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RNS Number : 1946D YouGov PLC 14 October 2025
14 October 2025
YouGov plc
("YouGov" or "the Group" or "the Company")
Results for the year ended 31 July 2025
- Stable FY25 performance and margin improvement in line with
expectations
- Clear executional priorities in place to deliver SP3 and
sustainable growth
YouGov, the international research and data analytics group, announces its
results for the year ended 31 July 2025.
Summary of Results
Year to Year to Change Underlying
31 July 2025 31 July 2024 Change¹
£m £m
Revenue 388.9 335.3 16% 1%
Adjusted Operating Profit(1) 60.7 49.6 22% 26%
Adjusted Operating Profit Margin (%)(1) 16% 15% 100bps -
Statutory Operating Profit 31.4 10.9 188% -
Adjusted Profit before Tax(1) 48.8 45.0 8% -
Statutory Profit before Tax 18.1 4.0 353% -
Adjusted Basic Earnings per Share(1) 31.7p 29.4p 8% -
Statutory Basic Earnings per Share 11.5p (2.0p) N.A. -
Operating cash generation 63.3 53.9 17% -
Net debt(1) 144.0 148.2 (3%) -
Dividend per Share 9.25p 9.0p 3% -
(1) Defined in the explanation of non-IFRS measures below.
Financial highlights
● Strong revenue growth of 16% (FY24: 30%) on a reported basis to £388.9m,
reflecting the full year impact of YouGov Shopper (formerly CPS).
Underlying(1) revenue growth of 1% (FY24: 3%) as we stabilised the business
during a period of organisational change and leadership transition.
● Adjusted operating profit up 22%, slightly ahead of market expectations, with
underlying(1) growth of 26% as the benefits of the cost optimisation plan are
realised.
● Adjusted operating profit margin improved to 16% (FY24: 15%).
● Adjusted earnings per share up 8%, at 31.7p.
● Robust balance sheet position maintained with cash at period end of £54.8m
(31 July 2024: £73.6m) and leverage ratio(1) of 1.7x net debt to EBITDA.
Operational highlights
● Data products division recovery - Delivered product improvements and renewed
sales focus, driving the division's return to growth through normalising
renewal rates and multiple client wins; made strategic hires in data science
to drive further product enhancements and maximise the value of YouGov's panel
and rich datasets.
● Sales initiative - Established dedicated product specialist team to support
new business wins and improve renewal rates, while redesigning incentive
structures for FY26 to prioritise high-margin subscription products.
● YouGov Shopper progress - Made substantial advancement on growth initiatives
and integration including:
○ Launch of passive, receipt-based panels in the Nordics, delivering initial
commercial success.
○ Developed a new marketing activation product covering key European markets.
○ Substantially completed the integration of support functions into YouGov.
● Research division performance - Achieved modest growth, with strong US market
performance offsetting weakness in EMEA region.
● Cost optimisation execution - Realised 70% of £20 million annualised cost
savings as part of optimisation plan, in line with expectations, creating
headroom for strategic reinvestment in growth initiatives.
● Operational stabilisation - Successfully completed leadership transition and
organisational rebalancing, sharpening execution focus and positioning YouGov
for sustainable growth and improved efficiency.
Current trading and outlook
● We enter FY26 anchored in our ambition to become the universal infrastructure
for trusted data sharing, and with clear executional priorities, particularly
on panel and product innovation, to guide our transformation to drive
sustainable growth.
● Trading for the current financial year has begun in line with management
expectations.
● In the financial year ahead, the Group will be increasing investment in areas
to improve YouGov's panel and technology.
○ These strategic investments, focused on technology and data science, will
enable YouGov to become a stronger, faster platform company, and drive
medium-term growth.
● Looking to the year ahead, the Group expects to deliver modest progress at
both revenue and adjusted operating profit level, which includes the impact of
the incremental investments outlined above.
● The drivers that underpin our markets continue to present compelling growth
opportunities for YouGov and we expect to achieve further progress in the year
ahead.
Stephan Shakespeare, Chief Executive Officer, said:
"YouGov has delivered a stable performance with improved margins through the
strength of our teams and our resilient business model.
"Our focus on execution and cost discipline has rebuilt momentum and the
strategic steps we've implemented demonstrate our commitment to returning to
sustainable, profitable growth.
"The Board remains confident that our strategy will achieve our ambition of
becoming the world's leading provider of opinion data. We believe that the
strategic investments we are making in panel, technology and data science will
help us become a stronger, faster platform company.
"With our third strategic plan and clear executional priorities in place, we
are well-positioned to drive long-term value creation for all stakeholders."
Analyst presentation
The management team will host a hybrid virtual and in-person investor and
analyst presentation at 11.00am BST on 14 October 2025. To join the briefing
virtually, please use the following access details:
https://brrmedia.news/YOU_FY25 (https://brrmedia.news/YOU_FY25)
Please register approximately 10 minutes prior to the start of the call.
A copy of the presentation will be available online at
https://corporate.yougov.com/investors/presentations/
(https://corporate.yougov.com/investors/presentations/) shortly before the
investor and analyst presentation begins. A recording of the presentation will
also be available for playback after the event.
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 020 7012 6000
Stephan Shakespeare, CEO
Alex McIntosh, CFO
Hannah Jethwani, Head of Corporate Strategy & Investor Relations
FTI Consulting 020 3727 1000
Charles Palmer / Dwight Burden / Valerija Cymbal / Jemima Gurney
J.P. Morgan Cazenove (NOMAD and Joint Broker) 020 7742 4000
Bill Hutchings / James Summer
Berenberg (Joint Broker) 020 3207 7800
Mark Whitmore / Richard Andrews / Smruthya Ganeshram
Morgan Stanley & Co. International plc (Joint Broker) 020 7425 8000
Andrew Foster / Josh Williams
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 US, the Americas, Europe, the Middle East, India 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 63 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 business.yougov.com
Chair's Statement
My first six months as Chair of the YouGov Board of Directors have been a
period of change and renewed focus for YouGov, as we continue to look towards
our long-term strategic growth plan, SP3. I stepped into the role of Chair in
February 2025 and have been honoured to lead the Board through this period,
enabling me to continue to build my strong relationship with Stephan
Shakespeare - resuming his role of CEO on an interim basis - and maintain the
Board's oversight and scrutiny of strategy and growth plans. My priority
remains to foster collaboration between executive leadership and the Board and
ensure decisions create lasting value for all stakeholders as we execute SP3.
Last year, in his capacity as Chair, Stephan noted persistent uncertainties
both in our industry and further afield, which have become no less challenging
through FY25. While the industry continues to see challenges with panel
quality, we aim to remain the gold standard for high-quality data though
continued investment and improvements in our panel. Our programme to integrate
GfK's Consumer Panel Services ("CPS"), acquired in January 2024 and since
re-branded YouGov Shopper ("Shopper"), has progressed well as we continue to
develop and explore the capabilities of our enlarged Group. We have invested
in systems consolidations and improvements to support our 3,000+ workforce,
with a new engagement survey offering valuable insights to enhance our
employee value proposition.
SP3 - driving our third strategic growth plan (SP3)
Our vision is for YouGov to be the world's leading provider of marketing and
opinion data, which is articulated in SP3. In June 2025, the Board welcomed
members of senior management, product owners and industry experts to join our
annual strategy session. At this session, I chaired a deep dive into our
refreshed SP3 plan, which centred on ensuring that the Board and leadership
were aligned in their focus on renewed strategic clarity, involving the
rollout of automation across our operations and investment in our strategic
differentiators (public data, panel experience, data science and
API/dashboards). From this session and many other such interactions over the
last year, it is clear to us that YouGov's strategic differentiators will
enable us to scale the business and make significant progress towards our SP3
plan.
In FY25, the Group delivered modest underlying revenue growth of 1%, largely
driven by our Americas region. As previously disclosed, the Board supported
management to take significant cost action in the year which has generated
annualised cost savings of £20m, of which 70% was realised during FY25. The
guiding principle was to right-size our organisation and better distribute our
resources in strategically-focussed areas to maximise our capacity and
efficiency and invest in the right areas to return to growth. These cost
actions and targeted investment, together with successful integration of
Shopper, mean that we end the year in a better position to execute on SP3.
