YouGov profit plunges on higher costs but hopeful on sales growth

(Alliance News) - YouGov PLC on Tuesday said its interim profit halved on higher costs despite a rise in revenue, but said it expects to see continued sales growth for the full year.

The London-based research and data analytics group reported that pretax profit fell 50% in the six months ended January 31 to GBP10.4 million from GBP21.0 million a year earlier, despite revenue climbing 8.9% to GBP143.1 million from GBP131.4 million.

This was because administrative expenses rose 23% to GBP112.3 million from GBP91.1 million, while cost of sales rose 7.0% to GBP21.3 million from GBP19.9 million.

It declared no interim dividend, unchanged from a year earlier.

Looking ahead, Chief Executive Officer Steve Hatch commented: "As we enter the second half, our clients are increasingly looking for high-quality, data-driven solutions. The quality of our products and services, the accelerated sales momentum seen in the second quarter, and our robust sales pipeline gives us confidence that YouGov can achieve growth for the full year in line with current market expectations."

Shares in YouGov fell 7.7% to 1,080.00 pence each in London on Tuesday morning.

By Sabrina Penty, Alliance News reporter

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