YouGov PLC (GB:YOU) today reported strong growth numbers in its FY23 earnings report, driving the share price higher. The company’s numbers were driven by stable relationships with its old customers, new renewals, and strong demand amid a difficult economic backdrop. The YouGov share price has been trading up around 15% today at the time of writing.
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The company also rewarded its shareholders by boosting dividends by 25% to 8.75p from the previous 7p.
YouGov is a research and data analytics company with global operations. The company provides services such as surveys, audience intelligence, campaigns, and more.
FY23 Results: Strong Foundation for Future Growth
The company’s revenue increased by 17% to £258.3 million, driven by growth in all its regions. Among its segments, Data Products reported revenue growth of 16%, while Customer Research grew by 27%. This offset the weaker revenues from the Data Services segment, which were down by 6%.
The pre-tax profits grew by a huge 77% to £44.7 million, as compared to £25.3 million reported a year ago. The adjusted operating profit margins experienced a notable improvement of 230 bps, reaching 18.7%. Consequently, the adjusted operating profit saw a substantial increase, surging by 33% to £48.3 million, or 23% on an underlying basis.
Moving ahead, the company is confident in its prospects for FY24 and beyond, aiming to maintain the strong sales momentum seen over the past year.
YouGov Share Price Forecast
In general, analysts hold a moderately optimistic view on the outlook of YOU stock, garnering a Moderate Buy rating on TipRanks. This is based on two Buy recommendations. The forecast for the YouGov share price stands at 1,397.5p, indicating a substantial upside of more than 100% from the current trading levels.
