TIDMYOU
RNS Number : 5973T
YouGov PLC
21 March 2023
21 March 2023
YouGov plc
("YouGov" or the "Group")
Results for the six months to 31 January 2023
- Strong H1 performance with continued growth momentum against a
difficult macro environment
- Significant margin improvement despite ongoing investment in
technology and international reach
- Continued confidence in achieving FY23 market expectations
YouGov, the international research and data analytics group,
announces its results for the six months ended 31 January 2023.
Summary of Results
Unaudited Unaudited Change Underlying
six months six months % Change(1)
to to
31 January 31 January %
2023 2022
GBPm GBPm
------------- ------------- -------- ------------
Revenue 131.4 101.2 30% 13%
------------- ------------- -------- ------------
Adjusted Operating Profit(2) 22.1 14.0 58% 32%
------------- ------------- -------- ------------
Adjusted Operating Profit
Margin (%)(2) 17% 14% 300bps -
------------- ------------- -------- ------------
Statutory Operating Profit 20.4 10.8 89% -
------------- ------------- -------- ------------
Adjusted Profit before Tax(2) 26.5 15.4 72 % 49 %
------------- ------------- -------- ------------
Statutory Profit before Tax 21.0 9.2 128% -
------------- ------------- -------- ------------
Adjusted Earnings per Share(2) 19.2 p 10.6 p 81 % 50 %
------------- ------------- -------- ------------
Statutory Basic Earnings
per Share 14.7 p 5.7 p 158 % -
------------- ------------- -------- ------------
1. Defined as growth in business excluding impact of current and
prior period acquisitions and movement in exchange rates .
2. Defined in the explanation of non-IFRS measures below.
Financial highlights
-- Revenue growth of 30% (HY22: 28%) to GBP131.4m, with underlying(1)
business growth of 13%, reflecting continued growth well
ahead of the industry.
-- Adjusted operating profit2 up by 58% (HY22: 33%) to GBP22.1m,
with underlying(1) business growth of 32%, as business efficiencies
and operational leverage benefits continue to come through.
-- Adjusted operating profit margin2 up 300 basis points (bps)
to 17%, strong margin expansion despite continued investment
in the business for future growth.
-- Statutory operating profit up by 89% GBP20.4m (HY22: GBP10.8m).
-- Adjusted earnings per share2 up by 81% to 19.2p (HY22: 10.6p).
-- Robust balance sheet position maintained with net cash at
period end of GBP41.4m (31 January 2022: GBP20.1m).
Operational highlights
-- Continued sales growth in panel-based Custom Research with
increasing opportunities for multi-year contracts and trackers,
building on the strong momentum seen in H2 2022.
-- High-quality data products remain embedded across clients'
workflows resulting in increased customer stickiness and
retention.
o Data Products revenue increased by 9% on an underlying(1)
basis (20% on a reported basis) to GBP41.9m, driven by strong
subscription renewal rates.
o Data Services revenue decreased by 9% on an underlying(1)
basis (3% decline on a reported basis) to GBP23.0m as general
market softness continued to delay some clients' more discretionary
spending.
o Custom Research revenue increased by 28% on an underlying(1)
basis (55% on a reported basis) to GBP65.3m, driven by continued
sales momentum globally, as clients prioritise strategic
research projects, resulting in the expansion of several
client relationships.
-- Broad-based growth across all geographic segments, with the
US remaining the key growth driver with large market opportunities
continuing to accelerate in important sectors.
o Demand in the UK has picked up despite recessionary market
conditions, while Mainland Europe posted a weaker performance
due to lower tactical PR activity impacting Data Services.
-- Investments made during the period to meet client demand
and further strengthen our technological capabilities included:
o Technology : Continued investment of GBP4.4m (HY22: GBP3.7m)
in technologies to drive long term growth, including the
development of our self-serve tool, YouGov Surveys.
o Panel : Ongoing investment of GBP4.8m (HY22: GBP4.4m) in
the build-out of our panel and allocation of resources to
high growth areas such as the US and Europe, to meet demand
for customised research.
o Centres of Excellence (CenX) : Remain operationally integral
to our platform strategy as we increase the number of functions
with representation in a CenX.
Current trading and outlook
-- Driven by continued investment in our technological capabilities
and our international reach, the Group's sales pipeline remains
healthy and continues to provide good visibility as we go
into the second half of the financial year.
-- While the Group has seen some slower client decision making
on more discretionary spend, we continue to see large strategic
opportunities in key markets and have not experienced any
other material changes in client behaviour to date.
-- We remain disciplined in our investment approach and will
continue to optimise our cost base to ensure we are poised
for further margin improvement.
-- Capital expenditures, which are aimed at positioning the
business for further growth in the next strategic growth
plan (SP3), are expected to be maintained at a similar level
to the prior year.
-- While the overall weakness in macro sentiment may impact
the speed and level of some client spending, our strong performance
in the first half gives us confidence in maintaining the
current sales momentum to end the financial year in line
with current market expectations (3) .
Board Succession Planning
-- In line with the previously disclosed Board succession plan,
Roger Parry will be standing down from the role of Non-Executive
Chair. Stephan Shakespeare will assume the role of Non-Executive
Chair, upon a new CEO commencing in post, currently anticipated
to be on 1 August 2023, subject to the outcome of the CEO
search process. The Board's Nomination Committee is considering
a wide variety of both external and internal candidates as
part of an international search process. A further update
will be provided in due course.
-- On 23 February 2023, the Group announced the appointment
of Shalini Govil-Pai and Devesh Mishra as Non-Executive Directors.