YouGov continues to maintain a progressive dividend policy and, in line with
this, the Board is pleased to recommend a dividend of 9.25p per share payable
on 9 December 2025 to shareholders on the register as at 28 November 2025.
This will be tabled for shareholder approval at our Annual General Meeting
("AGM") on 4 December 2025.
Governance and Board composition
In February 2025, the Board and Steve Hatch mutually agreed to Steve's
stepping down from his position as Chief Executive Officer (CEO) and Stephan
was appointed as CEO on an interim basis to drive execution of our strategic
plan. While Stephan's position is intended to be transitional, the Board has
not set a fixed term on Stephan's appointment as CEO. We expect that Stephan
will remain in post as CEO through FY26 and his priority is to ensure
continued strategic progress. To that end, we will make further updates on the
succession planning for our next CEO appointment in due course.
On behalf of the full Board, I thank Steve for his leadership during a
challenging period for the Company and through the completion of the Shopper
acquisition and oversight of the integration programme.
Following Stephan's return to the CEO role, he has taken steps to continue to
strengthen the senior management team in both functional and regional
leadership, with the appointment of a new Chief Product Officer, creation of a
Chief Data Officer role, and the addition of regional CEOs of Europe, Asia
Pacific, DACH, UK and Americas to the Steering Team(1) of senior executives.
In March 2025, our Senior Independent Director (SID), Nick Prettejohn, stepped
down from the Board of Directors in an effort to rebalance his portfolio of
responsibilities. We are grateful for Nick's outstanding contribution to our
Board and wish him well for the future.
We have had great success in our search for additional Boardroom talent with
the appointment of our two new non-executive directors, Belinda Richards
(appointed SID) and Ian Griffiths, as announced on 5 September 2025. I am
delighted to welcome Belinda and Ian to the Board and am pleased to offer my
support as they work through their inductions to our business. I am confident
that we have a strong and balanced Board of Directors to support our growth
and strategic ambitions in the next phase of our journey.
Environmental, social and governance ("ESG")
YouGov's business is underpinned by an ethos of transparency and trust and a
desire to give the world a voice. Sustainability and ESG factors run through
our business model and values, and the Board sees ESG as key to a successful
strategy for the business. The aim of our ESG strategy is to champion
sustainable, ethical and responsible business practices in every aspect of our
operations, to safeguard YouGov's reputation and culture, return social value
to our communities, and contribute to sustainable growth. Our ESG Report,
included in our Annual Report, outlines key developments and highlights our
environmental, social and governance objectives, and I am pleased to report
here on certain ESG highlights.
Key to our governance and sustainability principles is our commitment to
opinion neutrality. Our clients must be able to trust our research and
editorial insights are accurate, and panel members must be able to trust that
we will reflect the full range of public opinion. Since the launch of our
updated employee-facing Neutrality Policy last year, a module on our
neutrality principles is part of everyone's mandatory training at YouGov.
YouGov is committed to meaningful climate action and has aligned its
sustainability strategy with the Science Based Targets initiative (SBTi). We
have maintained our strong ESG-related ratings from Sustainalytics and MSCI
and once again have been recognised at the Active level in the UN Global
Compact, reflecting our commitment to corporate sustainability and responsible
business practices.
Looking ahead and conclusion
On behalf of the Board, I want to give thanks to the executive leadership team
for their focus on strategic progress and priorities. Above all I wish to
extend our appreciation of the resilience of all our employees and their daily
demonstration of the YouGov values - be fast, be fearless, get it right, trust
and respect each other - which support our commitment to an inclusive and
respectful culture. While FY26 will not be without its challenges - with
headwinds in the macro environment and huge change in our industry - the Board
and I remain resolute in our confidence that YouGov is in a strong position to
execute on SP3. I believe we have the right strategy in place, with our robust
business model driven by our unique and valuable panel asset, and this will
enable us to deliver long-term value to our stakeholders and realise YouGov's
vision to be the world's leading provider of marketing and opinion data.
Deborah Davis
Chair
13 October 2025
(1)Steering Team is the executive leadership group comprising the Executive
Directors (CEO and CFO), the functional leaders reporting into the CEO, and
the Regional CEOs.
Chief Executive Officer's Statement
This year, I returned to the role of Founder & CEO, a role I held for over
10 years until July 2023. While much has changed since those early days, one
thing has remained constant: our mission to deliver accurate, permissioned,
and actionable data that helps decision-makers make informed choices. In
today's complex and fast-moving environment, that mission is more relevant
than ever.
I continue to believe, more strongly than ever, that YouGov can become the
world's leading provider of opinion data. We have one of the most engaged and
representative global panels, a vast and high-quality dataset and a strong
team of researchers that deliver a superior client experience. As we begin to
execute against our third strategic plan, SP3, I am confident in our ability
to drive long-term value creation for all our stakeholders.
Following a period of leadership transition and internal change, our focus has
been on stabilising the business, sharpening execution, and rebuilding
momentum. While market conditions remained tough, and client budgets continued
to come under pressure, we delivered a stable performance with improved
margins, in line with market expectations, a testament to the resilience of
our business model and the strength of our teams.
FY25: Refocus, rebuild, re-energise
At the start of the year, we took decisive steps across the business to
deliver meaningful savings through our cost optimisation plan. This in turn
created opportunity for reinvestment in areas that will support future margin
expansion and longer-term growth. Our positive finish to FY25 was driven by a
renewed focus on execution and sets us up well to simplify operations, improve
efficiency, and position YouGov for sustainable growth going forward.
A key focus was rebuilding momentum in our core propositions, particularly in
Data Products and YouGov Shopper (previously Consumer Panel Services).
In Data Products, we delivered tangible improvements and renewed our sales
focus by:
● Enhancing the user experience through continuous improvements to the user
interface, adding AI-based features and making our platforms more intuitive
for clients.
● Commencing the process of building out a product specialist team tasked with
improving renewal rates and accelerating new business wins.
● Redesigning our sales incentive structure for FY26 to re-direct focus on our
high-margin, subscription products.
● Developing an AI-persona add-on leveraging Yabble's technology that uses the
rich profiling data within YouGov Profiles. This feature is set to launch in
the first half of the financial year.
Similarly, YouGov Shopper also continued to make good progress on its
strategic growth initiatives:
● Launched a passive receipt-based panels in the Nordics which has delivered
initial commercial success.
● Developed a new marketing activation product covering key European markets
that allows clients to build and target purchase-based audience segmentation
for digital campaigns.
● Augmented the client delivery platforms with AI-enabled summarisation.
● Continued expansion of proprietary consumer panels in select European markets
to increase representativity and scale.
● Substantially completed the integration of support functions into YouGov and
exited the majority of Transition Services Agreements ("TSAs") during the
year.
Looking ahead: FY26 and our third strategic growth plan (SP3)
As we look ahead to FY26 and beyond, we remain anchored by the same bold
ambition, to become the universal infrastructure for trusted data sharing, and
guided by our third strategic growth plan (SP3). First presented in May 2023,
SP3 laid out the core tenets of our platform strategy: panel, data and
technology. While execution against these priorities has been slower than
initially planned, we remain firmly convinced that our strategy is the right
one in this market environment, and we intend to execute it with speed and
conviction going forward.
Underpinning this strategy, we have a clear set of four executional priorities
that will guide our transformation and support our broader platform vision.
1. Strengthen Our Panel
2. Accelerate Product Innovation
3. Improve Commercial Execution
4. Build Operational Accountability
These are not standalone priorities. They are foundational capabilities and
the building blocks of the platform we are creating to lead YouGov into its
next chapter of growth.
1. Panel Leadership
Our proprietary panel is the foundation of our differentiated business model.
Ongoing investment in panel quality and engagement continues to drive our
competitive edge. We are expanding our public data mission, enhancing the
panellist experience, strengthening fraud prevention, and exploring new,
cost-effective recruitment methods to grow and verify our panel at scale.
