YouGov hits ‘record performance’ as demand for data remains strong
Shares in YouGov climbed nearly eight per cent this afternoon after the London headquartered market research giant reported a “record performance”.
Whilst organic revenue was up 25 per cent to £101.2m the firm made significant strides with its acquisition of Swiss LINK Marketing Services AG, data products and research service offerings.
Data products revenue increased by 31 per cent to £34.8m driven by focussed execution by new sales organisation which led to higher subscription products sales and renewals.
Meanwhile, data services increased by nine per cent to £23.7m, whilst custom research boomed by 39 per cent to £420m.
Chief exec Stephan Shakespeare commented: “YouGov delivered a record performance in the first half of the current financial year.”
“Demand for YouGov’s products and services remains strong and we continue to win new clients while expanding relations with existing ones”.
Not only is the firm trading ahead of board expectations for the full year, but brokers at Peel Hunt called yesterday a “giant step in reaching its targets”.
As a result, they raised YouGov’s target price to 1800p from 1630p, and maintained the stock’s ‘Buy’ rating.