Results for the six months to 31 January 2026
Summary by AI BETAClose X
24 March 2026
YouGov plc
("YouGov" or the "Group")
Results for the six months ended on 31 January 2026
Revenue growth of 2%; statutory operating profit growth of 14%
YouGov, the international research and data analytics group, announces its results for the six months ended on 31 January 2026.
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Summary of results |
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Six months ended on |
Six months ended on |
Change |
Underlying change 1 |
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31 January 2026 |
31 January 2025 |
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Unaudited |
Unaudited |
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£m |
£m |
% |
% |
|
|
Revenue |
194.8 |
191.7 |
2% |
1% |
|
Adjusted operating profit1 |
24.0 |
30.1 |
(20%) |
(19%) |
|
Adjusted operating margin (%) |
12.3% |
15.7% |
(340bps) |
- |
|
Statutory operating profit |
16.8 |
14.8 |
14% |
- |
|
Adjusted profit before tax1 |
16.8 |
24.1 |
(30%) |
- |
|
Statutory profit before tax |
8.6 |
8.3 |
4% |
- |
|
Adjusted basic earnings per share1 |
11.4 |
17.1 |
(33%) |
- |
|
Statutory basic earnings per share |
5.7 |
6.8 |
(16%) |
- |
1 Defined in the explanation of non-IFRS measures below.
Financial highlights
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● |
Delivered reported revenue growth of 2% to £194.8m in line with expectations, representing a resilient performance driven by sustained demand in the Research division. |
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● |
Improvement in statutory operating profit and statutory profit before tax of 14% and 4%, respectively. |
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● |
Adjusted operating profit of £24.0m, down 20% on a reported basis, reflecting the required investment in the Shopper division to sustain growth, and re-investment in strategic areas. |
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● |
Solid balance sheet position with cash at period end of £32.8m and leverage ratio of 2.1x net debt to EBITDA. |
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● |
Given dislocation between our confidence in YouGov's intrinsic value and the current market valuation, the Board expects to launch a share buyback programme in place of the annual dividend. |
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● |
Refinancing of bank facilities underway to provide greater financial flexibility, including to support the expected share buyback programme. |
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● |
Strong team in place with renewed focus on execution - Ian Griffiths appointed as Chair and James Davies as CFO. |
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● |
Commenced a strategic review of the Shopper division to unlock long-term shareholder value. |
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● |
Value Delivery Plan has been mobilised with execution of Wave 1 already completed and Wave 2 in planning phase. Combined impact of the first two waves expected to deliver annualised margin uplift in excess of 350bps. This 3-wave plan is intended to combine efficiency improvements and enhanced ways of working alongside creating an AI led data business. |
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● |
Considering the incremental investment in Shopper of £6m, the Group expects FY26 adjusted operating profit to be £52-£56m. |
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● |
Without the investment in Shopper, our adjusted operating profit would have been broadly flat year on year. |
Operational highlights
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Focus on strengthening our core Data Products |
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▪ |
Revenue from Data Products decreased by 1% on an underlying basis (2% in reported terms), following the strategic discontinuation of some under-performing products as part of the FY25 cost optimisation plan. Excluding the impact of these discontinued products, the division would have delivered underlying revenue growth of 2% for HY26. |
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▪ |
Stable renewal rates at 80%, with new client wins, including one of our largest new subscription deals at the start of H2 FY26. |
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▪ |
Ongoing programme of product enhancements, including laying the foundations for new AI‑led features that increase automation and expand the capabilities of our data asset. |
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● |
Good performance in the Research division |
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▪ |
Solid growth of 4% on an underlying basis (3% in reported terms), as clients continue to prioritise spend on high-quality custom research solutions, particularly driven by the retail and banking sectors. |
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▪ |
Stable operating margin of 9.8% (HY25: 10.0%), supported by growth across all regions, especially in the Americas. |
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Targeted investment in our Shopper business, in line with capital allocation priorities |
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Shopper revenues increased 3% in reported terms, and was 2% lower on an underlying basis. The decline was due to the early client deliveries towards the end of FY25. Expected to return to growth by year end with order backlog ahead of last year. |
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▪ |
The Shopper division's adjusted operating profit of £6.8m (HY25: £13.9m) was impacted by the additional investments to drive future growth and maintain competitiveness. The incremental impact of these investments in FY26 is expected to be £6 million. |
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▪ |
Substantial investment in Shopper's capabilities to introduce semi-passive and passive data collection, as well as expand and upgrade panels across Europe, with investment intended to support its growth trajectory and competitiveness, with early success in improved client delivery and new opportunities. |
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● |
Upgrading our technology and building new AI‑led capabilities to position the business for the next phase of growth |
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▪ |
Launched YouGov BrandIndex Voices and introduced an AI agent within YouGov Profiles, expanding how clients interact with our data and driving commercial engagement. |
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▪ |
Commissioned by Anthropic to deliver a large-scale study on AI perception in the US, demonstrating the strength of our high-quality human data and its role in supporting AI development. |
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▪ |
Progressing towards automation of the research design and delivery process, with end-to-end prototypes now in testing with existing clients, aimed at improving speed, scalability and cost efficiency. |
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Establishing a dedicated Data Strategy and Management team to accelerate the development and commercialisation of our connected data assets. |
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Core investment, predominantly in technology and platform, totalled approximately £3m during the period. |
Leadership and board changes
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● |
A strong team in place with renewed focus on execution |
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▪ |
As announced post-period end, James Davies was appointed as CFO, with effect from 12 February. |
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The Board was also pleased to announce the appointment of Ian Griffiths as permanent Chair of the Board with effect from 18 February. |
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▪ |
Actions taken to create a smaller, more agile Board by the end of the year with Shalini Govil-Pai stepping down as Non-Executive Director with effect from today and Andrea Newman to not stand for re-election at the AGM. |
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▪ |
The Board has commenced a CEO search process to ensure a smooth succession and transition process, with Stephan Shakespeare expected to remain in role until the company is well positioned for its next stage of growth. |
Current trading and outlook
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● |
A strong team and more focussed Board in place with renewed emphasis on execution, growth and margin discipline to return the business towards historical levels. |
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Accelerated investment in AI-driven innovation to meet client demand, increase client retention, and drive growth and operational efficiencies. |
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Revenue momentum remains positive, and in line with expectations, with 80% of FY26 expectation contractually secured, slightly ahead of the prior year comparative. |
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Taking into account the £6 million of incremental investment in Shopper, the Group expects to deliver adjusted operating profit of £52-56 million for FY26. |
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The Board has mobilised a Value Delivery Plan ("VDP") which comprises three waves. The waves combine efficiency improvements and enhanced ways of working along with significant transformation enabled by AI. Wave one was executed this month, wave two will be executed in the summer and wave three will be initiated later this calendar year. |
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▪ |
Wave 1 is expected to contribute £2.5m to FY27 profitability. |
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▪ |
Wave 2 which is in the planning phase will generate greater benefits, commencing in FY27. |
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▪ |
The combined impact of the first two waves is expected to deliver an annualised adjusted operating profit margin uplift in excess of 350bps relative to the margin achieved in H1 FY26 once fully executed. |
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▪ |
In parallel, the Company is progressing the development of Wave 3, which represents a material evolution in how we win, operate and serve clients. |
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▪ |
Wave 3 is expected to deliver a margin profile aligned with an AI‑led data business, marking a step‑change from our historical margin structure. |
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The Company will host a Capital Markets Day prior to the end of FY26 where we will provide an update on the VDP and YouGov in the age of AI. |
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Stephan Shakespeare, Chief Executive Officer, said:
"We delivered a resilient first half performance, with continued growth in our core US and UK markets and good momentum in our Research division. While the macroeconomic backdrop remains uncertain, clients continue to prioritise high-quality human data and strategic research projects, areas where YouGov continues to be strongly positioned.
During the period we have increased the level of targeted investments in both Shopper and our AI-enabled products, which we believe will reposition our platform as the industry-leading pioneer in the age of AI, enhance the value of our data, improve the client experience and drive operational efficiencies over time. A meaningful proportion of this investment has been directed towards Shopper to enhance its competitive positioning in the market.
We have also strengthened both our management team and the Board, ensuring we have the right expertise and leadership in place to execute on our strategy. With a strong team, a clear focus on disciplined execution and encouraging early interest in our new AI initiatives, I remain confident in our ability to deliver sustainable long-term growth."
Analyst presentation
A presentation for investors and analysts will be held via Zoom audio webcast at 10.00am on Tuesday 24 March 2026. Link to join the presentation below.