2. Product Innovation
We are advancing a more connected and intelligent product ecosystem. By
improving access to our data - such as through APIs - and enhancing our
product suite with AI-powered features, we intend to embed YouGov more deeply
into clients' workflows. Scaling the YouGov Ratings platform will further
support both commercial and public data ambitions. Layering on a qualitative
element to our existing quantitative data, analysed by AI, will provide
greater insight into the "why" behind consumer opinion and behaviour. These
strategic investments, focussed on technology and data science, will enable
YouGov to become a stronger, faster platform company, and drive medium-term
growth.
3. Commercial Excellence
We are refining our go-to-market approach to align more closely with our core
product strategy and improve execution. This includes clearer product
positioning, greater automation at the start of the client journey, a focussed
outreach sales strategy, and increased collaboration across markets to better
serve multinational clients.
4. Operational Accountability
We continue to strengthen our internal capabilities through increased
automation, clearer decision-making structures, and enhanced governance. These
initiatives are building a more efficient, agile, and performance-driven
organisation.
These strategic priorities will continue to leverage the five strategic
enablers that define our differentiation:
● Fame - as the public voice of opinion and behaviour.
● Best Panel - built on re-contactability, depth, and representativeness.
● Best Data - connected, timely, and accurate.
● Application - research design that informs decisions.
● System - infrastructure that supports speed, quality, and growth.
Current trading and outlook
● We enter FY26 anchored in our ambition to become the universal infrastructure
for trusted data sharing, and with clear executional priorities, particularly
on panel and product innovation, to guide our transformation to drive
sustainable growth.
● Trading for the current financial year has begun in line with management
expectations.
● In the financial year ahead, the Group will be increasing investment in areas
to improve YouGov's panel and technology.
○ These strategic investments, focused on technology and data science, will
enable YouGov to become a stronger, faster platform company, and drive
medium-term growth.
● Looking to the year ahead, the Group expects to deliver modest progress at
both revenue and adjusted operating profit level, which includes the impact of
the incremental investments outlined above.
● The drivers that underpin our markets continue to present compelling growth
opportunities for YouGov and we expect to achieve further progress in the year
ahead.
I want to personally thank all our employees for their resilience, commitment,
and contributions during what has been a year of significant change. Your
efforts have helped us deliver a performance in line with expectations and
laid the groundwork for what comes next. Our culture of innovation, the
camaraderie within our teams and our global panel continue to be our greatest
strengths, and I am confident it will power our renewed focus and future
growth, ultimately providing rewarding careers. I look forward to putting the
business firmly back on track and delivering on our strategy with clarity and
conviction.
Stephan Shakespeare
Chief Executive Officer
13 October 2025
Chief Finance Officer's Review
The Group delivered growth in line with market expectations for the 12 months
to 31 July 2025, on a reported and underlying(1) basis. Following a period of
transition and change, FY25 was the year we took action to stabilise the
business and commence initiatives that will set our strategy back on course.
Group revenue was up 16% in reported terms to £388.9m during the period,
largely due to the full-year contribution from the acquisition of the CPS
business, now re-branded as YouGov Shopper. On an underlying(1) basis
(excluding foreign exchange movements and contribution from acquisitions)
revenue was up 1% (FY24: 3%). Performance across the regions was mixed, with
flat revenue in UK and Mainland Europe (excluding the contribution from YouGov
Shopper) offset by continued growth in the Americas, which recorded a 3%
increase on an underlying¹ basis.
Gross margin increased to 82% (FY24: 81%), due to the full year contribution
of YouGov Shopper and lower panel-related and data collection costs.
Group operating costs (excluding separately reported items) of £258.9m (FY24:
£221.5m) increased by 17% in reported terms. Adjusted operating profit(1) was
well ahead of the prior financial year at £60.7m (FY24: £49.6m), including a
full-year contribution of YouGov Shopper, representing an adjusted operating
margin of 16% (FY24: 15%). Underlying(1) operating profit increased by 26%,
excluding the adverse impact of foreign exchange and M&A, as the benefits
of the cost optimisation plan were realised. Additionally, the Group has
commenced investment in the key strategic priorities, such as panel and
product innovation as outlined in the CEO statement.
The Group's results were impacted by the net appreciation of UK Sterling, as
its average exchange rate was 5% higher against the US Dollar in this period
against the prior period. Movement against the Euro was 2% lower compared to
31 July 2024. The net impact of foreign exchange on the Group's adjusted
operating profit(1) was a decrease of £1.3m compared to the calculation in
constant currency terms.
Cost optimisation plan
Over the past year, we implemented the cost optimisation plan that was
initiated at the end of FY24, following our strategic review of the business.
This review helped us identify areas where we could streamline operations,
reduce our cost base, and reallocate resources to support future growth. Key
measures included scaling back in non-core regions, discontinuing
underperforming products, and scaling back support functions. These actions
allowed us to implement annualised savings of £20m, of which 70% was realised
in FY25.
Performance by division
YouGov's lines of business fall into three divisions: Data Products, Shopper
and Research.
Revenue Year to Year to Revenue growth Underlying(1) revenue change %
31 July 2025 31 July 2024 %
£m £m
Data Products 83.9 83.8 0% 1%
Shopper 128.1 74.2 N.A. N.A.
Research 176.9 177.7 (0%) 1%
Intra-Group revenues 0.0 (0.4) N.A. N.A.
Group 388.9 335.3 16% 1%
Adjusted Operating Profit(1) Year to Year to Adjusted operating Adjusted operating margin %
31 July 2025 31 July 2024 profit growth
£m £m %
Year to Year to
31 July 2025 31 July 2024
Data Products 25.8 27.4 (6%) 31% 33%
Shopper 27.2 19.7 38% 21% 27%
Research 19.5 19.8 (2%) 11% 11%
Central costs (11.8) (17.3) (32%) - -
Group 60.7 49.6 22% 16% 15%
1 Defined in the explanation of non-IFRS measures below.
Data Products
Our subscription-based data products suite includes YouGov BrandIndex, YouGov
Profiles and other behavioural products, such as YouGov Safe.
Revenue from Data Products was flat on a reported basis and recorded 1% growth
in underlying(1) terms, reversing the decline seen in the prior year, owing to
normalised renewal rates and new clients wins in the media agency and retail
sectors. Over the past year, the business has prioritised investments in our
Data Products to improve the user interface, add AI-enabled features and
introduce a qualitative research add-on to YouGov BrandIndex.
Adjusted operating profit(1) from Data Products was £25.8m (FY24: £27.4m),
resulting in a slight contraction in the adjusted operating margin(1) to 31%
(FY24: 33%). This was due to the loss contribution from the Yabble acquisition
of £3.3m.
Shopper
Our Shopper division provides household purchase data across 17 European
countries.
In its first full year under YouGov ownership, Shopper contributed £128.1m of
revenue and £27.2m in adjusted operating profit, representing a margin of
21%. This strong top-line performance is testament to the division's
well-established client relationships and a robust product offering that is
embedded in daily workflows.
The better-than-expected profitability is in part due to accelerated delivery
to clients in July and a delayed start to investment in new growth
initiatives. These investments, which are expected to accelerate top-line
growth in the coming years, have commenced in Q4 FY25 and are expected to
temporarily impact margins in FY26.
Research
Our Research division comprises our fast-turnaround research services, such as
YouGov RealTime Omnibus, as well as customised research projects and
multi-year tracking studies.
Revenue in the Research division remained stable on a reported basis, and
delivered 1% underlying(1) growth to £176.9m. Good performance in the
academic, technology and financial services sector was offset by lower
spending from public sector and continued weakness in the gaming sector. On a
regional basis, the Americas and Asia Pacific reported mid-single-digit growth
on an underlying(1) basis, while EMEA remained weak.
The adjusted operating profit(1) was slightly lower than the prior year at
£19.5m (FY24: £19.8m) and the margin remained stable at 11%, as the benefits
of the cost optimisation plan were offset by lower revenue growth.
Performance by geography
YouGov's geographic footprint spans the UK, the Americas, Mainland Europe and
Asia Pacific.
