

-

-

6.0

11.9

17.9

0.5

18.4

 

Dividends paid

-

-

-

-

-

-

-

-

-

 

Issue of shares

-

-

-

-

-

-

-

-

-

 

Share-based payments

-

-

-

-

-

0.1

0.1

-

0.1

 

Treasury shares used to settle share option exercises

-

-

-

1.1

-

(1.1)

-

-

-

 

Tax in relation to share-based payments

-

-

-

-

-

1.2

1.2

-

1.2

 

Acquisition of treasury shares

-

-

-

(9.9)

-

-

(9.9)

-

(9.9)

 

Total transactions with owners recognised directly in equity

-

-

-

(8.8)

-

0.2

(8.6)

-

(8.6)

 

Balance at 31 July 2022

0.2

31.5

9.2

(9.6)

14.6

79.4

125.3

(0.3)

125.0

 

Period to 31 January 2023

 

 

 

 

 

 

 

 

 

 

Actuarial gains

-

-

-

-

-

0.2

0.2

-

0.2

 

Exchange differences on translating foreign operations

-

-

-

-

0.3

-

0.3

-

2.90.3

 

Net income recognised directly in equity

-

-

-

-

0.3

0.2

0.5

-

0.5

 

Profit for the period

-

-

-

-

-

16.1

16.1

(0.1)

16.0

 

Total comprehensive income for the period

-

-

-

-

0.3

16.3

16.6

(0.1)

16.5

 

Dividends paid

-

-

-

-

-

(7.7)

(7.7)

-

(7.7)

 

Issue of shares

-

-

-

-

-

-

-

-

-

 

Share-based payments

-

-

-

-

-

3.7

3.7

-

3.7

 

Tax in relation to share-based payments

-

-

-

-

-

(0.7)

(0.7)

-

(0.7)

 

Acquisition of treasury shares

-

-

-

(5.6)

-

-

(5.6)

-

(5.6)

 

Total transactions with owners recognised directly in equity

-

-

-

(5.6)

-

(4.7)

(10.3)

-

(10.3)

 

Balance at 31 January 2023

0.2

31.5

9.2

(15.2)

14.9

91.0

131.6

(0.4)

131.2

 


YOUGOV PLC

CONSOLIDATED CASHFLOW STATEMENT

For the six months ended 31 January 2023

 


Unaudited

Unaudited

Audited

6 months to

6 months to

Year ended


31 January

31 January

31 July


2023

2022

2022


£m

£m

£m


 



Cash flows from operating activities

 



Profit before taxation

21.0

9.2

25.3

Adjustments for:

 



  Finance income

(0.9)

-

-

  Finance costs

0.3

1.6

1.0

  Amortisation of intangibles

10.8

9.4

20.4

  Depreciation

2.2

2.5

4.9

  Share-based payments

3.7

2.8

2.9

  Other non-cash items

2.2

2.4

8.6

Settlement of deferred consideration

(0.2)

-

-

(Increase)/decrease in trade and other receivables

(4.5)

6.2

(4.4)

(Decrease)/increase in trade and other payables

(4.4)

(4.2)

9.5

Increase in provisions

0.3

1.0

1.5

Cash generated from operations

30.5

30.9

69.7

Interest paid

(0.3)

(0.3)

(0.9)

Income taxes paid

(1.6)

(2.8)

(6.9)

Net cash generated from operating activities

28.5

27.8

61.9

Cash flow from investing activities

 



Acquisition of subsidiaries (net of cash acquired)

-

(25.0)

(25.4)

Purchase of property, plant and equipment

(0.6)

(0.6)

(1.5)

Purchase of intangible assets

(9.2)

(8.2)

(16.0)

Net cash used in investing activities

(9.8)

(33.8)

(42.9)

Cash flows from financing activities

 



Principal elements of lease payments

(0.8)

(1.3)

(3.4)

Draw down of bank loans

-

20.0

20.0

Repayment of bank loans

-

-

(20.0)

Dividends paid to shareholders

(7.7)

(6.7)

(6.7)

Purchase of treasury shares

(5.6)

-

(9.9)

Net cash (used)/generated in financing activities

(14.1)

12.0

(20.0)

Net increase/(decrease) in cash and cash equivalents

4.7

6.0

(1.0)

Cash and cash equivalents at beginning of period

37.4

35.5

35.5

Exchange (loss)/gain on cash and cash equivalents

(0.7)

(0.6)

2.9

Cash and cash equivalents at end of period

41.4

40.9

37.4


 

The accompanying accounting policies and notes form an integral part of this financial information.