Zoom webinar: https://yougov.zoom.us/webinar/register/WN_B-2fIqUoSOK3Y6tGqC-dyA
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).
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.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/201 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service this inside information is now considered to be in the public domain. The person responsible for arranging release of this announcement on behalf of the Company is James Davies, Chief Financial Officer of the Company.
Enquiries:
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YouGov plc Stephan Shakespeare, CEO James Davies, CFO Hannah Jethwani, Head of Corporate Strategy and Investor Relations
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020 7012 6000 |
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FTI Consulting Charles Palmer / Dwight Burden / Valerija Cymbal / Jemima Gurney
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020 3727 1000 |
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J.P. Morgan Cazenove (NOMAD and Joint Broker) Bill Hutchings / James Summer
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020 7742 4000 |
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Berenberg (Joint Broker) Mark Whitmore / Richard Andrews
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020 3207 7800 |
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Morgan Stanley & Co. International plc (Joint Broker) Andrew Foster / Josh Williams
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020 7425 8000 |
About YouGov
YouGov is a global research data and analytics group. Our mission is to offer unparalleled insight into what the world really thinks and does. With operations in the Americas, Mainland Europe, UK and Asia Pacific, we have one of the world's largest research networks.
Above all, YouGov is powered by reality. That stems from a unique panel of millions of registered members across 64 markets, encapsulating some 18 million shopping trips and millions of interconnected data points. Our unique approach to recruiting and engaging with our panel, combined with our state-of-the-art technology platforms, enables us to deliver real-world, real-time insights that lead to better decision-making and a competitive advantage for our clients.
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 consistently one of the most quoted market research sources in the world.
YouGov /Research Reality
For further information, visit yougov.com
Business review
Following Stephan's return as CEO in early 2025, the priority has been to establish the strategic clarity and restore innovation as the key driver of YouGov's next phase of growth. Our clients are facing a more demanding landscape - where AI, rapidly-shifting consumer behaviour, and tighter budgets are raising expectations for faster, more cost-effective and reliable data than ever before. This is where YouGov's business model since inception comes into its own: a uniquely-engaged global panel, a continuously-updated data set, a brand name synonymous with accuracy and expert teams committed to innovation. These strengths position us to lead the market as real‑time connected data becomes a critical input for predictive, AI‑enabled market research. A prime example of the trust clients place in our data is a new client win, Anthropic, that commissioned YouGov to survey 50,000 Americans, spanning every state, to understand what people think about AI, how it should be built, how it should be used, and what they are worried about. This strategic piece of research was used to inform the client's first Super Bowl campaign and make decisions on incorporating advertising into their tools, demonstrating the relevance and importance of real-time data collection from real people.
Throughout H1 FY26, we have focused on strengthening our core data products, upgrading our technology, and laying the foundations for new AI‑led capabilities that expand what our data asset can do. Our Reality Report 2026 reinforces why our strategy has always centred around the importance of panel. By nurturing our proprietary panel, we maintain the representativeness, integrity, and accuracy that set YouGov apart from the industry. Our connected data architecture - and the identity spine that underpins it - allows us to link demographics, behaviours, opinions and attitudes in a unique way that is difficult to replicate. This foundation is not only central to the trust clients place in our data; it enables the development of AI‑driven tools and use cases at pace, while ensuring that innovation is grounded in transparency, precision, and proven methodological strength.
A Resilient Renewal Season in a Cautious Market
As we moved through this year's renewal season, despite a backdrop of client caution, our renewal rates remained steady at 80% by the end of January 2026, in line with the prior year. While clients are evaluating their purchasing decisions more carefully, they continue to rely on our trusted data, and the resilience of our subscription base speaks to the essential role YouGov plays in their decision‑making. In a market that is understandably in "wait‑and‑see" mode, holding steady is a sign of strength, and it gives us the foundation from which we need to accelerate. Innovations, such as YouGov BrandIndex Voices and the introduction of an AI agent within YouGov Profiles, along with a continuous program of improvements and enhancements within our subscription products are designed to increase client retention and drive growth over the next few years.
Accelerating AI-Driven Innovation
Since its founding, YouGov has been a digital-first business model, initially disrupting the market with its fully automated brand tracking solution, YouGov BrandIndex. Our DNA in pioneering online market research through automation gives us a structural advantage in the age of AI. This advantage is visible with the rapid development and launch of our latest product, BrandIndex Voices, marking a pivotal development where quantitative data can be made more meaningful and actionable with qualitative data at unprecedented scale. Integrated into BrandIndex, Voices is an always‑on, AI‑powered interviewing tool that can identify emerging themes, subtle shifts, or unusual patterns through automated prompts, enabling clients to understand the 'why' behind traditional brand tracking metrics. Launched in February 2026, the add-on feature is simple to use and priced to encourage adoption. Early commercial interest has been positive with several conversations in advanced stages and we are confident in the prospects for the product.
Building on the opportunity, the Company will look to extend this multi-faceted technology to automate the research design and delivery process over the coming months. While still in early stages of design and development, YouGov is testing ways to build an automated research system capable of generating and running adaptive interviews at scale. This will aim to increase the speed, efficiency and quality within our teams but will go one step further to empower our most sophisticated, data-savvy clients to have direct access to our panel and data lake.
Focusing Shopper's Investment on Growth Innovation and Unlocking Value
Alongside these innovations, we have continued to invest in Shopper's capabilities as outlined at the time of the acquisition. Over the past year, the division has made substantial investments in expanding and upgrading its panels across key European markets, improving data depth, representativeness, and competitive positioning through semi-passive and passive data collection. These expansions (spanning Norway, Denmark, Sweden, Germany, Italy and Austria) are already enhancing client delivery and opening up new opportunities. Concurrently, Shopper is investing in AI‑enabled operational improvements that streamline data collection and receipt scanning, improving speed, quality, and panellist engagement. Together, these initiatives are enabling the teams to focus on growth, new product launches, and increased operational efficiency within the Shopper organisation.
The Board is encouraged by the progress made by YouGov's Shopper division but believes that its underlying value and long‑term potential is not fully reflected in the Company's market valuation. The Board therefore continues to actively consider actions that could enhance the strategic positioning of Shopper and unlock long‑term shareholder value.
The Board has therefore decided to commence a strategic review of the Shopper division. The Company is working to evaluate a range of options, which may include, but are not limited to, a potential disposal and an assessment of opportunities to combine our data assets to create a differentiated joint commercial proposition to unlock synergies.
This process is at a preliminary stage and no decision has been made regarding whether any option will be pursued.
Building the YouGov of the Future
Our ambition to become the leading platform for market research globally remains unwavering. Investments over the past two decades in our proprietary panel, data lake, product ecosystem and the YouGov brand provides us with the right foundation from which to build the YouGov of the future.
As the world evaluates the impact of AI on every industry, one fact remains clear that real-time data provided by real people cannot be replaced or replicated. YouGov's ability to maintain longitudinal, authentic, representative and engaged panels and collect deep, rich data from them is undoubtedly its core strength. Leveraging these strengths, YouGov is exploring further opportunities to provide data-as-a-product, further embedding our data in client solutions, increasing retention and reducing customer churn. Furthermore, AI is expected to transform the ways brands use market research and the way market research is delivered. This will create exciting opportunities for YouGov which we intend to capture fully.
Recognising that significant opportunities remain untapped, the Board and management team will be working at pace on a comprehensive review of our strategic projects and efficiency initiatives to ensure we are prioritising the areas with the greatest potential impact over the next three years. We will be refining our strategy, developing our product roadmap and transforming our operating model to ensure we are able to unlock meaningful value using these core strengths in an AI-driven economy. This review is expected to be completed in May, and we will provide an update at a Capital Markets Day before the end of the current financial year.
Driving Capital Allocation Decisions to Meet Business Needs
Over the past year we expanded our corporate services teams and implemented new systems to support the Shopper division as the Group exited the majority of its TSAs. With this period of transition largely complete, we have moved into the investment phase within Shopper as we look to upgrade their technology, expand their reach and ensure their offering remains competitive. Shopper has long-standing client relationships built over decades through delivering high-quality data and these investments will allow Shopper to maintain its competitive positioning and accelerate future growth. We expect these investments to have an adjusted operating profit impact of £6m in FY26 and to break-even by FY28.
Additionally, we will accelerate investment in our technology, product and data science teams to take advantage of the market opportunities presented by AI and to further our platform strategy in preparation for future growth. These investments largely comprise product specialists, data scientists and AI tools and we expect a return on these investments within 12-18 months as we streamline our research operations through further efficiency savings.