Revenue Year to Year to Revenue growth Underlying(1) revenue change %
31 July 2025 31 July 2024 %
£m £m
UK 69.4 69.0 1% 0%
Americas 124.7 124.1 0% 3%
Mainland Europe(2) 185.3 132.0 40% (0%)
Asia Pacific(2) 29.1 28.8 1% 2%
Intra-Group revenues (19.6) (18.6) 5% 5%
Group 388.9 335.3 16% 1%
Adjusted Operating Profit(1) Year to Year to Adjusted Adjusted operating margin %
31 July 2025 31 Jul operating
£m 2024 profit growth
£m %
Year to Year to
31 July 2025 31 July 2024
UK 10.4 11.8 (12%) 15% 17%
Americas 29.8 28.5 5% 24% 23%
Mainland Europe(2) 32.1 22.7 41% 17% 17%
Asia Pacific(2) (1.8) (0.2) - - -
Central items (9.8) (13.2) - - -
Group 60.7 49.6 22% 16% 15%
1 Defined in the explanation of non-IFRS measures below.
2 2024 comparatives 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 by geography
We continued to invest in our panel to ensure we are able to meet our clients'
research needs and test newer, more cost-effective recruitment methods. As at
31 July 2025, the total number of registered panellists had increased by 12%
to 32 million, compared to 29 million as at 31 July 2024, as set out in the
table below.
Region Panel size at Panel size at Change
31 July 2025 31 July 2024 %
millions millions
UK 3.2 3.1 3%
Americas 12.4 10.3 20%
Mainland Europe(2) 6.6 6.2 6%
Asia Pacific(2) 10.2 9.4 9%
Total 32.4 29.0 12%
2 2024 comparatives 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.
Group financial performance
Separately reported items
The Group's statutory operating profit increased to £31.4m (FY24: £10.9m),
after charging separately reported items of £29.3m (FY24: £38.7m). Of the
total separately reported items, re-organisation and integration costs
comprise £9.8m (FY24: £9.1m), primarily related to Shopper's system
alignment, re-branding, and harmonisation of policies and procedures. The
integration commenced in January 2024 and was substantially completed by 31
July 2025. Additionally, amortisation of acquired customer relationship and
order backlog assets amounted to £15.8m (FY24: £9.9m). See Note 3 for
further details.
Amortisation of intangible assets
In the 12 months to 31 July 2025, amortisation charges for intangible assets
of £36.3m were £5.3m higher than the previous year, largely due to
amortisation of acquired customer relationship and order backlog assets linked
to the Shopper acquisition. Amortisation of our panel assets increased by
£0.4m to £12.5m, as lower amortisation of the YouGov research panel was
offset by the full year impact of the Shopper panel amortisation. Amortisation
of software development decreased by £0.7m to £7.9m, of which £5.8m (FY24:
£6.1m) related to assets created through the Group's own internal development
activities, £0.5m (FY24: £1.4m) related to separately acquired assets and
£1.6m (FY24: £0.5m) was for amortisation on assets acquired through business
combinations.
Finance Costs
Group net finance costs increased to £13.3m (FY24: £6.9m), largely due to
the full-year impact of interest on borrowing. Interest payable on our debt
facilities amounted to £11.4m for the 12 months ended 31 July 2025. Total
finance income during the same period was £0.6m, largely due to interest
received on bank deposits.
Profit before tax and earnings per share
Adjusted profit before tax(1) of £48.8m grew 8% versus the prior year, below
the adjusted operating profit growth, largely due to aforementioned net
finance costs. The adjusted tax rate(1) increased slightly from 24% in FY24 to
25% in the period. Statutory profit before tax was £18.1m, compared to £4.0m
in the year ended 31 July 2024, over a four-fold increase, after accounting
for separately reported costs of £29.3m.
During the period, adjusted basic earnings per share grew from 29.4p to 31.7p,
and statutory basic earnings per share grew from (2.0p) to 11.5p.
31 July 31 July
2025 2024
£m £m
Adjusted operating profit(1) 60.7 49.6
Share-based payments 1.2 2.7
Imputed interest 0.4 0.4
Net finance expense (13.3) (6.9)
Adjusted profit before tax(1) 48.8 45.0
Adjusted taxation(1) (12.0) (10.7)
Adjusted profit after tax(1) 36.8 34.3
Adjusted earnings per share (Pence)(1) 31.7p 29.4p
Cash flow and capital expenditure
The Group generated £63.3m (FY24: £53.9m) in cash from operations (before
paying interest and tax) including a £11.6m outflow (FY24: £9.4m inflow)
from net working capital, due to an increase in trade receivables and a
decrease in provisions. The cash conversion rate (percentage of adjusted
EBITDA(1) converted to cash) remained stable at 71% of adjusted EBITDA(1).
Taxation payments for the year totalled £6.1m (FY24: £9.6m).
The Group invested £6.1m (FY24: £4.2m) in the continuing development of our
technology platform internally and £0.2m (FY24: £1.9m) was invested on
separately acquired software tools. Investment in panel recruitment was
slightly below the prior year at £10.1m (FY24: £11.2m), of which £2.1m was
in relation to the inclusion of CPS. In addition, £1.1m (FY24: £2.0m) was
spent on the purchase of property, plant and equipment, resulting in a total
investment in fixed assets of £17.5m (FY24: £19.3m).
Total expenditure on intangible assets and property, plant and equipment is
shown below:
31 July 31 July
2025 2024
£m £m
Software development 6.3 6.1
Panel recruitment 10.1 11.2
Total expenditure on intangible assets 16.4 17.3
Purchase of property, plant and equipment 1.1 2.0
Total capital expenditure 17.5 19.3
Other cash outflows for investing activities included £3.2m paid during the
year in respect of acquisitions.
Net outflow from financing activities is after deducting the dividend payment
of £10.6m (FY24: £10.1m) and the repayment of bank loans of £26.8m (net of
drawdown on the revolving credit facility). As a result, net cash balances at
the year-end decreased by £18.8m to £54.8m.
Balance sheet
As at 31 July 2025, total shareholders' funds increased from £183.2m to
£191.1m.
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"). As of 31 July 2025, €204m (£176.2m) of the
amortising term loan remains drawn and €24.0m (£20.8m) was drawn on the
RCF. Non-current liabilities decreased from £231.8m to £194.7m.
Following the end of the financial year, 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.
Net current liabilities increased from £45.7m to £77.4m. Current assets
decreased from £149.0m to £137.1m, mainly due to the lower cash balance
following the first repayment under the Term Loan. Current liabilities
increased from £194.7m to £214.5m, mainly due to an increase of £15.4m in
short-term borrowings and an £8.2m increase in current tax liability.
The Group's liquidity position remains strong with £54.8m in cash on the
balance sheet and £13.8m (€16.0m) of the RCF available for drawdown. The
Group's net debt as at 31 July 2025 was £144.0m and, excluding the impact of
IFRS 16, the Group's leverage ratio(1) as of 31 July 2025 was 1.7x.
Alex McIntosh
Chief Finance Officer
13 October 2025
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
Separately reported items The items considered as separately Provides a more comparable basis to assess the year-to-year operational
business performance
reportable are acquisition-related costs, re-organisation and integration
costs, amortisation of acquired customer list and order backlog intangibles,
impairment of assets and other material non-recurring items.
Adjusted operating profit Operating profit excluding separately reported items
Adjusted operating profit margin Adjusted operating profit expressed as a percentage of revenue
Adjusted EBITDA Adjusted operating profit before depreciation and amortisation
Adjusted profit before tax Profit before tax before share-based payment charges, social taxes on
share-based payments, imputed interest and separately reported items
Underlying growth Growth in business excluding impact of current and prior period acquisitions,
and movement in exchange rates (i.e. current year performance calculated with
exchange rates held constant at prior year rates).
Adjusted taxation Taxation due on the adjusted profit before tax, thus excluding the tax effect Provides a more comparable basis to assess the underlying tax rate
of exceptional items
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 basic 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 dilutive 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
operating profits
Net debt Short and long-term borrowings (excluding lease liabilities and including Provides an insight into the debt position of the Group, taking into account
pension defined benefit net deficit) less cash and cash equivalents. current cash resources.
Leverage ratio Net debt calculated as a multiple of the last 12 months EBITDA as defined in
the Term Loan agreement.