 

 

 

Alex McIntosh

Chief Financial Officer
21 March 2023


 

YOUGOV PLC

notes to the CONDENSED consolidated interim financial statements

For the six months ended 31 January 2023

 

 

1  GENERAL INFORMATION 

 

YouGov plc and subsidiaries' (the "Group") principal activity is the provision of digital market research.

 

YouGov plc (the "Company") is the Group's ultimate Parent Company. It is a public limited company incorporated and domiciled in the United Kingdom. The address of YouGov plc's registered office is 50 Featherstone Street, London EC1Y 8RT, United Kingdom. YouGov plc's shares are listed on the Alternative Investment Market of the London Stock Exchange.

 

YouGov plc's condensed consolidated interim financial statements are presented in UK Sterling, which is also the functional currency of the Company. Figures are rounded to the nearest million UK Sterling, unless otherwise indicated.

 

These condensed consolidated interim financial statements have been approved for issue by the Board of Directors of YouGov plc (the "Board") on 21 March 2023.

 

This condensed consolidated interim financial information for the six months ended 31 January 2023 does not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 July 2022 were approved by the Board on 11 October 2022 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498 of the Companies Act 2006. The consolidated financial statements of the Group for the year ended 31 July 2022 are available from the Company's registered office or website (https://corporate.yougov.com).

 

This condensed consolidated interim financial information is unaudited and not reviewed by the auditors.

 

2  BASIS OF PREPARATION

These condensed consolidated interim financial statements for the six months ended 31 January 2023 have been prepared in accordance with the Disclosure and Transparency Rules of the Financial Services Authority and IAS 34 "Interim Financial Reporting" as contained in UK-adopted IFRS. The condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 July 2022, which has been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 applicable to companies reporting under IFRS.

 

Judgements, accounting estimates and risks facing the Group

The preparation of interim financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of income, expenses, assets and liabilities.

 

All significant estimates and judgements made by management were consistent with those applied to the consolidated financial statements for the year ended 31 July 2022.

 

The nature of the Group's principal risks and uncertainties are broadly unchanged from those set out in our 2022 Annual Report.  

 

3  SEGMENTAL ANALYSIS

The Board of Directors (which is the "chief operating decision-maker") primarily reviews information based on product lines, being split as syndicated services such as Data Products and non-syndicated services such as Custom Research and Data Services - with supplemental geographical information.

 

 

Custom Research

Data Products

Data Services

Eliminations and unallocated costs

Group

 

£m

£m

£m

£m

£m

For the six months to 31 January 2023 (Unaudited)

 

 

 

 

 

Revenue

 

 

 

 

 

Recognised over time

23.9

41.7

0.3

0.6

66.5

Recognised at a point in time

41.4

0.2

22.7

0.6

64.9

Total revenue

65.3

41.9

23.0

1.2

Cost of sales

(11.5)

(2.3)

(4.2)

(1.9)

(19.9)

Gross profit

53.8

39.6

(0.7)

Administrative expenses

(39.6)

(21.8)

(15.6)

(12.4)

(89.4)

Adjusted operating profit/(loss)

14.2

17.8

(13.1)

Separately reported items

 

 

 

 

(1.7)

Operating profit

 

 

 

 

Net finance income

 

 

 

 

0.6

Profit before taxation

 

 

 

 

21.0

Taxation

 

 

 

 

(5.0)

Profit after taxation

 

 

 

 

16.0

 

 

 

 

 

 

 






 

 

Custom Research

Data Products

Data Services

Eliminations and unallocated costs

Group

 

£m

£m

£m

£m

£m

For the six months to 31 January 2022 (Unaudited)

 

 

 

 

 

Revenue

 

 

 

 

 

