YouGov has reported a 16% increase in revenue to £76.9m in its half-year (HY) results for the six months to 31st January, compared with HY 2019, when revenue increased 18% to £66.5m. The firm also says it has not yet seen any 'material impact' to the business from the Covid-19 pandemic.
During the first six months of the financial year, adjusted operating profit rose 35% to £11.4m; and adjusted profit before tax increased 27% to £12.1m. Adjusted EBITDA was up 27% to £18.6m.
Data Products & Services revenue increased by 17% to £43.4m, and now represents 55% of total revenue (HY 2019: 54%). Data Products revenue rose by 29% to £25.1m; Data Services was up by 3% to £18.3m, offset by restructuring in the Nordics, non-recurring election work in Asia Pacific and soft performance in Germany; and Custom Research revenue rose by 12% to £33.9m.
By region, the US remains the 'largest driver', with adjusted operating profit increasing by 20% to £9.3m. During the period, the firm has invested in building and developing panels in Australia, India, Italy, Mexico, Poland, Spain and Taiwan, and panel expansion is underway in Austria, Brazil, Switzerland and Turkey.
The firm says that while the pandemic has not yet impacted the business, a 'small minority' of existing clients have requested payment deferrals or cancellations. All 38 YouGov offices are currently closed with the entire workforce working from home, and the company confirms it has no current intention to furlough any employees or apply for any government loans or grants. Its commercial response has included the launch of the YouGov Covid-19 Monitor, tracking people's behaviour and opinions relating to the pandemic across 29 markets; and it has partnered with the Institute of Global Health Innovation at Imperial College London to provide such data to public health researchers for free.
According to YouGov, trading during the second half of the financial year (1st February to 31st July 2020) has started positively and is in line with Board expectations for the full-year. CEO Stephan Shakespeare (pictured) comments: 'YouGov turns 20 this year and I am confident of the company's resilience during this period of macro-economic and social uncertainty. We meet the new challenges posed by the Covid-19 pandemic from a position of strength, with a robust business model, strong balance sheet and skilled employees who continue to provide our clients with valuable opinions and consumer insights across their markets'.
Web site: www.yougov.com .
All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.