Shalini Govil-Pai has over 25 years' experience in the consumer
technology space, particularly in the US, while Devesh Mishra
brings over 25 years of global operating leadership experience
across technology, product, and business operations. The
addition of our two new Non-Executive Directors in Shalini
and Devesh, ensures a majority of independent members on
the Board following the Chair transition.
Stephan Shakespeare, Chief Executive Officer, said:
"YouGov delivered a strong performance in the first half of our
financial year, against a difficult macro environment. In line with
our strategy, top-line growth momentum has continued across all
geographic segments, and we achieved significant margin expansion
and good cash generation during the period.
Our demand environment remains robust with increasingly sticky,
long-term relationships with existing customers, and growing
opportunities for multi-year contracts and trackers with new
customers. This sales momentum has continued into the second half
of the year, giving us confidence that YouGov can achieve top-line
growth for the full year in line with current market
expectations.(3)
As we approach the final stretch of our current long-term
strategic growth plan, I am more confident than ever that we are
investing in the right areas to realise the full potential of our
business. We look forward to showcasing the results of our efforts
alongside our plans for SP3 at our upcoming Capital Markets
Day."
3. Based upon the average of 6 analyst estimates, the
Company-compiled consensus estimate for FY23 Group revenue is
GBP265 million.
Analyst presentation
A copy of the presentation will be available online at
https://corporate.yougov.com/investors/presentations/ shortly
after the half-year results announcement is live on the Regulatory
News Service (RNS).
Capital Markets Day
The Company will host a Capital Markets Day for institutional
investors and analysts in London on Wednesday 17th May 2023 where
we will present the next strategic growth plan and our continued
evolution into a leading market research platform. The day will be
hosted by CEO Stephan Shakespeare, CFO Alex McIntosh, and COO
Sundip Chahal and will include presentations from leaders within
the Group.
Forward looking statements
Certain statements in this full year report are forward looking.
Although the Group believes that the expectations reflected in
these forward-looking statements are reasonable, we can give no
assurance that these expectations will prove to have been correct.
As these statements involve risks and uncertainties, actual results
may differ materially from those expressed or implied by these
forward-looking statements.
We undertake no obligation to update any forward-looking
statements whether as a result of new information, future events or
otherwise.
Enquiries:
YouGov plc
Stephan Shakespeare / Alex McIntosh / Hannah
Jethwani 020 7012 6000
FTI Consulting
Charles Palmer / Tom Blundell / Jemima Gurney 020 3727 1000
Numis Securities Limited (NOMAD and Joint broker)
Nick Westlake / Iqra Amin 020 7260 1000
Berenberg (Joint Broker)
Mark Whitmore / Richard Andrews / Alix Mecklenburg-Solodkoff 020 3207 7800
About YouGov
YouGov is an international online research data and analytics
technology group.
Our mission is to offer unparalleled insight into what the world
thinks.
Our innovative solutions help the world's most recognised
brands, media owners and agencies to plan, activate and track their
marketing activities better.
With operations in the UK, the Americas, Europe, the Middle
East, India and Asia Pacific, we have one of the world's largest
research networks.
At the core of our platform is an ever-growing source of
consumer data that has been amassed over our twenty years of
operation. We call it Living Data. All of our products and services
draw upon this detailed understanding of our 24+ million registered
panel members to deliver accurate, actionable consumer
insights.
As innovators and pioneers of online market research, we have a
strong reputation as a trusted source of accurate data and
insights. Testament to this, YouGov data is regularly referenced by
the global press, and we are the second most quoted market research
source in the world.
YouGov. Living Consumer Intelligence.
For further information, visit business.yougov.com
Chief Executive Officer's Review
YouGov has delivered another strong performance in the first
half of the current financial year as demand for our products and
services remains robust. While the overall macro environment
remains uncertain, the Group has continued to demonstrate the value
of its data to clients thereby maintaining strong renewal rates and
expanding several key relationships. Following a concerted focus on
limiting cost growth, the Group has seen significant improvement in
its operating profit margin in the period, while investing in areas
that will drive future growth.
Factors contributing to our positive performance in the period
include:
-- Key geographies: Solid performance was seen in the US,
particularly in Custom Research, and recovery in the UK as overall
market sentiment has improved.
-- New products: Initial contribution from early-stage products,
YouGov Safe and FreeWall(R), that are gaining encouraging traction
with clients.
-- Operational leverage: Investments in recent years to expand
our sales teams, central functions and CenX operations are
beginning to deliver margin benefits as our top-line expands.
Delivering on our strategic priorities
Based on our strategy, we have previously identified five key
priorities that will be a focus in the near term. The key progress
made under each of these priorities over the first half of the
financial year has been set out below.
Product development and technology
-- Launched YouGov Surveys, our self-serve tool allowing users
to build surveys with granular targeting capabilities.
-- Continued the development of the YouGov Platform with the
launch of free audience and brand data tools that enable
individuals and businesses to experience the power of YouGov's
data.
Panel
-- Growth in our global research panel of 20% to 24 million
registered members, while lowering global cost per acquisition
through diversification and optimisation of our acquisition
channels, including the use of YouGov Chat to recruit hard-to-reach
groups.
-- Utilised our latest technology acquisition, YouGov FreeWall(R),
to expand our panel reach through publisher networks to
deliver targeted digital campaigns.
Global accounts
-- Increased share of wallet with several key clients globally,
particularly in the technology and gaming sectors in the
US, through panel-based Custom Research projects.
