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(Sharecast News) - YouGov said on Wednesday that trading in the first half of its financial year remained in line with expectations, with the group on track to deliver low single-digit revenue growth for the six months ended 31 January, supported by continued expansion in its core US and UK markets.
On both a reported and underlying basis, revenue growth in the period reflected strength in the US and UK, partly offset by a slight underlying decline in the YouGov Shopper division, formerly Consumer Panel Services, which the company attributed to the phasing of client deliveries.
Overall performance across the AIM-traded group was described as stable, with trading conditions consistent with management expectations.
Within the divisions, Data Products delivered flat underlying performance in the first half, supported by stable renewal rates, although some weakness was seen among media agency clients amid budgetary pressures.
The Research division recorded mid-single-digit underlying revenue growth as clients continued to prioritise spending on strategic research projects and large-scale tracking programmes.
It said the Shopper division continued to perform broadly in line with expectations.
YouGov said it continued to make targeted investments during the period, focused on accelerating the development of new artificial intelligence-driven products, streamlining its data infrastructure, improving the client experience and increasing automation across its platform and data collection processes.
Looking to the second half, the group said it remained encouraged by business momentum and early commercial interest in its AI initiatives, while noting the impact of a challenging macroeconomic backdrop, the ongoing renewal season and the need for disciplined execution.
The company said it continued to expect modest year-on-year revenue growth for the full financial year, with operating profit performance dependent on cost management initiatives and the returns generated from ongoing investment in product, technology and operations to support long-term growth.
YouGov said it would publish its results for the six months ended 31 January on 24 March.
At 1412 GMT, shares in YouGov were down 5.69% at 208.43p.
Reporting by Josh White for Sharecast.com.