The Board continues to evaluate all options to enhance shareholder value as well as the Group's capital allocation priorities to optimise the balance between business needs and shareholder returns. At the start of H1 FY26, we extended the weighted average maturity of our term loan agreement by reducing annual repayments from €48m to €20m and have subsequently initiated discussions with our banking syndicate to refinance the remainder of the term loan. We expect this process to be complete by the end of the year.
Additionally, given the dislocation between our confidence in our intrinsic value and our current market valuation, the Board is re-evaluating its distribution policy for FY26. The Board believes that an updated distribution policy, introducing flexibility in the form of distribution between dividend and share buyback programme, would support a more effective use of capital. At current valuation levels, the Board intends to launch the share buyback programme later this year, upon completion of the aforementioned loan refinancing, to ensure alignment with our liquidity requirements.
Strengthening Our Leadership for the Next Phase and Ensuring Continuity
At the start of H2 FY26, we announced that after nearly two decades at YouGov, Alex McIntosh stepped down from his role as Chief Financial Officer (CFO) and we thank him for his commitment to the Company over the years. To follow Alex's departure, we announced the appointment of James Davies as CFO with effect from 12 February 2026. James' will play a critical role as we enter our next phase of growth, bringing the strategic financial discipline and operational expertise needed to scale our platform, enhance long‑term value creation, and support the transformation of our operating model.
As we move into operationalising our next phase of growth, we identified the need to establish a new Data Strategy and Management team. The primary objective of this team is to lead the development, stewardship, and evolution of our connected data assets. Through a combination of internal moves and external hires, we aim to build a team that has data science expertise and deep experience in developing and commercialising syndicated data products. Their goal is central to our strategy: ensuring our data is structured, enriched, and deployed in ways that maximise its value for clients and for YouGov. Ultimately, our intent is to build an organisation where data science, technology, and product innovation sit at the heart of everything we do.
As we build this future, we continue to plan for long‑term leadership continuity to ensure YouGov's strength and stability over time. As a first step, we announced the appointment of Ian Griffiths as permanent Chair of the Board on 18 February 2026. Additionally, we have announced that Shalini Govil-Pai has decided to step down from the Board with effect from today and Andrea Newman will not be standing for re-election at the AGM in December 2026. Finally, the Board is committed to ensuring a smooth CEO succession and transition process, bringing in a leader with the experience and vision to carry forward the platform strategy. The Nomination Committee has commenced a search process and we will provide further updates in due course. Until then, our priority is clear: to continue to drive the innovation, discipline, and strategic focus that will define YouGov's next phase of growth.
Financial review
On a reported basis, Group revenue increased 2% to £194.8m in the period compared to £191.7m in the six months to January 2025, primarily driven by good performance in the Research division as clients continue to prioritise spend on high-quality custom research solutions.
Underlying revenue growth1 (excluding foreign exchange movements) was 1%. The Group's results were affected by the net appreciation of £ Sterling as its average exchange rate was 5% higher against the USD in the period than in the six months to 31 January 2025. Also, £ Sterling was 3% lower against the EUR over the same period.
Gross margin remained stable at 81% (HY25: 81%). Group operating costs (excluding separately-reported items) of £133.3m, (HY25: £124.6m) increased by 7% in reported terms, primarily due to increased investment in the Shopper division on growth initiatives, higher staff costs as the Group re-invested in strategic areas that will enable future revenue growth, and increased headcount in support functions to support the Shopper division as we exited the TSAs. As a result, Group adjusted operating profit decreased to £24.0m (HY25: £30.1m), representing a margin of 12.3% (HY25: 15.7%). Underlying1 operating profit decreased by 19%, excluding a £0.3m net negative impact from FX.
Amortisation charges for intangible assets totalled £15.4m in the period (HY25: £19.6m) of which £6.1m (HY25: £6.2m) relates to our panel asset, £4.1m (HY25: £3.1m) to our software and technology development activities and £5.2m is included in separately-reported items in relation to acquired intangibles.
The statutory operating profit (which is after charging other separately-reported items of £7.2m) increased by £2.0m to £16.8m (HY25 £14.8m).
Performance by division
YouGov's lines of business are divided into three divisions: Research, Data Products and Shopper.
|
Revenue |
Six months ended on |
Six months ended on |
Revenue growth |
Underlying revenue growth1 |
|
31 January 2026 |
31 January 2025 |
|||
|
Unaudited |
Unaudited |
|||
|
£m |
£m |
% |
% |
|
|
Research |
89.6 |
87.0 |
3% |
4% |
|
Data Products |
42.0 |
43.0 |
(2%) |
(1%) |
|
Shopper |
63.2 |
61.6 |
3% |
(2%) |
|
Intra-Group revenues |
- |
0.1 |
N.A. |
N.A. |
|
Group |
194.8 |
191.7 |
2% |
1% |
|
|
Adjusted operating profit1 |
Adjusted operating margin |
|||
|
Six months ended on |
Six months ended on |
Adjusted operating profit growth |
Six months ended on 31 January 2026 Unaudited |
Six months ended on 31 January 2025 Unaudited |
|
|
31 January 2026 |
31 January 2025 |
||||
|
Unaudited |
Unaudited |
||||
|
£m |
£m |
% |
% |
% |
|
|
Research |
8.8 |
8.7 |
1% |
9.8% |
10.0% |
|
Data Products |
14.6 |
13.1 |
11% |
34.8% |
30.5% |
|
Shopper |
6.8 |
13.9 |
(51%) |
10.8% |
22.6% |
|
Central costs |
(6.2) |
(5.6) |
11% |
N.A. |
N.A. |
|
Group |
24.0 |
30.1 |
(20%) |
12.3% |
15.7% |
1 Defined in the explanation of non-IFRS measures below.
Research
Our Research division comprises our fast turnaround research services, such as YouGov RealTime Omnibus, as well as customised ad-hoc research projects and multi-year tracking studies.
In the period, revenue from Research increased by 3% in reported terms and 4% on an underlying¹ basis. Solid growth was seen in the retail and banking sectors as we expanded several existing client relationships, partially offset by declines in the academic sector as the prior year benefitted from US election-related projects. On a regional basis, all regions contributed to the division's underlying performance, with the Americas accounting for nearly half of the growth.
The division's adjusted operating profit increased by 1% to £8.8m (HY25: £8.7m) representing a stable operating profit margin of 9.8% (HY25: 10.0%).
Data Products
Our Data Products suite includes subscription-based products such as YouGov BrandIndex and YouGov Profiles as well as our analytics tools, YouGov Crunch, and data activation and behavioural data solutions.
Revenue from Data Products decreased by 2% in reported terms and 1% on an underlying1 basis in the first half of the financial year. After reviewing the product portfolio in FY25, the Company had discontinued some under-performing products. Excluding the impact of these products, underlying revenue growth for HY26 would have been 2%.
Renewal rates remained stable compared to the prior year and we continued to win new clients, including winning one of our largest new subscription deals at the start of H2 FY26. Geographically, the Americas and UK contributed to the growth (excluding discontinued products), while the other regions remained flat.
The adjusted operating profit from Data Products in the first half of the financial year was £14.6m, 11% higher than the prior year HY25, representing an operating margin for the segment of 34.8% (HY25: 30.5%).
Shopper
Our Shopper division provides household purchase data across 17 European countries.
Shopper's revenue was £63.2m in the first half of FY26, an increase of 3% in reported terms and a decrease of 2% on an underlying basis, due to the early client deliveries towards the end of FY25. We expect this revenue phasing impact to normalise by the end of FY26 and the division to deliver modest growth for the year, underpinned by a strong sales order backlog.
The adjusted operating profit was £6.8m (HY25: £13.9m), reflecting the investments made that are intended to accelerate top-line growth in the coming years and enable the business to remain competitive. The impact of these investments is expected to peak in FY26 and reduce from FY27 onwards as we begin to realise the revenue benefits of these initiatives.