Recognised over time

14.5

34.4

0.3

1.2

50.4

Recognised at a point in time

27.5

0.4

23.4

(0.5)

50.8

Total revenue

42.0

34.8

23.7

0.7

Cost of sales

(8.1)

(2.9)

(3.4)

(1.3)

(15.7)

Gross profit

33.9

31.9

(0.6)

Administrative expenses

(25.9)

(20.8)

(16.0)

(8.8)

(71.5)

Adjusted operating profit/(loss)

8.0

11.1

(9.4)

Separately reported items





(3.2)

Operating profit





Net finance cost





(1.6)

Profit before taxation





9.2

Taxation





(2.9)

Profit after taxation





6.3

 

 

 

 

 

 

 






 












 

 

3  SEGMENTAL ANALYSIS (continued)

Supplementary analysis by geography

 

 

Six months to 31 January 2023 (Unaudited)

Six months to 31 January

2022 (Unaudited)

 

Revenue

Adjusted operating profit/(loss)  

Revenue

Adjusted operating profit/(loss)  

 

£m

£m

£m

£m

UK

31.4

6.6

26.7

6.9

Americas1

64.0

21.7

46.1

16.0

Mainland Europe

28.3

1.4

20.0

2.6

Middle East

4.4

1.3

2.8

0.5

Asia Pacific

11.0

1.0

9.3

0.5

Intra-group revenues/unallocated costs

(7.7)

(9.9)

(3.7)

(12.5)

Group

131.4

22.1

101.2

14.0

 

1 Americas refers to the US, Canada and Latin America.

 

4  SEPARATELY REPORTED ITEMS

 

Unaudited

Unaudited

Audited

6 months to

6 months to

Year ended

 

31 January

31 January

31 July

 

2023

2022

2022

 

£m

£m

£m

Acquisition-related costs

1.7

3.2

6.3


1.7

3.2

6.3

 

Acquisition related costs in the period comprise £1.5m of contingent consideration treated as staff costs in respect of the acquisitions of Charlton Insights Inc, Faster Horses Pty Limited and YouGov Finance Limited (renamed from Lean App Limited) and £0.2m of bonus-related costs in respect of LINK Marketing Services AG.

 

Acquisition related costs in the prior period comprised £2.4m of contingent consideration treated as staff costs in respect of the acquisitions of Portent.io Limited, Charlton Insights Inc., Faster Horses Pty Limited and YouGov Finance Limited (renamed from Lean App Limited) and £0.8m of transaction costs in respect of the acquisitions of LINK Marketing Services AG and Rezonence Limited.

 

5   TAXATION

 

Unaudited

Unaudited

Audited

6 months to

6 months to

Year ended

 

31 January

31 January

31 July

 

2023

2022

2022

 

£m

£m

£m

Current taxation charge

5.7

3.7

7.2

Deferred taxation (credit)/charge

(0.7)

(0.8)

0.6

Total income statement tax charge

5.0

2.9

7.8

 

The tax charge for the period has been calculated based on the expected tax rates for the full year in each country.

 

 

6  EARNINGS PER SHARE

 

 

Unaudited

Unaudited

Audited

6 months to

6 months to

Year ended

 

31 January

31 January

31 July

Number of shares

2023

2022

2022

Weighted average number of shares during the period: ('m shares)




-  Basic

109.7

111.0

109.9

-  Dilutive effect of share options

2.4

2.3

2.3

-  Diluted

112.1

113.3

112.2

Basic earnings per share (in pence)

14.7p

5.7p

15.7p

Adjusted basic earnings per share  (in pence)

19.2p

10.6p

23.7p

Diluted earnings per share (in pence)

14.4p

5.6p

15.4p

Adjusted diluted earnings per share (in pence)

18.8p

10.4p

23.2p





The adjustments have the following effect:




Basic earnings per share

14.7p

5.7p

15.7p

Share-based payments

3.4p

2.5p

2.6p

Social taxes on share-based payments

0.1p

0.2p

-

Imputed interest

-

-

0.1p

Separately reported items

 

1.6p

 

2.8p

5.7p

Tax effect of the above adjustments and adjusting tax items

(0.6p)

(0.6p)

(0.4p)

