(Sharecast News) – Research and data specialist YouGov said in a full-year trading update on Friday that it had made significant progress across all of its geographies, as it continued to invest selectively in growth initiatives, aligning with its strategic goals.
The AIM-traded firm said that through the year, it was focussed on expanding its panel, enhancing technology, and developing the YouGov Platform to bolster its position in the market.
It said those efforts had borne fruit, as it expected to report an adjusted operating profit in line with market expectations, indicating ongoing margin expansion during the reporting period.
As anticipated, the company encountered longer sales cycles and extended client decision-making processes in the early part of the calendar year.
Nonetheless, YouGov said it remained steadfast in selling high-margin products and services while adhering to strict discipline to achieve sustainable and profitable growth.
As a result, group revenue was projected to fall within the lower end of the consensus range.
The group said its financial performance was underlined by strong cash generation capabilities and a solid balance sheet, with a net cash position of £104m as at 26 July.
That financial standing was further fortified by its successful equity placing, completed on 7 July, which generated around £50m in net proceeds.
Those funds would be partly allocated to support the acquisition of GfK’s Consumer Panel Business (GfK CPB).
“The group continued to make good progress on its stated strategy in the second half of the year,” the YouGov board said in its statement.
“The recent acquisition of GfK CPB will accelerate our strategic vision by extending YouGov’s offering into European household FMCG consumer insights, enhancing the group’s panel capabilities and customer value proposition.
“The previously-announced board succession plan for the group was successfully executed during the period and will be taking effect at the start of the new financial year on 1 August as planned.
“The board remains confident in the group’s prospects for the 2024 financial year, and beyond.”
YouGov said it would publish its full-year results for the 12 months ending 31 July on 10 October.
At 0930 BST, shares in YouGov were down 8.8% at 985p.
Reporting by Josh White for Sharecast.com.