Reconciliation of Non-IFRS Measures
Revenue reconciliation Year to Year to Change
31 July 2025 31 July 2024 %
£m £m
Revenue 388.9 335.3 16%
FX impact - (5.2) -
Acquisitions (130.6) (74.9) -
Underlying revenue 258.3 255.2 1%
Operating Profit reconciliation Year to Year to Change
31 July 2025 31 July 2024 %
£m £m
Statutory Operating Profit 31.4 10.9 188%
Separately reported items 29.3 38.7 (24%)
Adjusted Operating Profit 60.7 49.6 22%
FX impact - (1.3) -
Acquisitions (25.2) (20.1) 25%
Underlying(1) operating profit 35.5 28.2 26%
Adjusted EBITDA reconciliation Year to Year to Change
31 July 2025 31 July 2024 %
£m £m
Adjusted Operating Profit 60.7 49.6 22%
Depreciation 7.4 5.7 30%
Amortisation(2) 20.5 21.1 (3%)
Adjusted EBITDA 88.6 76.4 16%
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.
Publication of Non-Statutory Accounts
The financial information set out in this document does not constitute the
Group's statutory accounts for the years ended 31 July 2025 or 2024 but is
derived from those accounts. Statutory accounts for 2024 have been delivered
to the registrar of companies. The auditors have reported on those accounts;
their reports were (i) unqualified, and (ii) did not contain a statement under
section 498 (2) or (3) of the Companies Act 2006. Statutory accounts for 2025
will be delivered to the registrar of companies in due course. The auditors
have reported on those accounts; their reports were (i) unqualified, and (ii)
did not contain a statement under section 498 (2) or (3) of the Companies Act
2006.
The financial statements for the year ended 31 July 2025 (including the
comparatives for the year ended 31 July 2024) were approved and authorised for
issue by the Board of Directors on 13 October 2025. This results announcement
for the year ended 31 July 2025 was also approved by the Board on 13 October
2025.
Consolidated Income Statement
for the year ended 31 July 2025
2025 2024
£m £m
Note
Revenue 1 388.9 335.3
Cost of sales (69.3) (64.2)
Gross profit 319.6 271.1
Administrative expenses (288.2) (260.2)
Operating profit 1 31.4 10.9
Separately reported items 3 29.3 38.7
Adjusted operating profit 1 60.7 49.6
Finance income 4 0.6 1.8
Finance costs 4 (13.9) (8.7)
Profit before taxation 1 18.1 4.0
Taxation 5 (5.0) (6.1)
Profit/(loss) after taxation 1 13.1 (2.1)
Attributable to:
Attributable to owners of the company 13.4 (2.4)
Non-controlling interest (0.3) 0.3
13.1 (2.1)
Earnings per share
Basic earnings/(loss) per share attributable to owners of the parent 7 11.5 (2.0)
Diluted earnings/(loss) per share attributable to owners of the parent 7 11.3 (2.0)
Consolidated Statement of Comprehensive Income
for the year ended 31 July 2025
2025 2024
£m £m
Profit/(loss) for the year Other comprehensive income 13.1 (2.1)
Items that will not be reclassified to profit or loss
Actuarial gains
Items that may be subsequently reclassified to profit or loss 0.3 0.4
Currency translation differences
(0.1) (0.5)
Other comprehensive income/(expense) 0.2 (0.1)
Total comprehensive income/(expense) for the year 13.3 (2.2)
Attributable to: Owners of the parent
Non-controlling interests 13.6 (2.5)
(0.3) 0.3
Total comprehensive income/(expense) for the year 13.3 (2.2)
Consolidated Statement of Financial Position
for the year ended 31 July 2025
2025 2024
Note £m £m
Assets
Non-current assets
Goodwill 250.7 243.6
174.1 184.4
9
3.5 3.9
Other intangible
assets 24.0 18.6
10
10.9 10.2
Property plant &
equipment
Right-of-use
assets
Deferred tax
assets
Total non-current assets 463.2 460.7
Current assets
Trade and other receivables 79.5 72.6
2.2 2.2
11
54.8 73.6
Current tax assets
Cash and cash
equivalents
Current assets excluding assets classified as held for sale 136.5 148.4
Assets classified as held for sale 0.6 0.6
Total current assets 137.1 149.0
Total assets 600.3 609.7
Liabilities
Current liabilities
Trade and other payables 105.8 105.5
6.6 4.8
12
18.1 24.0
Lease liabilities
18.2 10.0
Provisions
65.8 50.4
Current tax liabilities
Borrowings 13
Total current liabilities 214.5 194.7
Net current liabilities (77.4) (45.7)
Non-current liabilities
Lease liabilities 18.4 14.0
Provisions 7.5 7.8
Other 9.8 6.9
payables
26.0 31.7
Deferred tax
liabilities 131.1 169.6
Borrowings 1.9 1.8
13
Defined benefit pension net
liability
Total non-current liabilities 194.7 231.8
Total liabilities 409.2 426.5
Net assets 191.1 183.2
Equity
Issued share 0.2 0.2
capital
81.1 81.1
Share
premium (7.0) (11.3)
Treasury reserve 12.8 9.2
Merger reserve 11.1 11.2
Foreign exchange reserve 92.9 92.7
Retained earnings
Total equity attributable to owners of the parent 191.1 183.1
Non-controlling interests in equity - 0.1
Total equity 191.1 183.2
Consolidated Statement of Changes in Equity
for the year ended 31 July 2025
Note Issued share capital Share premium Treasury reserve Merger reserve Foreign exchange reserve Retained earnings Equity attributable to owners of the parent Non- controlling interests in equity Total
£m £m £m £m £m £m £m £m £m
Balance at 1 August 2023 0.2 81.1 (19.4) 9.2 11.7 116.3 199.1 (0.2) 198.9
Actuarial gains 0.4 0.4 0.4
Exchange differences on translation - - - - (0.5) - (0.5) - (0.5)
Net (loss)/gain recognised directly in equity - - - - (0.5) 0.4 (0.1) - (0.1)
Profit for the year - - - - - (2.4) (2.4) 0.3 (2.1)
Total comprehensive income/(expense) for the year - - - - (0.5) (2.0) (2.5) 0.3 (2.2)
Acquisition of treasury shares - - (1.9) - - - (1.9) - (1.9)
Treasury shares used to settle share option exercises - - 10.0 - - (10.0) - - -
Dividends paid 6 - - - - - (10.1) (10.1) - (10.1)
Share-based payments - - - - - 2.7 2.7 - 2.7
Tax in relation to share-based payments - - - - - (1.6) (1.6) - (1.6)
Settlement of fully vested share options - - - - - (2.6) (2.6) - (2.6)
Total transactions with owners recognised directly in equity - - 8.1 - - (21.6) (13.5) - (13.5)
Balance at 31 July 2024 0.2 81.1 (11.3) 9.2 11.2 92.7 183.1 0.1 183.2
Actuarial gains - - - - - 0.3 0.3 - 0.3
Exchange differences on translation - - - - (0.1) - (0.1) - (0.1)
Net (loss)/gain recognised directly in equity - - - - (0.1) 0.3 0.2 - 0.2
(Loss)/Profit for the year - - - - - 13.4 13.4 (0.3) 13.1
Total comprehensive income/(expense) for the year - - - - (0.1) 13.7 13.6 (0.3) 13.3
Issue of shares - - - 3.6 - - 3.6 - 3.6
Treasury shares used to settle share option exercises - - 4.3 - - (4.3) - - -
Dividends paid 6 - - - - - (10.6) (10.6) - (10.6)
Share-based payments - - - - - 1.2 1.2 - 1.2
Tax in relation to share-based payments - - - - - 0.4 0.4 - 0.4
Disposal of NCI - - - - - (0.2) (0.2) 0.2 -
Total transactions with owners recognised directly in equity - - 4.3 3.6 - (13.5) (5.6) 0.2 (5.4)
Balance at 31 July 2025 0.2 81.1 (7.0) 12.8 11.1 92.9 191.1 - 191.1
Consolidated Statement of Cash Flows
for the year ended 31 July 2025
2025 2024
£m £m
Note
Cash flows from operating activities:
Profit before tax 18.1 4.0
Adjustments for:
Finance income 4 (0.6) (2.0)
Finance costs 4 13.9 8.7
Amortisation of intangibles 2 36.3 31.0
Depreciation 2 7.4 5.7
Impairment 9 0.1 1.7
Share based payment expense 2 1.2 2.7
Settlement of share-based payments(1) - (2.6)
Other items (1.3) -
Settlement of deferred consideration (0.2) (4.7)
(Increase) / decrease in trade and other receivables (6.5) 2.5
Increase in trade and other payables 1.4 3.5
(Decrease) / Increase in provisions (6.5) 3.4
Cash generated from operations 63.3 53.9
Interest paid (12.5) (6.6)
Income taxes paid (6.1) (9.6)
Net cash from operating activities 44.7 37.7
Cash flows from investing activities
Acquisition of subsidiaries (net of cash acquired)(2) (3.2) (261.6)
Purchase of property, plant and equipment (1.1) (2.0)
Purchase of intangible assets (16.4) (17.3)
Interest received 0.5 2.0
Net cash used in investing activities (20.2) (278.9)
Cash flows from financing activities
Principal element of lease payments (5.5) (3.9)
Drawdown of bank loans 18.8 232.8
Repayment of bank loans (45.6) (8.6)
Dividends paid to shareholders 6 (10.6) (10.1)
Purchase of treasury shares - (1.9)
Net cash (used)/from financing activities (42.9) 208.3
Net decrease in cash and cash equivalents (18.4) (32.9)
Cash and cash equivalents at beginning of year 73.6 107.2
Exchange (loss) on cash and cash equivalents (0.4) (0.7)
Cash and cash equivalents at end of year 54.8 73.6
1 In FY24, the Group made a £2.6m payment to cover withholding taxes arising
on exercise of equity-settled share-based payments.
