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YouGov PLC on Wednesday said it remains on track to meet market expectations for its new financial year, despite a steep fall in profit for the recently completed one, due to exceptional costs. YouGov is a research and data analytics company based in London. YouGov reported a 91% fall in pretax profit to £4.0 million for the year that ended July 31, down from £44.7 million a year before. However, annual revenue increased by 30% to £335.3 million, up from £258.3million a year before. The rise in revenue and fall in profit both were linked to YouGov’s acquisition of Consumer Panel Services GfK GmbH back in January. CPS is a Nuremberg, Germany-based market research company specialising in consumer panels and retail measurement, which YouGov bought for €315 million. YouGov attributed the fall in profit to acquisition costs of £38.7 million, while it said CPS contributed £74.2 million to the company’s total annual revenue, in line with expectations. YouGov on Wednesday said the integration of CPS is progressing well. YouGov declared a dividend of 9.00 pence for the year, up 2.9% from 8.75p in financial 2023. YouGov shares were up 3.6% at 459.00p each in London on Wednesday. Looking ahead, YouGov said it remains on track to meet market expectations for the 2025 financial year. The company noted that results will be second-half weighted due to the current restructuring process. The company said its cost optimisation plan is progressing well, and it expects to deliver 70% of the £20 million annualised savings in the 2025 financial year. Chief Executive Officer Steve Hatch said: ‘As we enter the 2025 financial year, we anticipate that momentum will build throughout the year, weighted towards the second half, as the benefits of our cost optimisation plan and new commercial leadership are realised. We consequently expect YouGov to achieve growth in line with current market expectations, and remain confident in the group’s ability to deliver on its long-term ambitions.’ Copyright 2024 Alliance News Ltd. All Rights Reserved.
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