YouGov (LSE: YOU) shares fell 1.8% to 1,183.20p on Friday morning after the internet-based market research firm said that while it faced “divisional difficulties” in the first half of its financial year, it remains confident of meeting expectations for the full year thanks to a “resilient” overall performance.
The London-listed firm said in a trading update covering the six months to January 31 that reported revenue is expected to be “strong” for the period. This was supported by “staff costs” savings and the recent acquisition of the Consumer Panel Services business of GfK GmbH, which is trading “ahead of expectations” so far.
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However, YouGov did report challenges in some sectors amid “general market softness”, while discretionary client spend also remained under pressure. But with sales momentum “significantly” picking up pace in the second quarter after a slow start to the year, the group said it remains confident of hitting current market forecasts for the full 2023-24 financial year.
YouGov will publish its interims on March 26. The stock is up 25% over the last year.