-- Achieved strong renewal rates for our subscription products
in an increasingly uncertain macro environment.
Global infrastructure
-- Continued to expand the role played by our CenX and improve
the efficiency with which we deliver our services, through
the creation of client service and survey management teams
in India.
-- Ongoing build out of staff in our newest CenX in Mexico
City to ensure the US research business is well supported
through the addition of sales and client service capabilities
over the coming months.
Acquisitions
-- Collaboration with the LINK team on social research and
financial services clients yielding good results and initial
sales of syndicated data products recorded.
-- Rezonance's FreeWall (R) product is effectively supplementing
the Group's ongoing panel recruitment efforts.
Strategic growth plan
We are in the final stage of our current long-term strategic
growth plan ("FYP2") and continue to make progress in its
execution. As previously announced, the ambitious long-term
incentive plan ("LTIP") performance targets accompanying FYP2 to
incentivise senior management over the plan period (FY19-FY23)
are:
-- double Group revenue;
-- double Group adjusted operating profit margin(1) ; and
-- achieve an adjusted earnings per share(1) compound annual
growth rate in excess of 30%.
1 Defined in the explanation of non-IFRS measures below.
With the substantial investments in our panels and support
functions now largely complete, we are beginning to reap the
benefits of operational leverage as the business scales, as
demonstrated by the margin expansion in the first half of the year.
We have sustained the investment in our technological platforms to
ensure we continue to innovate, improve the panellist experience
and further the development of the YouGov Platform.
We remain committed to driving top-line growth in the
medium-term, with a continued focus on improving our profitability
margin. Looking ahead, we believe there is substantial headroom for
growth in our existing business lines and further upside potential
stemming from our evolution into a platform company. As we navigate
the current macro environment, we are reassured by the stickiness
of our client base and the strong, long-term relationships we have
built that will continue to drive the business forward.
Current trading and outlook
-- Driven by continued investment in our technological
capabilities and our international reach, the Group's sales
pipeline remains healthy and continues to provide good visibility
as we go into the second half of the financial year.
-- While the Group has seen some slower client decision making
on more discretionary spend, we continue to see large strategic
opportunities in key markets and have not experienced any other
material changes in client behaviour to date.
-- We remain disciplined in our investment approach and will
continue to optimise our cost base to ensure we are poised for
further margin improvement.
-- Capital expenditures, which are aimed at positioning the
business for further growth in the next strategic growth plan
(SP3), are expected to be maintained at a similar level to the
prior year.
-- While the overall weakness in macro sentiment may impact the
speed and level of some client spending, our strong performance in
the first half gives us confidence in maintaining the current sales
momentum to end the financial year in line with current market
expectations (2) .
2. Based upon the average of 6 analyst estimates, the
Company-compiled consensus estimate for FY23 Group revenue is
GBP265 million.
Stephan Shakespeare
Chief Executive Officer
21 March 2023
Chief Financial Officer's Review
The Group has delivered a strong performance in the six months
to 31 January 2023 as we continue to deliver sustainable,
profitable growth.
Total Group revenue rose 30% to GBP131.4m in the period,
compared to GBP101.2m in the six months to 31 January 2022, with
continued growth across all geographic segments and on the back of
currency tailwinds, primarily the US Dollar.
Underlying(1) revenue growth (excluding foreign exchange
movements and contribution from acquisitions) was 13% over the
prior year period.
The diversity in our client base and the strategic value of our
data to key clients has enabled us to deliver a good performance in
the context of volatile trading conditions.
Gross margins increased by 30 basis points (bps) to 84.8% as a
higher proportion of sales was derived from panel-based custom
research projects.
Group operating costs (excluding separately reported items) of
GBP89.4m (HY22: GBP71.5m) increased by 25% in reported terms, and
18% in constant currency terms. Group adjusted operating profit
(excluding separately reported items) increased to GBP22.1m (a 58%
increase from GBP14.0m in HY22). Underlying(1) operating profit
increased by 32%, when excluding the impact of acquisitions and FX,
on the back of tighter cost control, benefits of operational
leverage and lower growth in amortisation of intangibles. Adjusted
operating margins increased 300 basis points from 13.8% to
16.8%.
The statutory operating profit (which is after charging other
separately reported items of GBP1.7m) increased by 89% to GBP20.4m
(HY22: GBP10.8m).
Performance by Division
Data Products
Our syndicated data products suite includes YouGov BrandIndex
and YouGov Profiles as well as newer sector specific offerings and
our latest cross-device tracker, YouGov Safe.
Our Data Products division saw slower growth in the period,
despite healthy renewal rates, due to fewer new subscription sales.
This was in part due to greater focus from our commercial teams on
custom projects, which limited the sale of new subscriptions.
Revenue from Data Products increased by 20% in reported terms (9%
growth in underlying terms) in the period. The adjusted operating
profit from Data Products increased by 60% to GBP17.8m and the
operating margin increased to 42%. This significant increase in
margins can be attributed to inherent operational leverage benefits
of syndicated products and higher cost allocations to the Custom
Research division.
Geographically, the US remains the largest Data Products market
and grew by 10% in the period on an underlying basis. The UK
delivered 15% growth for the period on the back of strong demand
from the technology and media sector.
Data Services
Our Data Services division consists of our fast-turnaround
research services, including our market-leading YouGov RealTime
Omnibus.
In the period, revenue from Data Services declined by 3% in
reported terms and by 9% in underlying terms to GBP23.0m. This was
mainly driven by a sharp decline in Mainland Europe due to several
factors including lower tactical PR activity in light of
geopolitical instability in the region, phasing of projects into H2
and some reclassification of work to the Custom Research division.
