Polling group YouGov sees profits more than double

YouGov has shrugged off “a tough macro environment,” with profits more than doubling in the first half.

The London-listed polling firm reported a pre-tax profit of £21m in the six months to the end of January, compared to £9.2m in the same period last year.

Sales were up 30 per cent to £131.4 million, driven by continued sales growth in the panel-based custom research business.

The company, which conducts polls on behalf of businesses and offers data analytics services, said its sales pipeline remains healthy.

It did note, however, that “general weakness in macro sentiment may affect the speed and level of some customer spending.”

Nevertheless, it expects to close the financial year in line with current market expectations.

Chief executive Stephan Shakespeare said: ‘Our demand environment remains robust with increasingly sticky, long-term relationships with existing customers and growing opportunities for multi-year contracts and trackers with new customers.

“This sales momentum has continued into the second half of the year, giving us confidence that YouGov can deliver revenue growth for the full year in line with current market expectations.”

In recent years, the London-listed data provider has invested significant amounts of money in developing its technology, launching it in new markets and introducing several new products, including data marketplace platform YouGov Safe.

It has also bought tech company Rezonence, Australian consultancy Faster Horses and Istanbul-based research firm Wizsight.

The acquisitions fit into a long-term strategy aimed at doubling turnover and an adjusted operating profit margin.

YouGov Shares rose 2.3 percent to 910p in morning trading on Tuesday.