REG - YouGov PLC - Pre-Close Trading Update and Notice of Results

YouGovAnnouncement

28/07/2023 07:00

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RNS Number : 4832H  YouGov PLC  28 July 2023

28 July 2023

YouGov plc

 

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

Pre-Close Trading Update and Notice of Results

 

-     Strong underlying growth(1) year-on-year and adjusted operating
profit(2)

in line with market expectations(3)

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

 

 

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

 

YouGov has performed well during the period against a challenging market
backdrop, with good progress in all geographies. During the year, the Group
continued to selectively invest in growth initiatives focussed on building-out
our panel, enhancing our technology and the continued development of the
YouGov Platform, in line with our stated strategy. Alongside this continued
investment for growth, the Group expects to report adjusted operating
profit(2) in line with market expectations(3), demonstrating continued margin
expansion during the period.

 

As previously communicated, the Group experienced longer sales cycles and
protracted client decision making at the start of this calendar year. The
Group continues to focus on selling high-margin products and services and
remains disciplined to ensure delivery of sustainable, profitable growth.
Group revenue is expected to be at the lower end of the consensus range,
reflecting underlying growth(1) well ahead of the market.

 

The Group continues to be highly cash generative and maintains a strong
balance sheet with a net cash position(4) of £104m as of 26 July 2023. This
includes approximately £50 million net proceeds from the successful equity
placing completed on 7 July 2023, which will be used to partly fund the
acquisition of GfK's Consumer Panel Business (GfK CPB).

 

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

 

Notice of Results

 

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

 

 

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

(2 Defined as operating profit excluding separately reported items.)

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

(4 Excludes IFRS-16 lease liabilities.)

 

 

Enquiries

 YouGov plc

 Stephan Shakespeare / Alex McIntosh / Hannah Jethwani              020 7012 6000

 FTI Consulting

 Charles Palmer / Tom Blundell / Jemima Gurney                                              020 3727 1000

 Numis Securities (NOMAD and Joint Broker)

 Nick Westlake / Iqra Amin                                          020 7260 1000

 Berenberg (Joint Broker)

 Mark Whitmore / Richard Andrews / Alix Mecklenburg-Solodkoff       020 3207 7800

 

About YouGov

YouGov is an international online research data and analytics technology
group.

Our mission is to offer unparalleled insight into what the world thinks.

Our innovative solutions help the world's most recognised brands, media owners
and agencies to plan, activate and track their marketing activities better.

With operations in the UK, the Americas, Europe, the Middle East, India and
Asia Pacific, we have one of the world's largest research networks.

At the core of our platform is an ever-growing source of consumer data that
has been amassed over our twenty years of operation. We call it Living Data.
All of our products and services draw upon this detailed understanding of our
24+ million registered panel members to deliver accurate, actionable consumer
insights.

As innovators and pioneers of online market research, we have a strong
reputation as a trusted source of accurate data and insights. Testament to
this, YouGov data is regularly referenced by the global press, and we are the
most quoted market research source in the world.

YouGov. Living Consumer Intelligence.

 

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