2 In FY25, the Group made a £2.6m cash outflow in respect of prior years'
acquisition of Shopper.
Principal Accounting Policies of the Consolidated Financial Statements
for the year ended 31 July 2025
Nature of operations
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 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 annual consolidated financial statements are presented in UK
Sterling, which is also the functional currency of the Parent Company. Figures
are rounded to the nearest million, unless otherwise indicated.
Basis of preparation
The consolidated financial statements of YouGov plc are for the year ended 31
July 2025. They have been prepared under the historical cost convention
modified for fair values under International Financial Reporting Standards
("IFRS"). Financial assets, such as defined benefit plan assets, and financial
liabilities, such as contingent consideration, are measured at fair value.
These consolidated financial statements have been prepared in accordance with
UK- adopted international accounting standards in conformity with the
requirements of the Companies Act 2006 applicable to companies reporting under
IFRS.
The separate financial statements of the Company are presented as required by
the Companies Act 2006.
Going concern
Scenarios linked to the Group's trading performance and macro-economics have
been modelled as part of the Directors' assessment of the going concern basis
of preparation. This involved considering the impact on the Group's cash flow
out to 31 January 2027, using a base case, severe but plausible scenario, and
reverse stress test. This year's assessment benefited from the modification to
the Group's Term Loan repayment schedule.
The severe but plausible scenario modelled a moderate revenue downside on the
FY26 Budget across the period, accompanied by potential mitigations. The
severe but plausible scenario is not a forecast for the Group and is designed
to stress test liquidity and covenant compliance.
The reverse stress test required a severe revenue downside to cause a breach
in loan covenants. It was deemed this was an implausible scenario, however if
this scenario were to
occur there are further mitigations (above and beyond the severe but plausible
scenario) that could be applied.
In performing the above exercise, the Directors established there were no
plausible scenarios that would result in the Group no longer being able to
operate as a going concern.
Management has concluded that the Group has adequate resources to continue in
operational existence for at least the 12 months following the publication of
the financial statements, that it is appropriate to continue to adopt the
going concern basis of preparation in the financial statements, that there is
not a material uncertainty in relation to going concern, and that there is no
significant judgement involved in making that assessment.
Notes to the Consolidated Financial Statements
for the year ended 31 July 2025
1 Segmental analysis
Research Data Products CPS Other revenue, eliminations and unallocated costs
Group
2025 £m £m £m £m £m
Revenue
Recognised over time 140.1 82.7 7.4 - 230.2
Recognised at a point in time 36.8 1.2 120.7 - 158.7
Total 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 19.5 25.8 27.2 (11.8) 60.7
Separately reported items - - - (29.3) (29.3)
Operating profit 19.5 25.8 27.2 (41.1) 31.4
Finance income 0.6
Finance costs (13.9)
Profit before taxation 18.1
Taxation (5.0)
Profit after taxation 13.1
Research Data Products CPS Other revenue, eliminations and unallocated costs
Group
2024 £m £m £m £m £m
Revenue
Recognised over time 141.8 81.9 4.1 (0.1) 227.7
Recognised at a point in time 35.9 1.9 70.1 (0.3) 107.6
Total revenue 177.7 83.8 74.2 (0.4) 335.3
Cost of sales (40.4) (11.6) (9.2) (3.0) (64.2)
Gross profit 137.3 72.2 65.0 (3.4) 271.1
Administrative expenses (117.5) (44.8) (45.3) (13.9) (221.5)
Adjusted operating profit 19.8 27.4 19.7 (17.3) 49.6
Separately reported items - - - (38.7) (38.7)
Operating profit 19.8 27.4 - (56.0) 10.9
Finance income 1.8
Finance costs (8.7)
Profit before taxation 4.0
Taxation (6.1)
Profit after taxation (2.1)
1 Segmental analysis continued
Revenue and adjusted operating profit by geography based on the origin of the
sale:
2025 2024
Adjusted operating Adjusted operating
profit profit1
Revenue £m Revenue1 £m
£m £m
UK 69.4 10.4 69.0 11.8
Americas 124.7 29.8 124.1 28.5
Mainland Europe 185.3 32.1 132.0 22.7
Asia Pacific 29.1 (1.8) 28.8 (0.2)
Intra-group revenues and other unallocated revenues/costs (19.6) (9.8) (18.6) (13.2)
Group 388.9 60.7 335.3 49.6
1 2024 comparatives have been updated to reflect the re-grouping of Turkey,
Middle East and India under Asia Pacific previously disclosed in the EMEA
region. EMEA has been re-named Mainland Europe reflecting the composition.
2 Profit before taxation
Profit before taxation is stated after charging:
2025 2024
£m £m
Auditors' remuneration:
Fees payable for the audit of the parent company and the consolidated 1.3 1.1
financial statements
Audit of subsidiaries
0.3 0.2
Total auditors' remuneration
1.6 1.3
Depreciation and amortisation:
Amortisation of intangible assets (Note 10) 36.3 31.0
Depreciation of property, plant and equipment 1.6 2.0
Depreciation of right of use assets 5.8 3.7
Operating lease rentals:
Land and buildings 2.6 2.7
Other expenses:
Share-based payment expenses 1.2 2.7
Charitable donations 0.2 0.1
Included within the total auditors' remuneration is £55,000 (2024: £36,000)
for audit related services (interim audit procedures).
3 Separately reported items
2025 2024
£m £m
Acquisition-related cost 0.3 17.3
Re-organisation and integration costs 9.8 9.1
Impairment charge 0.1 2.4
Amortisation of acquired customer list and order backlog intangibles (Note 10) 15.8 9.9
Other legal costs related to non-commercial matters 3.3 -
29.3 38.7
Acquisition-related costs in the year comprise of fees paid for services
received from lawyers and other professionals in respect of the current and
prior years acquisitions.
Re-organisation and integration costs include £0.3m (FY24: £3.0m) in respect
of restructuring costs incurred within Shopper during the year, whereas the
prior year costs related to the restructuring program announced in July 2024
and completed in March 2025. In addition, £9.5m (FY24 : £6.1m) was incurred
in respect of integration of Shopper business primarily comprising of system
alignment, re-branding, and harmonisation of policies and procedures. The
integration commenced in January 2024 and was substantially completed by 31
July 2025.
