YouGov full year revenue surges as it mulls over listing destiny
YouGov shares soared over 20 per cent today after it reported strong 2023 full year results, with revenue shooting up 17 per cent.
The firm, which provides polling and market research to the world’s biggest brands, said on Tuesday revenue rose 17 per cent to £258.3m, up from £221.1m last year.
YouGov said in a statement to markets this morning that this was thanks to their “customer stickiness and ability to take market share”.
The positive results follow comments from the data firm’s founder and ex-chief Stephan Shakespeare, who recently said he was considering switching their listing to New York.
“I think the markets are better at supporting companies like ours there,” he said in August.
YouGov rakes in more cash in the US than in the UK, although it said performance over the pond this year was hit by a slowdown in the technology sector.
YouGov at the time said they had no immediate plans to shift to New York nor push forward with a secondary listing.
In 2023, the company invested £9.0 in technologies to drive long term growth, including the completion of the first version of the YouGov Platform.
Steve Hatch, who became the new chief executive in August, said: “Demand for YouGov’s products and services remains strong with continued new business momentum, high renewal rates and sticky customer relationships.
“As a result, we remain confident in the Group’s prospects for FY24 and beyond, aiming to maintain the strong sales momentum seen over the past year.”
Russ Mould, investment director at AJ Bell, said although the boss Hatch is early into the job, he “kicks off his tenure with a sense of optimism.”