(Alliance News) - Data analytics and research firm YouGov PLC on Tuesday said performance during 2019 was strong, with no impact yet felt from Covid-19.
YouGov was meant to be releasing annual results on Tuesday, but following the UK Financial Conduct Authority's moratorium, it has given a trading update instead.
Revenue for 2019 is set to grow by 16% to GBP76.9 million, and YouGov's adjusted pretax profit is to climb 27% to GBP12.1 million.
London-headquartered YouGov's Data Products & Services segment delivered 17% growth to GBP43.3 million, making up 55% of the company's revenue. Custom Research revenue was up 12% to GBP33.9 million.
"Our time-tested business model has enabled YouGov to deliver a strong performance in the reporting period as we continued to invest for growth and remained focused on executing against our second five-year plan," said Chief Executive Stephan Shakespeare.
Shakespeare said there has yet to be any "material" impact on trading from the Covid-19 outbreak, but noted the situation is highly unpredictable.
"In light of the current macroeconomic uncertainty, we are undertaking contingency planning and reviewing costs. We recognise it is inevitable some of our clients will be impacted by Covid-19," the CEO said.
"In the event the disruption caused by Covid-19 prolongs, there is a risk some of our clients may default or request longer payment terms. However, with strong cash balances and no debt, we are confident of YouGov's resilience in the face of any weakening client demand."
YouGov shares were 7.8% higher on Tuesday morning in London at 431.00 pence each.
By George Collard; georgecollard@alliancenews.com
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