Performance by geography
|
Revenue |
Six months ended on |
Six months ended on |
Revenue growth |
Underlying revenue growth1 |
|
31 January 2026 |
31 January 2025 |
|||
|
Unaudited |
Unaudited |
|||
|
£m |
£m |
% |
% |
|
|
UK |
33.5 |
32.9 |
2% |
2% |
|
Americas |
63.1 |
64.5 |
(2%) |
2% |
|
Mainland Europe2 |
92.9 |
89.1 |
4% |
0% |
|
Asia Pacific2 |
14.0 |
13.9 |
1% |
5% |
|
Intra-Group revenues |
(8.7) |
(8.7) |
N.A. |
N.A. |
|
Group |
194.8 |
191.7 |
2% |
1% |
|
Adjusted operating profit1 |
Six months ended on 31 January 2026 Unaudited £m |
Six months ended on 31 January 2025 Unaudited £m |
Adjusted operating profit growth % |
Adjusted operating margin % |
|
|
Six months ended on 31 January 2026 Unaudited % |
Six months ended on 31 January 2025 Unaudited |
||||
|
% |
|||||
|
UK |
4.7 |
3.7 |
27% |
13.9% |
11.2% |
|
Americas |
17.6 |
15.3 |
15% |
27.8% |
23.7% |
|
Mainland Europe2 |
9.0 |
17.0 |
(47%) |
9.7% |
19.1% |
|
Asia Pacific2 |
(1.5) |
(2.2) |
(32%) |
(10.7%) |
(15.7%) |
|
Central items |
(5.8) |
(3.7) |
57% |
N.A. |
N.A. |
|
Group |
24.0 |
30.1 |
(20%) |
12.3% |
15.7% |
1 Defined in the explanation of non-IFRS measures below.
2 The figures for the six months ended on 31 January 2025 have been updated to reflect the re-grouping of Turkey, Middle East and India - previously disclosed in the EMEA region - within Asia Pacific. EMEA has been re-named Mainland Europe reflecting the revised composition.
Panel development
We continue to invest in our online panel to increase our research capabilities. At 31 January 2026, the total number of registered panellists had increased by 10% to 34 million, compared to 31 million at 31 January 2025, as set out in the table below.
|
Region |
Panel size at 31 January 2026 millions |
Panel size at 31 January 2025 millions |
|
UK |
3.3 |
3.2 |
|
Americas |
12.9 |
11.4 |
|
Mainland Europe1 |
6.9 |
6.5 |
|
Asia Pacific1 |
10.9 |
9.8 |
|
Total |
34.0 |
30.9 |
1 The figures for the six months ended on 31 January 2025 have been updated to reflect the re-grouping of Turkey, Middle East and India - previously disclosed in the EMEA region - within Asia Pacific. EMEA has been re-named Mainland Europe reflecting the revised composition.
Separately-reported items
Separately-reported items were £7.2m (HY25: £15.3m) in the period, with the majority comprising of the amortisation charge on acquired customer lists, and integration costs related to Shopper.
Finance costs
The Group net finance cost increased to £8.2m (HY 2025: £6.5m). Finance income for the six months ended 31 January 2026 was £0.3m (HY25: £2.3), as a result of interest received on bank deposits. Interest payable on our debt facilities amounted to £7.3m during the same period.
Profit before tax and earnings per share
Adjusted profit before tax was £16.8m, 30% lower compared to £24.1m in HY25, largely due to the lower adjusted operating profit and finance income as explained above.
The adjusted tax rate1 remained flat at 20% (HY25: 20%). Statutory profit before tax increased slightly to £8.6m compared to £8.3m in the six months ended 31 January 2025.
During the period adjusted earnings per share has decreased by 33% from 17.1p to 11.4p. Statutory earnings per share decreased from 6.8p to 5.7p.
Cash flow
The Group generated £22.6m (HY25: £25.5m) in cash from operations (before paying interest and tax), despite a £14.5m outflow (HY25: £12.2m outflow) from net working capital due to lower deferred income as is expected at the end of January. Taxation payments for the period totalled £8.2m (HY25: £3.8m) and interest paid amounted to £6.2m (HY25: £5.9m).
The Group invested £3.6m (HY25: £2.3m) in the continuing advancement of our technology platform while investment in panel recruitment amounted to £5.3m (HY25: £5.2m). £0.5m (HY25: £0.7m) was spent on the purchase of property, plant and equipment.
Other cash outflows included the net repayment on the term loan of £6.9m in October 2025 and the annual shareholder dividend payment of £10.8m (HY25: £10.6m) in December 2025.
As a result, there was a net cash outflow of £22.2m in the period, compared to an outflow of £23.9m in the six months to 31 January 2025. The cash balance as at 31 January 2026 was £32.8m (HY25: £49.8m). The majority of this balance is required to support the working capital needs of the business.
Bank debt and liquidity
In FY24, the Group entered into a €280m debt facility to fund the acquisition of YouGov Shopper. This facility comprised a €40m Revolving Credit Facility ("RCF") and a €240m amortising term loan with a tenor of four years ("Term Loan"). Following the end of FY25, the Group entered into a modification to its Term Loan which amended the repayment terms. This modification changed the annual capital repayments to €20m per annum and the balance on termination of the Term Loan in September 2027. There were no changes to interest rates or the final payment date and the Company remained well within the loan covenants during the year. As previously mentioned, the Company is in discussions with the banking syndicate to refinance its debt facility to better fund its liquidity requirements and expects this process to be complete this year.
As of 31 January 2026, €184m (£160m) of the amortising term loan was outstanding, and the RCF is fully drawn. Non-current liabilities increased from £190.9m to £193.4m. The Group's liquidity position remains solid, with £32.8m in cash on the balance sheet.
The Group's net debt as 31 January 2026 was £160.3m and, excluding the effect of IFRS 16, the Group's leverage ratio1 as of 31 January 2026 was 2.1x (HY25: 2.0x).
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 effect 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 or excluded to aid comparability
|
|
|
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 effect of share options |
|
|
Net debt |
Short and long-term borrowings (excluding lease liabilities and including pension defined benefit net deficit) less cash and cash equivalents. |
Provides an insight into the debt position of the Group, taking into account current cash resources. |