Additionally, the division saw low single-digit growth in the
period in the UK and continued to see flat performance in the
US.
This division's profitability recorded a 26% decrease to GBP3.2m
(HY22: GBP4.3m) and the operating margin contracted from 18% to 14%
due to the division's weak performance.
Custom Research
Our Custom Research division includes tailored research projects
and tracking studies.
During the period, the division's revenue increased by 55% in
reported terms, including contribution from the LINK acquisition in
December 2021, while growth in underlying terms was 28% to
GBP65.3m. This significant acceleration in the division was largely
driven by the US, as our commercial teams demonstrated the benefits
of our global panel coverage, high-quality data and innovative
tools to help expand several client relationships. New clients wins
in Mainland Europe and work around the US mid-term elections have
also contributed to this strong performance.
This strong performance, greater focus on margin-enhancing
projects and increased efficiencies through the use of CenX has
resulted in the division's adjusted operating profit increasing to
GBP14.2m (HY22: GBP8.0m) representing an operating margin of 22%
(HY22: 19%).
Revenue Six months Six months Revenue Underlying(1)
to to growth revenue
31 Jan 31 Jan % change %
2023 2022
GBPm GBPm
----------------- ----------- ----------- -------- --------------
Data Products 41.9 34.8 20% 9%
----------- ----------- -------- --------------
Data Services 23.0 23.7 (3%) (9%)
----------- ----------- -------- --------------
Custom Research 65.3 42.0 55% 28%
----------- ----------- -------- --------------
Central Items 1.2 0.7 71% -
----------- ----------- -------- --------------
Group 131.4 101.2 30% 13%
----------- ----------- -------- --------------
Adjusted Operating Six months Six months Operating Operating Margin
Profit(1) to to Profit
31 Jan 31 Jan growth
2023 2022 %
GBPm GBPm
-------------------- ----------- ----------- ---------- ------------------------
Six months Six months
to to
31 Jan 31 Jan
2023 2022
-------------------- ----------- ----------- ---------- ----------- -----------
Data Products 17.8 11.1 60% 42% 32%
----------- ----------- ---------- ----------- -----------
Data Services 3.2 4.3 (26%) 14% 18%
----------- ----------- ---------- ----------- -----------
Custom Research 14.2 8.0 78% 22% 19%
----------- ----------- ---------- ----------- -----------
Central Costs (13.1) (9.4) 39% - -
----------- ----------- ---------- ----------- -----------
Group 22.1 14.0 58% 17% 14%
----------- ----------- ---------- ----------- -----------
Performance by Geography
Revenue Six months Six months Revenue Underlying(1)
to to growth revenue
31 Jan 2023 31 Jan 2022 % change %
GBPm GBPm
UK 31.4 26.7 18% 18%
------------ ------------ ------- -------------
Americas 64.0 46.1 39% 18%
------------ ------------ ------- -------------
Mainland Europe 28.3 20.0 41% 3%
------------ ------------ ------- -------------
Middle East 4.4 2.8 59% 38%
------------ ------------ ------- -------------
Asia Pacific 11.0 9.3 19% 11%
------------ ------------ ------- -------------
Central Items (7.7) (3.7) 109% 60%
------------ ------------ ------- -------------
Group 131.4 101.2 30% 13%
------------ ------------ ------- -------------
Adjusted Operating Six months Six months Operating Operating Margin
Profit(1) to to Profit
31 Jan 31 Jan growth
2023 2022 %
GBPm GBPm
-------------------- ----------- ----------- ---------- ------------------------
Six months Six months
to to
31 Jan 31 Jan
2023 2022
-------------------- ----------- ----------- ---------- ----------- -----------
UK 6.6 6.9 (4%) 21% 26%
----------- ----------- ---------- ----------- -----------
USA 21.7 16.0 36% 34% 35%
----------- ----------- ---------- ----------- -----------
Mainland Europe 1.4 2.6 (46%) 5% 13%
----------- ----------- ---------- ----------- -----------
Middle East 1.3 0.5 160% 30% 18%
----------- ----------- ---------- ----------- -----------
Asia Pacific 1.0 0.5 100% 9% 6%
----------- ----------- ---------- ----------- -----------
Central Costs (9.9) (12.5) (21%) - -
----------- ----------- ---------- ----------- -----------
Group 22.1 14.0 58% 17% 14%
----------- ----------- ---------- ----------- -----------
1 Defined in the explanation of non-IFRS measures below.
Panel Development
We continue to invest in our online panel to increase our
research capabilities, both in our newer geographies and in the US
on the back of strong client demand. At 31 January 2023, the total
number of registered panellists had increased by 20% to over 24
million, compared to 20 million at 31 January 2022, as set out in
the table below.
Region Panel size Panel size at
at 31 January 2022
31 January millions
2023
millions
UK 2.79 2.55
----------- ----------------
Americas 8.76 7.20
----------- ----------------
Mainland Europe 5.36 4.31
----------- ----------------
MENA and India 2.92 2.53
----------- ----------------
Asia Pacific 4.18 3.36
----------- ----------------
Total 24.01 19.95
----------- ----------------
Group financial performance
Amortisation of intangible assets and central costs
Amortisation charges for intangible assets totalled GBP10.8m in
the period (HY22: GBP9.4m) of which GBP5.4m (HY22: GBP4.8m) relates
to the consumer panel and GBP4.6m (HY22: GBP4.2m) to our software
and technology development activities. Growth in amortisation of
intangibles has slowed versus the prior year following the
completion of the build out of new panel markets.
