YouGov 'comfortably' ahead of expectations after strong revenue growth

YouGov reported on Monday that it now anticipates its full year results to be comfortably ahead of expectations, with strong revenue and operating profit growth.

The international research data and analytics group said revenue for the year ended 31 July has continued to progress substantially ahead of the global market research sector as its data products & services division continued its rate of excellent growth, while custom research achieved growth rates above the industry average.

The year has also seen the AIM traded company expanding into new geographies, having established operations in Canada and Mexico, though the UK and US remain as YouGov's key drivers.

The business added that it has continued to invest to support further growth, with a particular focus on technology and new products.

Analysts from Berenberg said: "While a portion of the upgrade is due to FX, it also reflects ongoing operational momentum across the business. Data products are growing strongly, there is a significant opportunity in custom research and the company is launching a new product in YouGov Direct. YouGov has made a strong start towards its ambitious plans of doubling revenue and operating profit margins by FY 2023 – this may not be the last time we make upgrades."

YouGov's shares were up 6.95% at 569.00p at 1304 BST.