|
Leverage ratio |
Net debt calculated as a multiple of the last 12 months Adjusted EBITDA. |
Reconciliation of non-IFRS measures
|
Underlying revenue reconciliation |
Six months ended on |
Six months ended on |
Change |
|
31 January 2026 |
31 January 2025 |
||
|
Unaudited |
Unaudited |
||
|
£m |
£m |
% |
|
|
Revenue |
194.8 |
191.7 |
2% |
|
FX effect |
- |
0.7 |
NA |
|
Underlying revenue |
194.8 |
192.4 |
1% |
|
Underlying operating profit reconciliation |
Six months ended on |
Six months ended on |
Change |
|
31 January 2026 |
31 January 2025 |
||
|
Unaudited |
Unaudited |
||
|
£m |
£m |
% |
|
|
Statutory operating profit |
16.8 |
14.8 |
14% |
|
Separated-reported items |
7.2 |
15.3 |
(53%) |
|
Adjusted operating profit1 |
24.0 |
30.1 |
(20%) |
|
FX effect |
- |
(0.3) |
NA |
|
Underlying adjusted operating profit1 |
24.0 |
29.8 |
(19%) |
|
Adjusted EBITDA reconciliation |
Six months ended on |
Six months ended on |
Change |
|
31 January 2026 |
31 January 2025 |
||
|
Unaudited |
Unaudited |
||
|
£m |
£m |
% |
|
|
Adjusted operating profit |
24.0 |
30.1 |
(20%) |
|
Depreciation |
4.1 |
3.8 |
8% |
|
Amortisation2 |
10.4 |
11.3 |
(8%) |
|
Adjusted EBITDA1 |
38.5 |
45.2 |
(15%) |
|
Adjusted profit before tax reconciliation |
Six months ended on |
Six months ended on |
Change |
|
31 January 2026 |
31 January 2025 |
||
|
Unaudited |
Unaudited |
||
|
£m |
£m |
% |
|
|
Statutory profit before tax |
8.6 |
8.3 |
4% |
|
Separately-reported items |
7.2 |
15.3 |
(53%) |
|
Share-based payment charge |
0.9 |
0.5 |
80% |
|
Social security on share-based payment charge |
0.1 |
- |
NA |
|
Adjusted profit before tax1 |
16.8 |
24.1 |
(30%) |
1 Defined in the explanation of non-IFRS measures above.
2 Excluding amortisation of acquired customer list and order backlog intangibles accounted for in separately reported items
See note 7 to the condensed consolidated interim financial statements for a reconciliation for adjusted earnings per share
YouGov plc
Consolidated income statement
for the six months ended on 31 January 2026
|
Continuing operations |
Notes |
Six months ended on |
Six months ended on |
Year ended on |
|
31 January 2026 |
31 January 2025 |
31 July 2025 |
||
|
Unaudited |
Unaudited |
Audited |
||
|
£m |
£m |
£m |
||
|
Revenue |
3 |
194.8 |
191.7 |
388.9 |
|
Cost of sales |
3 |
(37.5) |
(37.0) |
(69.3) |
|
Gross profit |
3 |
157.3 |
154.7 |
319.6 |
|
Administrative expenses |
|
(133.3) |
(124.6) |
(258.9) |
|
Adjusted operating profit* |
3 |
24.0 |
30.1 |
60.7 |
|
Separately-reported items* |
4 |
(7.2) |
(15.3) |
(29.3) |
|
Operating profit |
|
16.8 |
14.8 |
31.4 |
|
Finance income |
5 |
0.3 |
2.3 |
0.6 |
|
Finance costs |
5 |
(8.5) |
(8.8) |
(13.9) |
|
Profit before tax |
|
8.6 |
8.3 |
18.1 |
|
Income tax charge |
6 |
(1.9) |
(1.1) |
(5.0) |
|
Profit for the period |
|
6.7 |
7.2 |
13.1 |
|
Attributable to: |
|
|
|
|
|
Owners of YouGov plc |
|
6.7 |
7.9 |
13.4 |
|
Non-controlling interests |
|
- |
(0.7) |
(0.3) |
|
|
|
6.7 |
7.2 |
13.1 |
|
Earnings per share (pence) |
|
|
|
|
|
Basic |
7 |
5.7 |
6.8 |
11.5 |
|
Adjusted basic* |
7 |
11.4 |
17.1 |
31.7 |
|
Diluted |
7 |
5.7 |
6.6 |
11.3 |
|
Adjusted diluted* |
7 |
11.3 |
16.7 |
31.3 |
*Adjusted operating profit, separately-reported items and adjusted earnings per share are not defined under IFRS. They are explained in the non-IFRS measures section.
YouGov plc
Consolidated statement of comprehensive income
for the six months ended on 31 January 2026
|
|
Six months ended on |
Six months ended on |
Year ended on |
|
31 January 2026 |
31 January 2025 |
31 July 2025 |
|
|
Unaudited |
Unaudited |
Audited |
|
|
|
Restated* |
|
|
|
£m |
£m |
£m |
|
|
Profit for the period |
6.7 |
7.2 |
13.1 |
|
Other comprehensive income |
|
|
|
|
Items that may be reclassified subsequently to profit or loss |
|
|
|
|
Loss on foreign exchange on translation of foreign subsidiaries |
(0.8) |
(3.2) |
(0.1) |
|
Items that will not be reclassified to profit or loss |
|
|
|
|
Gain on remeasurement of defined benefit pension plans |
- |
- |
0.3 |
|
Other comprehensive (expense)/income for the period |
(0.8) |
(3.2) |
0.2 |
|
Total comprehensive income for the period |
5.9 |
4.0 |
13.3 |
|
Attributable to: |
|
|
|
|
Owners of YouGov plc |
5.9 |
4.7 |
13.6 |
|
Non-controlling interests |
- |
(0.7) |
(0.3) |
|
|
5.9 |
4.0 |
13.3 |
*See note 2 for details of the restatement
YouGov plc
Consolidated balance sheet
at 31 January 2026
|
|
Notes |
31 January 2026 |
31 January 2025 |
31 July 2025 |
|
Unaudited |
Unaudited |
Audited |
||
|
|
Restated* |
|
||
|
£m |
£m |
£m |
||
|
Assets |
|
|
|
|
|
Non-current assets |
|
|
|
|
|
Goodwill |
8 |
250.0 |
244.2 |
250.7 |
|
Intangible assets |
8 |
167.9 |
177.8 |
174.1 |
|
Property, plant and equipment |
8 |
3.1 |
3.7 |
3.5 |
|
Right-of-use assets |
8 |
17.8 |
24.8 |
24.0 |
|
Deferred tax assets |
|
11.9 |
10.4 |
10.9 |
|
|
|
450.7 |
460.9 |
463.2 |
|
Current assets |
|
|
|
|
|
Trade and other receivables |
|
80.0 |
71.4 |
79.5 |
|
Cash and cash equivalents |
|
32.8 |
49.8 |
54.8 |
|
Current tax assets |
|
0.3 |
2.6 |
2.2 |
|
Asset held for sale |
|
0.6 |
0.6 |
0.6 |
|
|
|
113.7 |
124.4 |
137.1 |
|
Total assets |
|
564.4 |
585.3 |
600.3 |
|
Liabilities |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Trade and other payables |
|
(92.9) |
(89.2) |
(105.8) |
|
Provisions |
|
(18.3) |
(25.1) |
(18.1) |
|
Borrowings |
9 |
(52.8) |
(78.4) |
(65.8) |
|
Lease liabilities |
|
(6.3) |
(7.5) |
(6.6) |
|
Current tax liabilities |
|
(14.2) |
(13.5) |
(18.2) |
|
|
|
(184.5) |
(213.7) |
(214.5) |
|
Net current liabilities |
|
(70.8) |
(89.3) |
(77.4) |
|
Non-current liabilities |
|
|
|
|
|
Other payables |
|
(9.7) |
(9.8) |
(9.8) |
|
Provisions |
|
(7.0) |
(8.2) |
(7.5) |
|
Borrowings |
9 |
(138.3) |
(124.3) |
(131.1) |
|
Lease liabilities |
|
(12.2) |
(19.4) |
(18.4) |
|
Deferred tax liabilities |
|
(24.2) |
(27.4) |
(26.0) |
|
Defined benefit pension net liability |
|
(2.0) |
(1.8) |
(1.9) |
|
|
|
(193.4) |
(190.9) |
(194.7) |
|
Total liabilities |
|
(377.9) |
(404.6) |
(409.2) |
|
Net assets |
|
186.5 |
180.7 |
191.1 |
|
Equity |
|
|
|
|
|
Share capital |
11 |
0.2 |
0.2 |
0.2 |
|
Share premium |
11 |
81.1 |
81.1 |
81.1 |
|
Employee Benefit Trust reserve |
|
(6.1) |
(9.5) |
(7.0) |
|
Merger reserve |
|
12.8 |
12.8 |
12.8 |
|
Foreign exchange reserve |
|
10.3 |
8.0 |
11.1 |
|
Retained earnings |
|
88.2 |
88.7 |
92.9 |
|
Equity attributable to owners of YouGov plc |
|
186.5 |
181.3 |
191.1 |
|
Non-controlling interests |
|
- |
(0.6) |
- |
|
Total equity |
|
186.5 |
180.7 |
191.1 |
*See note 2 for details of the restatement.
