Business
Update on Current Trading
Update on Current Trading.
About this update from Yougov Plc
[{"type":"text","content":"\n\n20 June 2024\nYouGov plc\n \n(\"YouGov\" or \"the Group\" or \"the Company\")\n \nUpdate on Current Trading\n \nYouGov, the international research and data analytics group, provides the following update on current trading and full year outlook.\n \nFollowing the half-year results, YouGov has seen lower sales bookings than anticipated. As a result, YouGov now expects Group reported revenues for FY24 to be approximately £324-327 million. In line with our stated strategy, the Company had invested in the business to set up for an acceleration in growth in H2. While we have seen an improvement in the second half, the growth was below expectations; therefore we now expect full-year Group adjusted operating profit to be £41-44 million.\n \nWe continue to see increased demand for our customised research solutions, however, sales in our Data Products division have remained slow and we continue to see declines in fast-turnaround research services. Geographically we have seen challenges in EMEA, particularly in the DACH region.\n \nThe Consumer Panel Services (CPS) business is continuing to perform well, in line with expectations following completion of the acquisition in January 2024 and the integration process for this significant transaction is progressing well. However, having now finalised the alignment of CPS's revenue recognition policies with YouGov's, some contribution from CPS will shift slightly into FY25.\n \nAs we move into FY25, we will focus on optimising our cost base and prioritising investment in key growth areas such as upgrading our Data Products, continuing to build out our AI capabilities and enhancing our sales organisation to further capitalise on YouGov's unique asset: its high-quality global panel and proprietary dataset.\n \nThis announcement contains inside information for the purposes of the market abuse regulation (EU No. 596/2014) as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.\n \n \nEnquiries:\n\n\n\n\nYouGov plc\nSteve Hatch, CEO\nAlex McIntosh, CFO\nHannah Jethwani, Investor Relations Director\n\n\n \n \n020 7012 6000\n\n\n\n\n \nFTI Consulting\nCharles Palmer / Valerija Cymbal / Jemima Gurney\n\n\n \n ...