Central costs, which include support functions and contribution
from incubator projects, have increased to GBP13.1m (HY22:
GBP9.4m).
Separately reported items
Acquisition related costs in the period comprise GBP1.5m of
contingent consideration treated as staff costs in respect of the
acquisitions of Charlton Insights Inc, Faster Horses Pty Limited
and YouGov Finance Limited (renamed from Lean App Limited) and
GBP0.2m of bonus-related costs in respect of LINK Marketing
Services AG (LINK).
Profit before tax and earnings per share
Adjusted profit before tax was GBP26.5m, increasing by 72%
compared to GBP15.4m in HY22, largely in line with the increase in
adjusted operating profit. The adjusted tax rate decreased from
23.5% in HY22 to 21.0%. Statutory profit before tax increased to
GBP21.0m compared to GBP9.2m in the six months ended 31 January
2022.
During the period adjusted earnings per share has increased by
81% from 10.6p to 19.2p, driven by the growth in the business, and
statutory earnings per share has more than doubled from 5.7p to
14.7p.
Technology investment and global expansion
The Group invested GBP4.4m (HY22: GBP3.7m) in the continuing
advancement of our technology platform while investment in panel
recruitment amounted to GBP4.8m (HY22: GBP4.4m) as spend has
normalised following our new panel markets expansion in 2021.
GBP0.6m (HY22: GBP0.6m) was spent on the purchase of property,
plant and equipment. Other cash outflows included GBP5.6m spent on
purchase of treasury shares, taxation payments of GBP1.6m (HY22:
GBP2.8m) and the annual shareholder dividend payment of GBP7.7m
(HY22: GBP6.7m) in December 2022.
The Group is expecting GBP9.6m of deferred consideration payable
in respect of future earn-outs related to acquisitions, of which
GBP6.6m is expected to be paid in the next twelve months.
There was a net cash inflow of GBP4.7m in the period, compared
to an inflow of GBP6.0m in the six months to 31 January 2022. Net
cash balance of GBP41.4m was higher than at 31 January 2022
(GBP20.1m). No exposure or affiliation with Silicon Valley Bank or
its UK subsidiary.
Currency
The Group's results were affected by the net depreciation of GBP
Sterling as its average exchange rate was 13% lower against the USD
in this period than in the six months to 31 January 2022. Also, the
GBP Sterling was 2% lower against the EUR in this period than in
the six months to 31 January 2022. The net impact of foreign
exchange on the Group's adjusted operating profit(1) was an
increase of GBP3.2m compared to calculation in constant currency
terms.
Alex McIntosh
Chief Financial Officer
21 March 2023
1 Defined in the explanation of non-IFRS measures below.
Explanation of Non-IFRS measures
Financial Measure How we define it Why we use it
Underlying growth Growth in business excluding Provides a more comparable
impact of current and basis to assess the
prior period acquisitions year-to-year operational
and business closures, business performance
and movement in exchange and is how our performance
rates (i.e. current year is reviewed internally
performance calculated
with exchange rates held
constant at prior year
rates).
------------------------------ ----------------------------
Separately reported Items that in the Directors'
items judgement are one-off
or need to be disclosed
separately by virtue
of their size or incidence
------------------------------ ----------------------------
Adjusted operating Operating profit excluding
profit separately reported items
------------------------------
Adjusted operating Adjusted operating profit
profit margin expressed as a percentage
of revenue
------------------------------
Adjusted profit Profit before tax before
before tax share based payment charges,
imputed interest and
separately reported items
------------------------------ ----------------------------
Adjusted taxation Taxation due on the adjusted Provides a more comparable
profit before tax, excluding basis to assess the
the tax effect of separately underlying tax rate
reported items
------------------------------ ----------------------------
Adjusted tax rate Adjusted taxation expressed
as a percentage of adjusted
profit before tax
------------------------------ ----------------------------
Adjusted profit Adjusted profit before Facilitates performance
after tax tax less adjusted taxation evaluation, individually
and relative to other
companies
------------------------------ ----------------------------
Adjusted profit Adjusted profit after
after tax attributable tax less profit attributable
to owners of the to non-controlling interests
parent
------------------------------ ----------------------------
Adjusted earnings Adjusted profit after
per share tax attributable to owners
of the parent divided
by the weighted average
number of shares. Adjusted
diluted earnings per
share includes the impact
of share options
------------------------------ ----------------------------
Cash conversion The ratio of cash generated Indicates the extent
from operations to adjusted to which the business
EBITDA generates cash from
adjusted EBITDA
------------------------------ ----------------------------
Reconciliation of Non-IFRS measures
Adjusted Operating Profit(1) Six months Six months % Change
to to
31 Jan 2023 31 Jan 2022
GBPm GBPm
Statutory operating profit 20.4 10.8 89%
------------ ------------ --------
Separately reported items 1.7 3.2 (47%)
------------ ------------ --------
Adjusted operating profit(1) 22.1 14.0 58%
------------ ------------ --------
Adjusted Profit Before Six months Six months % Change
Tax(1) to to
31 Jan 2023 31 Jan 2022
GBPm GBPm
Statutory profit before
tax 21.0 9.2 128%
------------ ------------ --------
Separately reported items 1.7 3.2 (47%)
------------ ------------ --------
Share based payments 3.8 3.0 27%
------------ ------------ --------
Adjusted profit before
tax(1) 26.5 15.4 72%
------------ ------------ --------
1 Defined in the explanation of non-IFRS measures above.
YOUGOV PLC
STATEMENT OF DIRECTORS' RESPONSIBILITIES
For the six months ended 31 January 2023
The Directors confirm that these condensed interim financial
statements have been prepared in accordance with International
Accounting Standard 34, "Interim Financial Reporting", as adopted
by the European Union and that the interim management report
includes a fair review of the information required by DTR 4.2.7 and
DTR 4.2.8, namely:
-- an indication of important events that have occurred during
the first six months and their impact on the condensed set of
financial statements, and a description of the principal risks and
uncertainties for the remaining six months of the financial year;
and
-- material related-party transactions in the first six months
and any material changes in the related-party transactions
described in the last annual report.