YouGov plc
Consolidated statement of changes in equity
for the six months ended on 31 January 2026
|
|
Attributable to owners of YouGov plc |
Non-controlling interests |
Total |
||||||
|
Share capital |
Share premium |
Employee Benefit Trust reserve |
Merger reserve |
Foreign exchange reserve |
Retained earnings |
Total |
|||
|
£m |
£m |
£m |
£m |
£m |
£m |
£m |
£m |
£m |
|
|
At 1 August 2024 (audited) |
0.2 |
81.1 |
(11.3) |
9.2 |
11.2 |
92.7 |
183.1 |
0.1 |
183.2 |
|
Total comprehensive income |
|
|
|
|
|
|
|
|
|
|
Profit/(loss) for the period |
- |
- |
- |
- |
- |
7.9 |
7.9 |
(0.7) |
7.2 |
|
Loss on foreign exchange on translation of foreign subsidiaries |
- |
- |
- |
- |
(2.7) |
- |
(2.7) |
- |
(2.7) |
|
Total comprehensive (expense)/income for the period |
- |
- |
- |
- |
(2.7) |
7.9 |
5.2 |
(0.7) |
4.5 |
|
Transactions with owners |
|
|
|
|
|
|
|
|
|
|
Issue of ordinary shares |
- |
3.1 |
- |
- |
- |
- |
3.1 |
- |
3.1 |
|
Employee Benefit Trust shares used to settle exercise of share options |
- |
- |
1.8 |
- |
- |
(1.8) |
- |
- |
- |
|
Share-based payment charge |
- |
- |
- |
- |
- |
0.5 |
0.5 |
- |
0.5 |
|
Dividends paid (note 12) |
- |
- |
- |
- |
- |
(10.6) |
(10.6) |
- |
- |
|
Total transactions with owners |
- |
3.1 |
1.8 |
- |
- |
(11.9) |
(7.0) |
- |
(7.0) |
|
At 31 January 2025 (unaudited) (reported) |
0.2 |
84.2 |
(9.5) |
9.2 |
8.5 |
88.7 |
181.3 |
(0.6) |
180.7 |
|
Adjustment to prior period* |
- |
(3.1) |
- |
3.6 |
(0.5) |
- |
- |
- |
- |
|
At 31 January 2025 (restated) |
0.2 |
81.1 |
(9.5) |
12.8 |
8.0 |
88.7 |
181.3 |
(0.6) |
180.7 |
|
Total comprehensive income |
|
|
|
|
|
|
|
|
|
|
Profit for the period |
- |
- |
- |
- |
- |
5.5 |
5.5 |
0.4 |
5.9 |
|
Gain on foreign exchange on translation of foreign subsidiaries |
- |
- |
- |
- |
3.1 |
- |
3.1 |
- |
3.1 |
|
Gain on remeasurement of defined benefit pension plans |
- |
- |
- |
- |
- |
0.3 |
0.3 |
- |
0.3 |
|
Total comprehensive income for the period |
- |
- |
- |
- |
3.1 |
5.8 |
8.9 |
0.4 |
9.3 |
|
Transactions with owners |
|
|
|
|
|
|
|
|
|
|
Employee Benefit Trust shares used to settle exercise of share options |
- |
- |
2.5 |
- |
- |
(2.5) |
- |
- |
- |
|
Share-based payment charge |
- |
- |
- |
- |
- |
0.7 |
0.7 |
- |
0.7 |
|
Income tax on share-based payment charge |
- |
- |
- |
- |
- |
0.4 |
0.4 |
- |
0.4 |
|
Purchase of non-controlling interests |
- |
- |
- |
- |
- |
(0.2) |
(0.2) |
0.2 |
- |
|
Total transactions with owners |
- |
- |
2.5 |
- |
- |
(1.6) |
0.9 |
0.2 |
1.1 |
|
At 31 July 2025 (audited) |
0.2 |
81.1 |
(7.0) |
12.8 |
11.1 |
92.9 |
191.1 |
- |
191.1 |
YouGov plc
Consolidated statement of changes in equity (continued)
for the six months ended on 31 January 2026
|
|
Attributable to owners of YouGov plc |
|
|
|
||||||||
|
Share capital |
Share premium |
Employee Benefit Trust reserve |
Merger reserve |
Foreign exchange reserve |
Retained earnings |
Total |
Non-controlling interests |
Total |
|
|||
|
£m |
£m |
£m |
£m |
£m |
£m |
£m |
£m |
£m |
|
|||
|
At 1 August 2025 (audited) |
0.2 |
81.1 |
(7.0) |
12.8 |
11.1 |
92.9 |
191.1 |
- |
191.1 |
|
||
|
Total comprehensive income |
|
|
|
|
|
|
|
|
|
|
||
|
Profit for the period |
- |
- |
- |
- |
- |
6.7 |
6.7 |
- |
6.7 |
|
||
|
Loss on foreign exchange on translation of foreign subsidiaries |
- |
- |
- |
- |
(0.8) |
- |
(0.8) |
- |
(0.8) |
|
||
|
Total comprehensive (expense)/income for the period |
- |
- |
- |
- |
(0.8) |
6.7 |
5.9 |
- |
5.9 |
|
||
|
Transactions with owners |
|
|
|
|
|
|
|
|
|
|
||
|
Employee Benefit Trust shares used to settle exercise of share options |
- |
- |
0.9 |
- |
- |
(0.9) |
- |
- |
- |
|
||
|
Share-based payment charge |
- |
- |
- |
- |
- |
0.3 |
0.3 |
- |
0.3 |
|
||
|
Dividends paid (note 12) |
- |
- |
- |
- |
- |
(10.8) |
(10.8) |
- |
(10.8) |
|
||
|
Total transactions with owners |
- |
- |
0.9 |
- |
- |
(11.4) |
(10.5) |
- |
(10.5) |
|
||
|
At 31 January 2026 (unaudited) |
0.2 |
81.1 |
(6.1) |
12.8 |
10.3 |
88.2 |
186.5 |
- |
186.5 |
|
||
*See note 2 for details of the restatement.
YouGov plc
Consolidated statement of cash flows
for the six months ended on 31 January 2026
|
|
|
Six months ended on |
Six months ended on |
Year ended on |
|
|
31 January 2026 |
31 January 2025 |
31 July 2025 |
|
|
|
Unaudited |
Unaudited |
Audited |
|
|
|
|
Restated* |
Restated* |
|
|
Notes |
£m |
£m |
£m |
|
|
Cash flows from operating activities |
|
|
|
|
|
Operating profit |
|
16.8 |
14.8 |
31.4 |
|
Adjustments for: |
|
|
|
|
|
Impairment charge on goodwill |
8 |
- |
- |
0.1 |
|
Amortisation charge on intangible assets |
8 |
15.4 |
19.6 |
36.3 |
|
Impairment charge on intangible assets |
8 |
0.4 |
- |
- |
|
Depreciation charge on property, plant and equipment |
8 |
1.0 |
0.9 |
1.6 |
|
Depreciation charge on right-of-use assets |
8 |
3.1 |
2.9 |
5.8 |
|
Share-based payment charge |
|
0.9 |
0.5 |
1.2 |
|
Gain on foreign exchange |
|
(0.5) |
(0.8) |
(1.3) |
|
Deferred consideration paid |
|
- |
(0.2) |
(0.2) |
|
Cash generated from operations before changes in working capital |
|
37.1 |
37.7 |
74.9 |
|
Changes in working capital: |
|
|
|
|
|
(Increase)/decrease in trade and other receivables |
|
(0.2) |
1.5 |
(6.5) |
|
(Decrease)/increase in trade and other payables |
|
(13.8) |
(14.3) |
1.4 |
|
(Decrease)/increase in provisions |
|
(0.5) |
0.6 |
(6.5) |
|
Cash generated from operations |
|
22.6 |
25.5 |
63.3 |
|
Income tax paid |
|
(8.2) |
(3.8) |
(6.1) |
|
Net cash flow from operating activities |
|
14.4 |
21.7 |
57.2 |
|
Cash flows from investing activities |
|
|
|
|
|
Purchase of business, net of cash acquired |
|
- |
(3.2) |
(3.2) |
|
Purchase of intangible assets |
|
(8.9) |
(7.5) |
(16.4) |
|
Purchase of property, plant and equipment |
8 |
(0.5) |
(0.7) |
(1.1) |
|
Interest received |
|
0.2 |
2.3 |
0.5 |
|
Net cash flow used in investing activities |
|
(9.2) |
(9.1) |
(20.2) |
|
Cash flows from financing activities |
|
|
|
|
|
Proceeds from issue of borrowings |
|
16.7 |
13.4 |
18.8 |
|
Repayment of borrowings |
|
(23.6) |
(31.6) |
(45.6) |
|
Payment of transaction costs on modification of borrowings |
|
(0.5) |
- |
- |
|
Payment of principal element of lease liabilities |
|
(3.0) |
(1.8) |
(5.5) |
|
Interest paid |
|
(6.2) |
(5.9) |
(12.5) |
|
Dividends paid |
12 |
(10.8) |
(10.6) |
(10.6) |
|
Net cash flow used in financing activities |
|
(27.4) |
(36.5) |
(55.4) |
|
Net cash outflow for the period |
|
(22.2) |
(23.9) |
(18.4) |
|
Cash and cash equivalents at beginning/ end of period |
|
|
|
|
|
Cash and cash equivalents at beginning of period |
|
54.8 |
73.6 |
73.6 |
|
Net cash outflow for the period |
|
(22.2) |
(23.9) |
(18.4) |
|
Effect of changes in foreign exchange rates |
|
0.2 |
0.1 |
(0.4) |
|
Cash and cash equivalents at end of period |
|
32.8 |
49.8 |
54.8 |
*See note 2 for details of the restatement.
YouGov plc
Notes to the condensed consolidated interim financial statements
for the six months ended on 31 January 2026
1. General information
YouGov plc (the "Company") is a public limited company, incorporated and domiciled in England and Wales under the Companies Act 2006 (company number: 03607311). The address of its registered office is 50 Featherstone Street, London, EC1Y 8RT. The Company's shares are listed on the Alternative Investment Market of the London Stock Exchange.
These condensed consolidated interim financial statements comprise the results of the Company and its subsidiaries (the "Group") for the six months ended on 31 January 2026 (the "period"). The Company is the ultimate parent of the Group.
The principal activity of the Group is the provision of market research, data analytics and related services.
2. Basis of preparation
These condensed consolidated interim financial statements have been prepared in accordance with the Disclosure and Transparency Rules of the Financial Services Authority, and IAS 34: Interim Financial Reporting, as adopted by the United Kingdom. The condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended on 31 July 2025, which were also prepared in accordance with international accounting standards, as adopted by the United Kingdom, and those parts of the Companies Act 2006 that are applicable to companies that prepare financial statements in accordance with IFRS. There have been no changes to the Group's accounting policies or approaches to estimates and judgements since the last annual financial statements.