4 Finance income and costs
2025 2024
£m £m
Interest receivable from bank deposits 0.5 2.0
Foreign exchange gains/(losses) on cash and intra-Group loans 0.1 (0.2)
Total finance income 0.6 1.8
Interest payable on finance leases 0.8 0.5
Interest payable on borrowings 11.4 7.8
Foreign exchange losses on cash and intra-Group loans 1.3 -
13.5 8.3
Imputed interest on contingent consideration and provisions 0.4 0.4
Total finance costs 13.9 8.7
5 Taxation
The taxation charge represents:
2025 2024
£m £m
Current tax on profits for the year 5.6 4.5
Adjustments in respect of prior years 0.9 (1.8)
Foreign tax 6.9 7.1
Total current tax charge 13.4 9.8
Deferred tax:
Origination and reversal of temporary differences (7.3) (3.3)
Adjustments in respect of prior years (0.6) (0.4)
Impact of changes in tax rates (0.5) -
Total deferred tax credit (8.4) (3.7)
Total income statement tax charge 5.0 6.1
The tax assessed for the year is higher (2024: higher) than the standard rate
of corporation tax in the UK. The Group's effective tax rate on profit is
27.7% (2024: 152.7%).
6 Dividend
On 9 December 2024, a final dividend in respect of the year ended 31 July 2024
of £10.6m (9.00p per share) (2023: £10.1m (8.75p per share)) was paid to
shareholders. A dividend in respect of the year ended 31 July 2025 of 9.25p
per share, amounting to a total dividend of £10.8m is to be proposed at the
Annual General Meeting on 4 December 2025. These financial statements do not
reflect this proposed dividend payable.
7 Earnings per share
The calculation of the basic earnings per share is based on the earnings
attributable to Ordinary Shareholders divided by the weighted average number
of shares in issue during the year. Shares held in employee share trusts are
treated as cancelled for the purposes of this calculation.
The calculation of diluted earnings per share is based on the basic earnings
per share, adjusted to allow for the issue of shares and the post-tax effect
of dividends and/or interest, on the assumed conversion of all dilutive
options.
The adjusted earnings per share have been calculated to reflect the underlying
profitability of the business by excluding share- based payments and related
employer's social tax costs, imputed interest, impairment charges, other
separately reported items and any related tax effects as well as the
derecognition of tax losses. Share-based payments and related social taxes
have been excluded from the adjusted earnings per share as the YouGov Plc
share price is a key driver of these costs. The share price varies for many
reasons so is not directly impacted by management.
2025 2024
£m £m
Profit / (loss) after taxation attributable to equity holders of the Parent 13.4 (2.4)
Company
Add: share-based payments (Note 2) 1.2 2.7
Add: social taxes on share-based payments (0.2) (0.8)
Add: imputed interest (Note 4) 0.4 0.4
Add: separately reported items (Note 3) 29.3 38.7
Tax effect of the above adjustments and adjusting tax items (7.0) (4.6)
Adjusted profit after taxation attributable to equity holders of the Parent 37.1 34.0
Company1
1 Total adjusted profit after taxation including amount attributable to
non-controlling interests was £36.8m (2024: £34.3m)
2025 2024
Number of shares
Weighted average number of shares during the year: ('m shares) Basic
Dilutive effect of share options 116.9 115.6
1.4 3.1
Diluted 118.3 118.7
The adjustments have the following effect:
Basic earnings per share (pence) 11.5 (2.0)
Share-based payments 1.0 2.3
Social taxes on share-based payments (0.2) (0.7)
Imputed interest 0.3 0.3
Separately reported items 25.1 33.5
Tax effect of the above adjustments and adjusting tax items (6.0) (4.0)
Adjusted earnings per share 31.7 29.4
Diluted earnings per share 11.3 (2.0)
Share-based payments 1.0 2.3
Social taxes on share-based payments (0.2) (0.7)
Imputed interest 0.3 0.3
Separately reported items 24.8 32.6
Tax effect of the above adjustments and adjusting tax items (5.9) (4.0)
Adjusted diluted earnings per share 31.3 28.5
8 Business combinations
During the year, the Group completed one acquisition and obtained control
through acquiring 100% of the voting equity interest. It acquired The Thinking
Studio Limited ('Yabble') on 1 August 2024.
Yabble is a New Zealand based company, developing cutting edge generative
AI-powered tools specifically for the research industry since 2019. Its
products are trusted by a range of Fortune 500 customers and major
international brands, including some of YouGov's largest clients. The
company's technology is perfectly placed to take advantage of the enormous
growth in generative AI in the insights industry. Its platform is built with a
series of proprietary algorithms, custom fine-tuned models and complex prompt
engineering to deliver the most sophisticated and accurate tools available,
creating instant insights for every stage of the market research process.
The Group has finalised the purchase price allocation for the acquisition
completed in August 2024. The amounts recognised for each class of assets and
liabilities acquired are shown in the table below:
£m
Intangible assets 5.8
Cash 0.2
Current assets1 0.4
Current liabilities (2.2)
Contingent liabilities (0.2)
Net assets acquired 4.0
Goodwill on acquisition 3.4
Total consideration2 7.4
1 The carrying value of acquired receivables at the acquisition date is the
same as their fair value.
2 Total consideration includes initial cash acquired on acquisition net of
any working capital adjustments and earn-out consideration.
Contingent Consideration
The purchase consideration includes an earn-out payment for up to a maximum of
$20.0m (£15.5m) over a 3-year period post the transaction. The qualifying
revenue targets for of earn-out relate to adjusted sales in relation with
'Legacy products', 'Go forward products' and 'New Yabble products' as defined
in sale purchase agreement. The earn-out is calculated as follows:
● Year 1 - 80% of the qualifying revenue in excess of $2.0m
● Year 2 - 50% of the qualifying revenue in excess of $3.0m
● Year 3 - 20% of the qualifying revenue in excess of $5.0m
Group recognised a discounted earn-out consideration liability of £3.0m on
the date of acquisition.
Application of Merger Relief
As part of acquisition of Yabble, the Company issued 698,530 ordinary shares
as consideration. As the Group secured 100% of the equity share capital of
Yabble, the share issue qualified for merger relief under section 612 of the
Companies Act 2006. Consequently, the premium on the shares issued has been
credited to the merger reserve.
Fair Value, Goodwill and acquisition-related costs
Fair value adjustments included the recognition of the fair value of
technology and deferred tax liability. The goodwill amount in relation to
Yabble is attributable to the workforce and future economic benefits of the
acquiree. Goodwill amount is not deductible for tax purposes.
Acquisition-related costs incurred as part of the business combinations are
disclosed in Note 3.
Revenue and loss contribution
From the date of acquisition, Yabble have contributed revenue of £1.1m and
operating loss of £3.3m.
9 Goodwill
Rest of Middle Asia
Americas Europe DACH East Pacific UK Shopper Total
£m £m £m £m £m £m £m £m
Carrying amount at 31 July 2023
35.4 6.0 27.6 1.7 2.6 9.1 - 82.4
Additions 2.8 - - - - - 163.8 166.6
Impairment - - - (1.7) - - - (1.7)
Exchange differences - (0.1) (0.4) - - - (3.2) (3.7)
Carrying amount at 31 July 2024
38.2 5.9 27.2 - 2.6 9.1 160.6 243.6
At 31 July 2024
Cost 38.2 8.0 29.7 1.7 2.6 9.1 160.6 249.9
Accumulated impairment - (2.1) (2.5) (1.7) - - - (6.3)
Net book amount 38.2 5.9 27.2 - 2.6 9.1 160.6 243.6
Carrying amount at 31 July 2024 38.2 5.9 27.2 - 2.6 9.1 160.6 243.6
Additions 2.4 - - - 1.0 3.4
Reclassification - (0.1) - 0.1 - - - -
Impairment - - - (0.1) - - (0.1)
Exchange differences (1.3) 0.1 1.1 - - - 3.9 3.8
Carrying amount at 31 July 2025 39.3 5.9 28.3 - 2.6 10.1 164.5 250.7
At 31 July 2025
Cost 39.3 8.0 30.8 1.8 2.6 10.1 164.5 257.1
Accumulated impairment - (2.1) (2.5) (1.8) - - - (6.4)
Net book amount 39.3 5.9 28.3 - 2.6 10.1 164.5 250.7
Yabble was acquired on 1 August 2024 to primarily to accelerate YouGov's
capabilities on artificial intelligence with a view to using this technology
to integrate into YouGov's infrastructure platform and YouGov products. To
this end, Yabble is not considered as a separate CGU and its goodwill has been
apportioned to Americas and UK (70%:30% respectively), representing the key
markets which are likely to see the rollout of the AI transformation resulting
from Yabble.
