Despite its general election polls being in some demand in recent weeks, YouGov PLC has warned that sales and profits will be lower than expected after sales bookings proved lower than expected.
The research and data analytics group now expects revenues for the year to 31 July will come in at £324-327 million and operating profits are expected to be £41-44 million, down from £48.3 million in 2023.
Having invested in the business for an expected acceleration in growth in the second half, the improvement in growth was below expectations .
"We continue to see increased demand for our customised research solutions, however, sales in our Data Products division have remained slow and we continue to see declines in fast-turnaround research services," YouGov said, with challenges in the DACH region (Germany, Austria, Switzerland).
Also, while the acquired Consumer Panel Services business is performing well since being added in January, revenue recognition policies mean some contribution will "shift slightly" into the next financial year.
On the outlook, the company said it will "focus on optimising our cost base and prioritising investment in key growth areas such as upgrading our Data Products, continuing to build out our AI capabilities and enhancing our sales organisation to further capitalise on YouGov's unique asset: its high-quality global panel and proprietary dataset".