These condensed consolidated interim financial statements do not comprise statutory accounts as defined by Section 434 of the Companies Act 2006. Statutory accounts for the year ended on 31 July 2025 were approved by the Company's board on 13 October 2025 and delivered to the Registrar of Companies. The independent auditor's report 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 on 31 July 2025 are available from the Company's registered office or website (corporate.yougov.com).
These condensed consolidated interim financial statements are presented in pounds sterling (the functional currency of the Company), rounded to the nearest hundred thousand (unless stated otherwise), and have been prepared on the historical cost basis, modified by the revaluation of certain financial instruments which are held at fair value. They are unaudited and not reviewed by the Group's independent auditor. They were approved for issue by the board on 24 March 2026.
Restatements for the six months ended on 31 January 2025
The following items have been restated to align with the Group's audited annual financial statements for the year ended on 31 July 2025:
|
● |
£9.8m, relating to tax liabilities payable to the former owner of Shopper, has been reclassified from non-current contingent consideration payable to other payables; |
|
● |
The £3.1m equity consideration for the business combination of Yabble, shown previously as share premium, has been reclassified: £3.6m to the merger reserve and -£0.5m to the foreign exchange reserve; and |
|
● |
Cash flows of £0.9m, relating to the business combination of Yabble, which were previously incorrectly classified as investing activities, have been reclassified to operating activities. |
The Group has also reclassified interest paid in the statement of cash flows from operating activities to financing activities to align with the cash flows relating to the relevant liabilities.
YouGov plc
Notes to the condensed consolidated interim financial statements (continued)
for the six months ended on 31 January 2026
3. Segmental reporting
The Group's chief operating decision-makers are the Executive Directors, who review information by product line primarily:
|
Six months ended on 31 January 2026 (unaudited) |
Research |
Data Products |
Shopper |
Eliminations and unallocated costs |
Group |
|
£m |
£m |
£m |
£m |
£m |
|
|
Revenue recognised over time |
71.9 |
41.6 |
3.6 |
- |
117.1 |
|
Revenue recognised at point in time |
17.7 |
0.4 |
59.6 |
- |
77.7 |
|
Revenue |
89.6 |
42.0 |
63.2 |
- |
194.8 |
|
Cost of sales |
(20.9) |
(6.4) |
(10.2) |
- |
(37.5) |
|
Gross profit |
68.7 |
35.6 |
53.0 |
- |
157.3 |
|
Administrative expenses |
(59.9) |
(21.0) |
(46.2) |
(6.2) |
(133.3) |
|
Adjusted operating profit*/(loss) |
8.8 |
14.6 |
6.8 |
(6.2) |
24.0 |
|
Separately-reported items* (note 4) |
|
|
|
|
(7.2) |
|
Operating profit |
|
|
|
|
16.8 |
|
Finance income |
|
|
|
|
0.3 |
|
Finance costs |
|
|
|
|
(8.5) |
|
Profit before tax |
|
|
|
|
8.6 |
|
Six months ended on 31 January 2025 (unaudited) |
Research |
Data Products |
Shopper |
Eliminations and unallocated costs |
Group |
|
£m |
£m |
£m |
£m |
£m |
|
|
Revenue recognised over time |
72.4 |
42.0 |
5.6 |
0.1 |
120.1 |
|
Revenue recognised at point in time |
14.6 |
1.0 |
56.0 |
- |
71.6 |
|
Revenue |
87.0 |
43.0 |
61.6 |
0.1 |
191.7 |
|
Cost of sales |
(18.6) |
(7.4) |
(8.4) |
(2.6) |
(37.0) |
|
Gross profit/(loss) |
68.4 |
35.6 |
53.2 |
(2.5) |
154.7 |
|
Administrative expenses |
(59.7) |
(22.5) |
(39.3) |
(3.1) |
(124.6) |
|
Adjusted operating profit*/(loss) |
8.7 |
13.1 |
13.9 |
(5.6) |
30.1 |
|
Separately-reported items* (note 4) |
|
|
|
|
(15.3) |
|
Operating profit |
|
|
|
|
14.8 |
|
Finance income |
|
|
|
|
2.3 |
|
Finance costs |
|
|
|
|
(8.8) |
|
Profit before tax |
|
|
|
|
8.3 |
YouGov plc
Notes to the condensed consolidated interim financial statements (continued)
for the six months ended on 31 January 2026
3. Segmental reporting (continued)
|
Year ended on 31 July 2025 (audited) |
Research |
Data Products |
Shopper |
Eliminations and unallocated costs |
Group |
|
£m |
£m |
£m |
£m |
£m |
|
|
Revenue recognised over time |
140.1 |
82.7 |
7.4 |
- |
230.2 |
|
Revenue recognised at point in time |
36.8 |
1.2 |
120.7 |
- |
158.7 |
|
Revenue |
176.9 |
83.9 |
128.1 |
- |
388.9 |
|
Cost of sales |
(36.5) |
(15.0) |
(17.8) |
- |
(69.3) |
|
Gross profit |
140.4 |
68.9 |
110.3 |
- |
319.6 |
|
Administrative expenses |
(120.9) |
(43.1) |
(83.1) |
(11.8) |
(258.9) |
|
Adjusted operating profit*/(loss) |
19.5 |
25.8 |
27.2 |
(11.8) |
60.7 |
|
Separately-reported items* (note 4) |
|
|
|
|
(29.3) |
|
Operating profit |
|
|
|
|
31.4 |
|
Finance income |
|
|
|
|
0.6 |
|
Finance costs |
|
|
|
|
(13.9) |
|
Profit before tax |
|
|
|
|
18.1 |
Supplementary analysis by region
|
|
Six months ended on 31 January 2026 |
Six months ended on 31 January 2025 |
Year ended on 31 July 2025 |
|||
|
Unaudited |
Unaudited |
Audited |
||||
|
Revenue |
Adjusted operating profit*/ (loss) |
Revenue |
Adjusted operating profit*/ (loss) |
Revenue |
Adjusted operating profit*/ (loss) |
|
|
£m |
£m |
£m |
£m |
£m |
£m |
|
|
United Kingdom |
33.5 |
4.7 |
32.9 |
3.7 |
69.4 |
10.4 |
|
Mainland Europe† |
92.9 |
9.0 |
89.1 |
17.0 |
185.3 |
32.1 |
|
Americas |
63.1 |
17.6 |
64.5 |
15.3 |
124.7 |
29.8 |
|
Asia-Pacific† |
14.0 |
(1.5) |
13.9 |
(2.2) |
29.1 |
(1.8) |
|
Eliminations and unallocated costs |
(8.7) |
(5.8) |
(8.7) |
(3.7) |
(19.6) |
(9.8) |
|
Group |
194.8 |
24.0 |
191.7 |
30.1 |
388.9 |
60.7 |
*Adjusted operating profit is not defined under IFRS. It is explained in the non-IFRS measures section.
†The figures for the six months ended on 31 January 2025 have been updated to reflect the transfer of Turkey, the Middle East and India from EMEA to Asia-Pacific. EMEA has now been renamed Mainland Europe since it no longer includes the Middle East or Africa.
YouGov plc
Notes to the condensed consolidated interim financial statements (continued)
for the six months ended on 31 January 2026
4. Separately-reported items
|
|
Six months ended on |
Six months ended on |
Year ended on |
|
31 January 2026 |
31 January 2025 |
31 July 2025 |
|
|
Unaudited |
Unaudited |
Audited |
|
|
£m |
£m |
£m |
|
|
Impairment charge on goodwill |
- |
- |
0.1 |
|
Amortisation charge on acquired customer lists and order backlogs |
5.0 |
8.3 |
15.8 |
|
Impairment charge on patents and trademarks |
0.4 |
- |
- |
|
Restructuring and integration costs |
1.8 |
3.7 |
9.8 |
|
Acquisition-related costs |
- |
0.5 |
0.3 |
|
Other non-commercial legal costs |
- |
2.8 |
3.3 |
|
Separately-reported items |
7.2 |
15.3 |
29.3 |
Separately-reported items are not defined under IFRS. They are explained in the non-IFRS measures section.
