YouGov reports resilient H1 performance amid strategy reset
() , an international research and data analytics group, announced its interim results for the 6 months ended January 31, 2025.
YouGov reported year-on-year revenue growth of 34% compared to 9% LY, mostly driven by the acquisition of CPS (Consumer Panel Services, formerly part of GfK group). On an underlying basis, revenues rose 2%.
Adjusted operating profit rose 7%, but declined 13% on an underling basis due to higher staff and data collection costs compared to the prior year. Adjusted profit margin was down slightly to 16% and adjusted EPS was down by 18%. On a statutory basis, EPS increased to 6.8p from 4.0p, and operating profit jumped by 54%, driven by the inclusion of CPS.
YouGov ended the period with a strong balance sheet, including £49.8m in cash and a leverage ratio of 2.0x net debt to EBITDA.
Operationally, 's Data Products and Research divisions achieved underlying growth of 1% and 2%, respectively. CPS performed well and in line with expectations, contributing £61.6m to total revenue, with new growth investments underway. Regionally, APAC and the Americas delivered "mid-single-digit growth", while EMEA saw a "single-digit revenue decline", and the UK remained largely flat.
YouGov's previously announced cost optimisation plan was put into action in FY25, beginning with headcount reductions in Q1. The group expects the measures to result in £20m in annualised savings, 70% of which are to be realised in FY25.
In terms of full-year forecast, YouGov expects modest revenue growth for the rest of the financial year, in line with current market expectations, and aiming for higher growth in FY26. Operating profit should be more evenly distributed between H1 and H2 this year due to phasing.
Stephan Shakespeare, CEO, commenting: "YouGov has delivered a resilient performance in the first half of FY25, having undergone considerable change over the past 18 months. While we have faced execution challenges, I am confident that our strategic growth plan is the right one to deliver on our ambition to become the universal infrastructure for data sharing. ... With the right leadership and strategic direction, the Board is confident that YouGov will be able to return to historical levels of growth and success."
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YouGov delivered steady performance in H1, with 2% underlying revenue growth, in line with the same period last year. CPS performed in line with expectations, with its separation from GfK GmbH and integration into YouGov progressing on schedule. To fuel medium-term growth, the group is continuing to invest in its high-growth lines, including Data Products and AI-enabled services.
Building on this strategy, YouGov completed the acquisition of Yabble, a New Zealand-based generative AI specialist, in early H2 2024. This continued M&A, marked by rising revenue contributions from CPS, alongside cost-cutting initiatives targeting £20m in savings over the next 2 years, should boost profit growth materially in FY26 across all geographic regions.
For the remainder of FY25, YouGov is forecasting moderate growth, in line with market expectations. Net cash balance remained robust at £49.8m as of January 31, 2025, in line with the previous year, supporting further investment in product development and M&A. The group is also in the process of selecting a new CEO, with co-founder Stephan Shakespeare currently serving as interim CEO.
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