YouGov reiterates outlook despite 'challenging' conditions

(Sharecast News) - YouGov confirmed its full-year outlook on Friday, despite "challenging" economic conditions weighing on client budgets. Updating on interim trading, the research and analytics specialist said its performance in the six months to 31 January had been "resilient".

In particular, it noted sales momentum in the technology sector and stable demand across its data products and research divisions.

It acknowledged, however, that other sectors had been more challenging, while discretionary spend "continues to be impacted by general market softness".

It also flagged the "continued challenging macroeconomic environment".

Looking to the rest of the year, YouGov said: "The board remains cognisant of the challenging market conditions and client budget pressures as we move into the second half of the financial year."

However, it continued: "While we continue to experience long sales cycles, we remain confident in our products and sales momentum, which after a slow first quarter has significantly accelerated in the second.

"Therefore we remain confident in achieving current market expectations for the full year, underpinned by our robust sales pipeline as of January 2024."

The AIM-listed firm also gave a brief update on the acquisition of GfK's Consumer Panel Services, which completed on 9 January. YouGov said the business had been trading ahead of expectations since the deal was first announced in July, and the integration process now underway.

As at 1020 GMT, shares in YouGov were largely unchanged at 1,200p.