5. Finance income and finance costs
|
|
Six months ended on |
Six months ended on |
Year ended on |
|
31 January 2026 |
31 January 2025 |
31 July 2025 |
|
|
Unaudited |
Unaudited |
Audited |
|
|
£m |
£m |
£m |
|
|
Interest income on cash and cash equivalents |
0.3 |
2.3 |
0.5 |
|
Gain on foreign exchange |
- |
- |
0.1 |
|
Finance income |
0.3 |
2.3 |
0.6 |
|
Interest expense on contingent consideration payable and provisions |
- |
- |
(0.4) |
|
Interest expense on borrowings |
(7.3) |
(8.1) |
(11.4) |
|
Interest expense on lease liabilities |
(0.6) |
(0.5) |
(0.8) |
|
Loss on foreign exchange |
(0.6) |
(0.2) |
(1.3) |
|
Finance costs |
(8.5) |
(8.8) |
(13.9) |
|
Net finance cost |
(8.2) |
(6.5) |
(13.3) |
6. Income tax charge
|
|
|
Six months ended on |
Six months ended on |
Year ended on |
|
|
31 January 2026 |
31 January 2025 |
31 July 2025 |
|
|
|
Unaudited |
Unaudited |
Audited |
|
|
|
£m |
£m |
£m |
|
|
Current tax charge |
|
5.0 |
7.0 |
13.4 |
|
Deferred tax credit |
|
(3.1) |
(5.9) |
(8.4) |
|
Income tax charge |
|
1.9 |
1.1 |
5.0 |
YouGov plc
Notes to the condensed consolidated interim financial statements (continued)
for the six months ended on 31 January 2026
6. Income tax charge (continued)
The tax charge for the period has been calculated based on the expected tax rates for the full year in each country.
7. Earnings per share
|
|
Notes |
Six months ended on |
Six months ended on |
Year ended on |
|
31 January 2026 |
31 January 2025 |
31 July 2025 |
||
|
Unaudited |
Unaudited |
Audited |
||
|
Earnings per share (pence) |
|
|
|
|
|
Basic |
|
5.7 |
6.8 |
11.5 |
|
Adjusted basic |
|
11.4 |
17.1 |
31.7 |
|
Diluted |
|
5.7 |
6.6 |
11.3 |
|
Adjusted diluted |
|
11.3 |
16.7 |
31.3 |
|
Earnings attributable to owners of YouGov plc (£m) |
|
|
|
|
|
Profit for the period |
|
6.7 |
7.9 |
13.4 |
|
Adjustments for: |
|
|
|
|
|
Separately-reported items* |
4 |
7.2 |
15.3 |
29.3 |
|
Share-based payment charge |
|
0.9 |
0.5 |
1.2 |
|
Social security on share-based payment charge |
|
0.1 |
- |
(0.2) |
|
Interest expense on contingent consideration payable and provisions |
5 |
- |
- |
0.4 |
|
Income tax effect of above and other tax adjustments |
|
(1.5) |
(3.7) |
(7.0) |
|
Adjusted profit for the period |
|
13.4 |
20.0 |
37.0 |
|
Weighted average number of shares (millions) |
|
|
|
|
|
Basic |
|
117.2 |
116.8 |
116.9 |
|
Dilutive effect of share options |
|
1.1 |
2.5 |
1.4 |
|
Diluted |
|
118.3 |
119.3 |
118.3 |
*Separately-reported items are not defined under IFRS. They are explained in the non-IFRS measures section.
YouGov plc
Notes to the condensed consolidated interim financial statements (continued)
for the six months ended on 31 January 2026
8. Goodwill, intangible assets, property, plant and equipment, and right-of-use assets
|
Carrying amount |
Goodwill |
Intangible assets |
Property, plant and equipment |
Right-of-use assets |
|
£m |
£m |
£m |
£m |
|
|
At 1 August 2024 (audited) |
243.6 |
184.4 |
3.9 |
18.6 |
|
Additions |
- |
8.3 |
0.7 |
7.4 |
|
Acquired through business combinations |
3.4 |
5.8 |
- |
- |
|
Amortisation/depreciation charge |
- |
(19.6) |
(0.9) |
(2.9) |
|
Effect of changes in foreign exchange rates |
(2.8) |
(1.1) |
- |
1.7 |
|
At 31 January 2025 (unaudited) |
244.2 |
177.8 |
3.7 |
24.8 |
|
Additions |
- |
9.8 |
0.4 |
4.0 |
|
Impairment charge |
(0.1) |
- |
- |
- |
|
Amortisation/depreciation charge |
- |
(16.7) |
(0.7) |
(2.9) |
|
Effect of changes in foreign exchange rates |
6.6 |
3.2 |
0.1 |
(1.9) |
|
At 31 July 2025 (audited) |
250.7 |
174.1 |
3.5 |
24.0 |
|
Additions |
- |
9.5 |
0.5 |
2.4 |
|
Remeasurements |
- |
- |
- |
(5.0) |
|
Amortisation/depreciation charge |
- |
(15.4) |
(1.0) |
(3.1) |
|
Impairment charge |
- |
(0.4) |
- |
- |
|
Effect of changes in foreign exchange rates |
(0.7) |
0.1 |
0.1 |
(0.5) |
|
At 31 January 2026 (unaudited) |
250.0 |
167.9 |
3.1 |
17.8 |
9. Borrowings
On 29 September 2023, the Group entered into a secured facilities agreement for four years with a syndicate of banks, led by Citibank, to finance the business combination of Shopper, and to provide working capital headroom. The facilities comprise a €240.0m term loan and €40.0m multi-currency revolving credit facility. Interest is payable quarterly on both facilities at a base rate plus a margin which is dependent on leverage. The base rate on the term loan is EURIBOR, and on the revolving credit facility is dependent on the currency borrowed. Capital repayments are due annually on the term loan.
Both facilities are subject to financial covenants, assessed biannually. Interest cover must not be less than 4:1, and leverage must not be more than 3:1.
On 8 August 2024, the Group purchased a collar to restrict EURIBOR on the term loan. Hedge accounting has not been applied, and all hedge-related income and expenses are recognised within finance income and finance costs in the income statement.
On 11 August 2025, the Group agreed a modification to the term loan, amending the amounts of the annual capital repayments to €20.0m, and of the final balance payable on 29 September 2027 to €164.0m.
At 31 January 2026, £20.0m and €17.0m were drawn down on the revolving credit facility, with €184.0m of the term loan outstanding.
YouGov plc
Notes to the condensed consolidated interim financial statements (continued)
for the six months ended on 31 January 2026
10. Fair values of financial assets and financial liabilities
The only assets and liabilities the Group holds at fair value are contingent consideration payable (disclosed within provisions), and an interest rate collar (see note 9 for more details.)
At 31 January 2026, the carrying amount of contingent consideration payable was £0.1m (HY25: £0.2m), and of the collar, £nil (HY25: £nil). The carrying amounts of all the Group's other financial instruments are reasonable approximations of their fair values.
11. Share capital and share premium
|
|
|
Ordinary shares |
Share capital |
Share premium |
|
|
number |
£m |
£m |
|
|
At 1 August 2024 (audited) |
|
117,126,339 |
0.2 |
81.1 |
|
Issue of ordinary shares |
|
703,396 |
- |
- |
|
At 31 January 2025 (restated*) |
|
117,829,735 |
0.2 |
81.1 |
|
Issue of ordinary shares |
|
27,413 |
- |
- |
|
At 31 July 2025 (audited) |
|
117,857,148 |
0.2 |
81.1 |
|
Issue of ordinary shares |
|
5,432 |
- |
- |
|
At 31 January 2026 (unaudited) |
|
117,862,580 |
0.2 |
81.1 |
*See note 2 for details of the restatement.
The nominal value of each ordinary share is 0.2p (HY25: 0.2p). The Company has one class of share. All issued shares are authorised and fully paid. 5,432 shares were issued at an average price of £2.65 per share during the period to satisfy the exercise of share options.
The Company does not hold any shares in treasury. However, the YouGov Employee Benefit Trust does hold shares to facilitate the settlement of awards under employee share schemes. At 31 January 2026, the Employee Benefit Trust held 651,680 shares (HY25: 1,010,126 shares).
12. Dividends paid
On 9 December 2025, a final dividend in respect of the year ended on 31 July 2025 of £10.8m or 9.25p per share (2024: £10.6m or 9.0p per share) was paid to shareholders. No interim dividend has been proposed for the current period (HY25: £nil).
13. Transactions with directors and other related parties
Other than emoluments, the Group entered into no transactions with its directors during the period. Trading between YouGov plc and its subsidiaries is excluded from this note as this has been eliminated on consolidation. There were no other related-party transactions during the period.
14. Post-balance sheet events
On 5 February 2026, the Group sold its freehold office space in Dubai for £1.4m. At 31 January 2026, this remains classified as an asset held for sale.
On 9 February 2026, it was announced that Alex McIntosh, the Group's Chief Financial Officer, was stepping down. James Davies was appointed as his replacement on 12 February 2026. For more information, see the business review section.
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