Following an internal restructuring, Turkey's Goodwill has moved from the Rest
of Europe CGU to the Middle East CGU reflecting the guidance provided in IAS
36, paragraph 87. This change reflects the commercial accountability changes
announced within YouGov. There has been no other change to CGUs during the
year.
In accordance with IAS 36, the carrying values of goodwill and other
intangible assets are reviewed annually for impairment. The annual impairment
review was undertaken as at 30 April 2025, including the review of the newly
acquired Yabble business. The recoverable amounts of all CGUs have been
determined based on value in use calculations, other than for one CGU
(Shopper) which has been determined based on fair value less cost of disposal
(FVLCOD). This review assessed whether the carrying value of goodwill was
supported by the higher of the net present value of future cash flows derived
from assets using a projection for each CGU for a period of five years from 30
April 2025, or the FVLCOD.
Management performed a sensitivity analysis on the net present value of the
future cash flows by applying a reasonably possible (but not unrealistic)
adverse effects on the impairment review variables that could arise
individually or collectively.
The sources of the assumptions used in making the assessment are outlined in
the table overleaf. These include CGU annualised revenue growth rates
('Annualised Growth Rate'), which is determined using both internal and
external market information, perpetuity growth rates ('Terminal Rate'), which
is determined using external industry and general economic long term growth
rates, and pre-tax weighted average cost of capital ('Discount Rate'), which
is calculated using established market practices and includes risk free rates,
market risk premiums and cost of debt. The table overleaf details the key
assumptions supporting the impairment review:
Americas Rest of Europe DACH Middle East Asia Pacific UK Shopper
FY24:
Annualised growth rate 9.0% 10.0% 6.0% 21.0% 16.0% 8.0% 6.0%
Discount rate 12.5% 12.7% 12.2% 12.7% 12.7% 12.9% 12.3%
Terminal rate 2.3% 2.3% 1.5% 2.3% 2.3% 2.3% 2.3%
FY25:
Annualised growth rate 6.9% 7.6% 5.1% 6.6% 6.8% 7.8% 5.8%
Discount rate 9.4% 9.9% 6.4% 11.4% 8.7% 11.5% 8.0%
Terminal rate 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Detailed below are the key drivers of the changes in the key variables from
FY24:
● Annualised discount rates - these have been reduced for most CGUs to reflect
recent trading performance and anticipated future market conditions with a
focus on growth of Data Products.
● Discount rates - discount rates have been sourced from a third-party source
and reflect an updated methodology to FY24, with lower risk premium
assumptions and regional risk free rates.
● Terminal rates - flat rate used across all CGUs, now aligned to the long-term
inflation rate assumptions of the economies that our CGUs operate in
Below is a summary of key assumptions for DACH and Asia Pacific which were
deemed to have a significant impairment risk, reflecting the impact of both
lower than expected revenue growth in FY25 and the impact of sensitising WACC
and terminal rate assumptions. Management's assumption is that these CGUs will
return to previous levels of revenue and profitability in the medium term.
Management performed a combined sensitivity to understand the impact on
headroom of changing the WACC and terminal rates to reflect wider regional
risks.
CGU Headroom (£m) Sensitised Terminal Sensitised WACC Nil Headroom Growth
Rate (%) rate (%) Rate (%)
DACH 66.0 1.3 9.5 3.1
Asia Pacific 49.5 2.0 11.7 0.9
Management have written off the goodwill for Middle East of £0.1m. This
relates to that attributable to Turkey which was transferred across to Middle
East during the year. The impairment reflects a re-assessment of the carrying
value following the failure to pass all of the sensitivity tests performed.
This reflects the continued under-performance in expected revenue growth and
the impact of key personnel changes. Sufficient headroom exists in the
remaining CGUs to support the valuation of the goodwill and none of these CGUs
are deemed to have significant impairment risk.
10 Other intangible assets
Group Consumer panel Software and software development Customer contracts and lists Order Backlog Trademarks and product development and Brands Total
£m £m £m £m £m £m
At 1 August 2023
Cost 45.6 68.4 11.2 - 2.6 127.8
Accumulated amortisation (32.2) (51.8) (5.9) - (1.7) (91.6)
Net book amount 13.4 16.6 5.3 - 0.9 36.2
Year ended 31 July 2024
Opening net book amount 13.4 16.6 5.3 - 0.9 36.2
Additions: -
Separately acquired 13.4 1.9 - - - 15.3
Internally developed - 4.2 - - - 4.2
Through business combinations 11.6 5.4 135.7 10.0 - 162.7
Disposals (20.6) (4.6) - - - (25.2)
Amortisation:
Amortisation - current year charge (12.1) (8.6) (6.1) (3.8) (0.4) (31.0)
Amortisation - disposals 20.6 4.6 - - - 25.2
Exchange differences (0.3) (0.4) (2.2) (0.1) - (3.0)
Closing net book amount 26.0 19.1 132.7 6.1 0.5 184.4
At 31 July 2024
Cost 49.7 74.9 144.7 9.90 2.6 281.8
Accumulated amortisation (23.7) (55.8) (12.0) (3.8) (2.1) (97.4)
Net book amount 26.0 19.1 132.7 6.1 0.5 184.4
Year ended 31 July 2024
Opening net book amount 26.0 19.1 132.7 6.1 0.5 184.4
Additions: -
Separately acquired 11.8 0.2 - - - 12.0
Internally developed - 6.1 - - - 6.1
Through business combinations - 5.8 - - - 5.8
Disposals (3.9) - - - - (3.9)
Amortisation:
Amortisation - current year charge (12.5) (7.9) (9.8) (6.0) (0.1) (36.3)
Amortisation - disposals 3.9 - - - - 3.9
Exchange differences 0.2 (0.6) 2.6 (0.1) - 2.1
Closing net book amount 25.5 22.7 125.5 - 0.4 174.1
At 31 July 2025
Cost 57.8 86.4 147.3 9.8 2.6 303.9
Accumulated amortisation (32.3) (63.7) (21.8) (9.8) (2.2) (129.8)
Net book amount 25.5 22.7 125.5 - 0.4 174.1
11 Trade and other receivables
31 July 31 July
2025 2024
Group Group
£m £m
Trade receivables 49.9 49.7
Other receivables 6.7 6.8
Prepayments 6.9 5.9
Accrued income 16.0 10.2
79.5 72.6
12 Trade and other payables
31 July 31 July
2025 2024
Group Group
£m £m
Trade payables 10.7 14.7
Accruals 30.6 28.6
Deferred income 47.5 42.9
Other payables 17.0 19.3
105.8 105.5
13 Borrowings
Borrowings are made up as follows:
2025 2024
Non- current Non- current
Current £m Total Current £m Total
£m £m £m £m
Revolving Credit Facility (RCF) (24.3) - (24.3) (20.0) - (20.0)
Term Loan (41.5) (131.1) (172.6) (30.4) (169.6) (200.0)
(65.8) (131.1) (196.9) (50.4) (169.6) (220.0)
Term Loan and Revolving Credit Facility (RCF)
On 29 September 2023, the Group entered into a secure facilities agreement
with a syndicate of banks led by Citibank to borrow €280m for a period of 4
years to finance the acquisition of Shopper and provide working capital
headroom. The facilities constituted a €240m (£202m) term loan and €40m
(£34m) revolving credit facility. The interest rate on the term loan is
3-month EURIBOR plus a margin which is adjusted based on the leverage ratio.
The interest rate plus margin payable for the RCF facilities is dependent on
the currency that is borrowed. The Group pays interest quarterly for both the
term loan and the RCF balances.
At the year-end, £20m and €5m were drawn down of the RCF facility.
14 Events after the reporting year
The Group entered into a modification to its Term Loan which amended the
repayment terms on 11 August 2025. This modification changed the annual
capital repayments to be €20m per annum and the balance payable on the
termination date of 29 September 2027. There were no changes to interest rates
or final payment date.
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