The Board of Directors of YouGov plc are:
-- Roger Parry - Non-Executive Chair
-- Rosemary Leith - Non-Executive Director and Senior Independent Director
-- Andrea Newman - Non-Executive Director
-- Ashley Martin - Non-Executive Director
-- Nick Prettejohn - Non-Executive Director
-- Shalini Govil-Pai - Non-Executive Director(1)
-- Devesh Mishra - Non-Executive Director(1)
-- Stephan Shakespeare - Chief Executive Officer
-- Alex McIntosh - Chief Financial Officer
-- Sundip Chahal - Chief Operating Officer
By order of the Board:
Alex McIntosh
Chief Financial Officer
21 March 2023
1 Appointed on 23 February 2023 with effect from 27 February
2023, after the end of the interim reporting period for the six
months ended 31 January 2023
YOUGOV PLC
CONSOLIDATED INCOME STATEMENT
For the six months ended 31 January 2023
Unaudited Unaudited Audited
6 months 6 months Year ended
to to
31 January 31 January 31 July
2023 2022 2022
Note GBPm GBPm GBPm
Revenue 3 131.4 101.2 221.1
Cost of sales (19.9) (15.7) (33.7)
----------- ----------- -----------
Gross profit 111.5 85.5 187.4
Administrative expenses (91.1) (74.7) (157.4)
----------- ----------- -----------
Operating profit 20.4 10.8 30.0
----------------------------------------- ----- ----------- ----------- -----------
Separately reported items 4 1.7 3.2 6.3
Adjusted operating profit(1) 3 22.1 14.0 36.3
----------------------------------------- ----- ----------- -----------
Finance income 0.9 - -
Finance costs (0.3) (1.6) (4.7)
Profit before taxation 21.0 9.2 25.3
Taxation 5 (5.0) (2.9) (7.8)
----------- ----------- -----------
Profit after taxation 16.0 6.3 17.5
----------- ----------- -----------
Attributable to:
- Owners of the parent 16.1 6.4 17.1
- Non-controlling interests (0.1) (0.1) 0.4
16.0 6.3 17.5
----------- ----------- -----------
Earnings per share
Basic earnings per share attributable
to the owners of the parent 6 14.7p 5.7p 15.7p
Diluted earnings per share attributable
to the owners of the parent 6 14.4p 5.6p 15.4p
1 Defined in the explanation of non-IFRS measures.
All operations are continuing.
YOUGOV PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 31 January 2023
Unaudited Unaudited Audited
6 months 6 months
to to Year ended
31 January 31 January 31 July
2023 2022 2022
GBPm GBPm GBPm
Profit for the period 16.0 6.3 17.5
Other comprehensive income/(expense)
Items that will not be reclassified
to profit or loss
Actuarial gains 0.2 - 1.2
Items that may be subsequently
reclassified to profit or loss
Currency translation differences 0.3 1.0 7.0
Other comprehensive income for
the year 0.5 1.0 8.2
----------- ----------- -----------
Total comprehensive income for
the period 16.5 7.3 25.7
----------- ----------- -----------
Attributable to:
- Owners of the parent 16.6 7.4 25.3
- Non-controlling interests (0.1) (0.1) 0.4
Total comprehensive income for
the period 16.5 7.3 25.7
----------- ----------- -----------
Items in the statement above are disclosed net of tax.
