YouGov PLC (LON:YOU) said there had been “no material impact” on the business so far from the coronavirus pandemic but it was “inevitable” that some client budgets would be hit at some point.
In light of the wider economic uncertainty from the coronavirus pandemic, the online market research company is undertaking contingency planning and reviewing costs.
“The situation is highly unpredictable and no-one can be confident that markets will not be disrupted,” said chief executive Stephan Shakespeare in a trading statement on Tuesday.
He added: “We recognise it is inevitable that some of our clients will be impacted by COVID-19. 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, cash balances stood at £27.2mln at the end of January, with no debt.
Following a market-wide recommendation from the Financial Conduct Authority in light of the fluid coronavirus situation, YouGov released a detailed trading statement instead of half-year results.
This showed revenues up 16% to £76.9mln in the six months to 31 January, adjusted profit before tax up 27% to £12.1mln and statutory operating profit up 13% to £9.5mln.
In the second half, highlights have included a strategic multi-year contract signed with a large financial services company based in Germany, the launch of a new net promoter score and brand tracking service called YouGov Recommend+.