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29 Jan 2021 | 09:59

YouGov trading in line at end of first half

(Sharecast News) - Research and data analytics company YouGov updated the market on its first half on Friday, reporting that trading was anticipated to be in line with the board's expectations for the current financial year. The AIM-traded firm said it performed "well" during the period, with underlying revenue growth across all three divisions.

Performance was led by data services, as it saw strong demand for more tactical, fast turnaround projects.

Growth in data products and custom research was more moderate.

However, both divisions had seen positive momentum with larger, more strategic projects coming through towards the end of the calendar year.

"This strong sales pipeline provides good visibility into the second half," the board said in its statement, adding that operations in mainland Europe were on track to deliver a better-than-expected performance.

"The group's headline operating profit was impacted by an increased non-cash share-based payments charge, resulting from a modification in accounting treatment, while underlying margin continued to grow."

During the period, YouGov said it continued to invest in growth, particularly in its global panel, expanding to a further 15 countries, and technology platform, launching new products and working towards bringing our entire product suite onto a single platform.

"The board remains confident of achieving its full year targets in line with the second five-year growth plan, albeit with the phasing of revenue growth and margin delivery weighted towards the second half of the financial year."

At 0942 GMT, shares in YouGov were down 5.02% at 1,040p.
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