- Slower first half of growth, expected to bounce back in H2
- Five-year growth plan on track
Polling and data specialist YouGov (YOU) saw underlying revenue growth across its business in the six months to 31 January. This was led by its larger data services division, which saw strong demand for tactical and fast turnaround projects.
Growth was described as “more moderate” in the data products and custom research segments, although thanks to larger projects added to the sales pipeline towards the end of 2020, the group says it has good visibility over the second half of the year. Analysts at Peel Hunt believe that these multi-year projects “will underpin organic revenue growth for the coming years”.
While the underlying operating profit margin increased during the first half, YouGov has flagged that its headline operating profit has been hit by a higher non-cash share-based payments charge arising from an accounting change.
Still, the group is confident of hitting its full-year targets in line with its five-year growth plan, although revenue and margin growth are expected to be weighted towards the second half. NK