YOUGOV PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
31 January 31 January 31 July
2023 2022 2022
Assets Note GBPm GBPm GBPm
Non-current assets
Goodwill 8 83.7 75.1 80.4
Other intangible assets 8 33.7 41.4 38.0
Property, plant and equipment 8 4.0 4.0 4.2
Right of use assets 8 10.4 12.4 11.3
Deferred tax assets 11.9 9.1 11.3
----------- ----------- --------
Total non-current assets 143.7 142.0 145.2
----------- ----------- --------
Current assets
Trade and other receivables 58.1 39.0 53.7
Current tax assets - 5.7 4.1
Cash and cash equivalents 41.4 40.9 37.4
----------- ----------- --------
Total current assets 99.5 85.6 95.2
----------- ----------- --------
Total assets 243.2 227.6 240.4
----------- ----------- --------
Liabilities
Current liabilities
Trade and other payables 61.9 48.6 66.8
Contingent consideration 6.6 2.4 6.1
Provisions 11.7 9.7 11.2
Short term borrowings - 0.8 -
Current lease liabilities 2.8 3.5 2.9
Current tax liabilities 5.3 4.9 3.5
Total current liabilities 88.3 69.9 90.5
----------- ----------- --------
Net current assets 11.2 15.7 4.7
----------- ----------- --------
Non-current liabilities
Contingent consideration 3.0 3.1 2.4
Provisions 6.7 5.8 6.7
Pension net defined benefit
liability 2.0 2.9 2.0
Long term borrowings - 20.0 -
Long term lease liabilities 8.6 10.0 9.3
Deferred tax liabilities 3.4 0.7 4.5
----------- ----------- --------
Total non-current liabilities 23.7 42.5 24.9
----------- ----------- --------
Total liabilities 112.0 112.4 115.4
----------- ----------- --------
Net assets 131.2 115.2 125.0
----------- ----------- --------
Equity
Issued share capital 9 0.2 0.2 0.2
Share premium 31.5 31.5 31.5
Merger reserve 9.2 9.2 9.2
Treasury reserve (15.2) (0.8) (9.6)
Foreign exchange reserve 14.9 8.6 14.6
Retained earnings 91.0 67.3 79.4
----------- ----------- ----------
Total equity attributable
to owners of the parent 131.6 116.0 125.3
Non-controlling interests in
equity (0.4) (0.8) (0.3)
----------- ----------- ----------
Total equity 131.2 115.2 125.0
----------- ----------- ----------
YOUGOV PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 January 2023
Attributable to equity holders of
the Company
---------------------------------------------------------------
Treasury Foreign
Share Share Merger share exchange Retained Non-controlling
capital premium reserve reserve reserve earnings Total interest Total
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
-------- -------- -------- -------- --------- -------------- ------ --------------- --------
Balance at 1
August 2021 0.2 31.5 9.2 (2.3) 7.6 66.5 112.7 (0.7) 112.0
Period to 31
January
2022
Exchange
differences on
translating
foreign
operations - - - - 1.0 - 1.0 - 1.0
-------- -------- -------- -------- --------- -------------- ------ --------------- ------
Net gain
recognised
directly
in equity - - - - 1.0 - 1.0 - 1.0
Profit for the
period - - - - - 6.4 6.4 (0.1) 6.3
-------- -------- -------- -------- --------- -------------- ------ --------------- ------
Total
comprehensive
income
for the period - - - - 1.0 6.4 7.4 (0.1) 7.3
-------- -------- -------- -------- --------- -------------- ------ --------------- ------
Dividends paid - - - - - (6.7) (6.7) - (6.7)
Issue of shares - - - - - - - - -
Share-based
payments - - - - - 2.8 2.8 - 2.8
Treasury shares
used to
settle share
option
exercises - - - 1.5 - (1.5) - - -
Tax in relation
to share-based
payments (0.2) (0.2) - (0.2)
Acquisition of - - - - - - - - -
treasury
shares
-------- -------- -------- -------- --------- -------------- ------ --------------- ------
Total
transactions
with
owners
recognised
directly
in equity - - - 1.5 - (5.6) (4.1) - (4.1)
-------- -------- -------- -------- --------- -------------- ------ --------------- ------
Balance at 31
January
2022 0.2 31.5 9.2 (0.8) 8.6 67.3 116.0 (0.8) 115.2
Period to 31
July 2022
Actuarial gains - - - - - 1.2 1.2 - 1.2
Exchange
differences on
translating
foreign
operations - - - - 6.0 - 6.0 - 6.0
-------- -------- -------- -------- --------- -------------- ------ --------------- ------
Net income
recognised
directly in
equity - - - - 6.0 1.2 7.2 - 7.2
Profit for the
period - - - - - 10.7 10.7 0.5 11.2
-------- -------- -------- -------- --------- -------------- ------ --------------- ------
Total
comprehensive
income
for the period - - - - 6.0 11.9 17.9 0.5 18.4
-------- -------- -------- -------- --------- -------------- ------ --------------- ------
Dividends paid - - - - - - - - -
Issue of shares - - - - - - - - -
Share-based
payments - - - - - 0.1 0.1 - 0.1
Treasury shares
used to
settle share
option
exercises - - - 1.1 - (1.1) - - -
Tax in relation
to share-based
payments - - - - - 1.2 1.2 - 1.2
Acquisition of
treasury
shares - - - (9.9) - - (9.9) - (9.9)
-------- -------- -------- -------- --------- -------------- ------ --------------- ------
Total
transactions
with
owners
recognised
directly
in equity - - - (8.8) - 0.2 (8.6) - (8.6)
-------- -------- -------- -------- --------- -------------- ------ --------------- ------
Balance at 31
July 2022 0.2 31.5 9.2 (9.6) 14.6 79.4 125.3 (0.3) 125.0
Period to 31
January
2023
Actuarial gains - - - - - 0.2 0.2 - 0.2
Exchange
differences on
translating
foreign
operations - - - - 0.3 - 0.3 - 2.90.3
-------- -------- -------- -------- --------- -------------- ------ --------------- ------
Net income
recognised
directly in
equity - - - - 0.3 0.2 0.5 - 0.5
Profit for the
period - - - - - 16.1 16.1 (0.1) 16.0
-------- -------- -------- -------- --------- -------------- ------ --------------- ------
Total
comprehensive
income
for the period - - - - 0.3 16.3 16.6 (0.1) 16.5
-------- -------- -------- -------- --------- -------------- ------ --------------- ------
Dividends paid - - - - - (7.7) (7.7) - (7.7)
Issue of shares - - - - - - - - -
Share-based
payments - - - - - 3.7 3.7 - 3.7
Tax in relation
to share-based
