YouGov profits slide – but upturn in sight

POLLSTER YouGov has seen profits and turnover slide but is relying on new products to reverse its fortunes.

Adjusted pre-tax profit was £1.4m for the half year to the end of January – 41 per cent down on the same period the year before.

Turnover was £21.3m – compared with £22.6m, the company said in its statement.

YouGov, which will providing poll updates during the general election campaign, suffered an £800,000 reduction in revenue from a large contract in the Middle East.

The company said the results were in line with expectations in a difficult market and that a cost-cutting programme was helping to get the business into better shape.

It also tipped its new technology and products to drive the firm forward and to boost full year profits.

Chief executive Stephan Shakespeare said: "YouGov has performed as expected during the first half and continues to lead innovation in the market.

"Good performances in the UK, Germany and US have helped to offset the expected decline in revenue from the Middle East and the under-performance in Scandinavia where our remedial action has put the business on track to be profitable in the second half.

"Our new technology platform has been rolled out to all our hubs and we are already seeing the benefits coming through with the launch of daily polling in the UK and our pioneering new "TellYouGov" website."