Adjusted basic earnings per share

19.2p

10.6p

23.7p

 




Diluted earnings per share

14.4p

5.6p

15.4p

Share-based payments

3.4p

2.5p

2.5p

Social taxes on share-based payments

0.1p

0.2p

-

Imputed interest

-

-

0.1p

Separately reported items

1.5p

2.8p

5.6p

Tax effect of the above adjustments and adjusting tax items

(0.6p)

(0.7p)

(0.4p)

Adjusted diluted earnings per share

18.8p

10.4p

23.2p

 

 

7  DIVIDEND

 

On 8 December 2022 a final dividend in respect of the year ended 31 July 2022 of £7.7m (7.0p per share) (2021: £6.7m (6.0p per share)) was paid to shareholders. No interim dividend is proposed in respect of the period (2022: £nil).

 

 

 

 

8  GOODWILL, INTANGIBLE ASSETS, PROPERTY, PLANT AND EQUIPMENT AND RIGHT OF USE ASSETS

 

Goodwill

Other Intangible assets

Property, plant and equipment

Right of use assets

 

£m

£m

£m

£m 

Carrying amount at 31 July 2021

60.5

29.2

3.2

12.1

Additions:





  Through business combinations

14.3

10.4

1.0

0.8

  Separately acquired

-

4.8

0.6

-

  Internally developed

-

3.4

-

-

Amortisation and depreciation

-

(9.3)

(0.8)

(0.8)

Exchange differences

0.3

-

-

0.3

Carrying amount at 31 January 2022

75.1

38.5

4.0

12.4

Additions:





  Through business combinations

4.2

-

0.5

0.7

  Separately acquired

-

2.1

0.4

-

  Internally developed

-

6.8

-

-

Amortisation and depreciation

-

(11.1)

(0.9)

(2.4)

Exchange differences

1.1

1.7

0.2

0.6

Carrying amount at 31 July 2022

80.4

38.0

4.2

11.3

Additions:

 

 

 

 

  Separately acquired

-

5.7

0.6

0.5

  Internally developed

-

3.5

-

-

Amortisation and depreciation

-

(10.8)

(0.8)

(1.4)

Fair value updates to LINK (see below)

2.7

(2.9)

-

-

Exchange differences

0.6

0.2

-

-

Carrying amount at 31 January 2023

83.7

33.7

4.0

10.4

 

The following fair value adjustments for the LINK opening balance sheet have been made: £0.2m working capital adjustment to the purchase price and £2.9m reclassification from Customer Relationship Intangible to Goodwill.

 

In accordance with the Group's accounting policy, the carrying values of goodwill and other intangible assets are reviewed for impairment annually. A full impairment test was undertaken as at 30 April 2022 with no impairment. There are no indications of impairment.

 

 

9  SHARE CAPITAL

 

Number of shares

 

Share capital
£m

At 31 January 2022

111,365,582

0.2

Issue of shares

91,181

-

At 31 July 2022

111,456,763

0.2

Issue of shares

11,842

-

At 31 January 2023

111,468,605

0.2

 

The Company has only one class of share. The par value of each Ordinary Share is 0.2p (2022: 0.2p). All issued shares are authorised and fully paid. Shares issued in the year were in respect of the exercise of 11,842 share options at 0.2p per share.

 

 

10   FAIR VALUES OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES

 

Where market values are not available, fair values of financial assets and financial liabilities have been calculated by discounting expected future cash flows at prevailing interest rates and by applying year end foreign exchange rates.

 

The book value of the Group's primary financial instruments are equal to their fair values. The primary categories are Trade and other receivables, Cash and cash equivalents and Trade and other payables as shown in the Consolidated Statement of Financial Position.

 

 

11  TRANSACTIONS WITH DIRECTORS AND OTHER RELATED PARTIES

 

Other than emoluments, there were no other transactions with Directors during the period. Trading between YouGov plc and Group companies is excluded from the related party note as this has been eliminated on consolidation.

 

 

12  EVENTS AFTER THE REPORTING PERIOD

 

No material events have taken place subsequent to the reporting date.

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
IR LBLLLXXLXBBL

Companies

YouGov (YOU)
UK 100

Latest directors dealings