payments - - - - - (0.7) (0.7) - (0.7)
Acquisition of
treasury
shares - - - (5.6) - - (5.6) - (5.6)
Total
transactions
with
owners
recognised
directly
in equity - - - (5.6) - (4.7) (10.3) - (10.3)
-------- -------- -------- -------- --------- -------------- ------ --------------- ------
Balance at 31
January
2023 0.2 31.5 9.2 (15.2) 14.9 91.0 131.6 (0.4) 131.2
-------- -------- -------- -------- --------- -------------- ------ --------------- ------
YOUGOV PLC
CONSOLIDATED CASHFLOW STATEMENT
For the six months ended 31 January 2023
Unaudited Unaudited Audited
6 months 6 months Year ended
to to
31 January 31 January 31 July
2023 2022 2022
GBPm GBPm GBPm
Cash flows from operating activities
Profit before taxation 21.0 9.2 25.3
Adjustments for:
Finance income (0.9) - -
Finance costs 0.3 1.6 1.0
Amortisation of intangibles 10.8 9.4 20.4
Depreciation 2.2 2.5 4.9
Share-based payments 3.7 2.8 2.9
Other non-cash items 2.2 2.4 8.6
Settlement of deferred consideration (0.2) - -
(Increase)/decrease in trade and
other receivables (4.5) 6.2 (4.4)
(Decrease)/increase in trade and
other payables (4.4) (4.2) 9.5
Increase in provisions 0.3 1.0 1.5
----------- ----------- -----------
Cash generated from operations 30.5 30.9 69.7
Interest paid (0.3) (0.3) (0.9)
Income taxes paid (1.6) (2.8) (6.9)
----------- ----------- -----------
Net cash generated from operating
activities 28.5 27.8 61.9
----------- ----------- -----------
Cash flow from investing activities
Acquisition of subsidiaries (net
of cash acquired) - (25.0) (25.4)
Purchase of property, plant and
equipment (0.6) (0.6) (1.5)
Purchase of intangible assets (9.2) (8.2) (16.0)
Net cash used in investing activities (9.8) (33.8) (42.9)
----------- ----------- -----------
Cash flows from financing activities
Principal elements of lease payments (0.8) (1.3) (3.4)
Draw down of bank loans - 20.0 20.0
Repayment of bank loans - - (20.0)
Dividends paid to shareholders (7.7) (6.7) (6.7)
Purchase of treasury shares (5.6) - (9.9)
Net cash (used)/generated in
financing activities (14.1) 12.0 (20.0)
----------- ----------- -----------
Net increase/(decrease) in cash
and cash equivalents 4.7 6.0 (1.0)
Cash and cash equivalents at beginning
of period 37.4 35.5 35.5
Exchange (loss)/gain on cash and
cash equivalents (0.7) (0.6) 2.9
----------- ----------- -----------
Cash and cash equivalents at
end of period 41.4 40.9 37.4
----------- ----------- -----------
The accompanying accounting policies and notes form an integral
part of this financial information.
Alex McIntosh
Chief Financial Officer
21 March 2023
YOUGOV PLC
notes to the CONDENSED consolidated interim financial
statements
For the six months ended 31 January 2023
1 GENERAL INFORMATION
YouGov plc and subsidiaries' (the "Group") principal activity is
the provision of digital market research.
YouGov plc (the "Company") is the Group's ultimate Parent
Company. It is a public limited company incorporated and domiciled
in the United Kingdom. The address of YouGov plc's registered
office is 50 Featherstone Street, London EC1Y 8RT, United Kingdom.
YouGov plc's shares are listed on the Alternative Investment Market
of the London Stock Exchange.
YouGov plc's condensed consolidated interim financial statements
are presented in UK Sterling, which is also the functional currency
of the Company. Figures are rounded to the nearest million UK
Sterling, unless otherwise indicated.
These condensed consolidated interim financial statements have
been approved for issue by the Board of Directors of YouGov plc
(the "Board") on 21 March 2023.
This condensed consolidated interim financial information for
the six months ended 31 January 2023 does not comprise statutory
accounts within the meaning of Section 434 of the Companies Act
2006. Statutory accounts for the year ended 31 July 2022 were
approved by the Board on 11 October 2022 and delivered to the
Registrar of Companies. The report of the auditors on those
accounts was unqualified, did not contain an emphasis of matter
paragraph and did not contain any statement under section 498 of
the Companies Act 2006. The consolidated financial statements of
the Group for the year ended 31 July 2022 are available from the
Company's registered office or website
(https://corporate.yougov.com).
This condensed consolidated interim financial information is
unaudited and not reviewed by the auditors.
2 BASIS OF PREPARATION
These condensed consolidated interim financial statements for
the six months ended 31 January 2023 have been prepared in
accordance with the Disclosure and Transparency Rules of the
Financial Services Authority and IAS 34 "Interim Financial
Reporting" as contained in UK-adopted IFRS. The condensed
consolidated interim financial statements should be read in
conjunction with the annual financial statements for the year ended
31 July 2022, which has been prepared in accordance with
international accounting standards in conformity with the
requirements of the Companies Act 2006 applicable to companies
reporting under IFRS.
Judgements, accounting estimates and risks facing the Group
The preparation of interim financial information requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of income, expenses, assets and liabilities.
All significant estimates and judgements made by management were
consistent with those applied to the consolidated financial
statements for the year ended 31 July 2022.
The nature of the Group's principal risks and uncertainties are
broadly unchanged from those set out in our 2022 Annual Report.
3 SEGMENTAL ANALYSIS
The Board of Directors (which is the "chief operating
decision-maker") primarily reviews information based on product
lines, being split as syndicated services such as Data Products and
non-syndicated services such as Custom Research and Data Services -
with supplemental geographical information.
Eliminations
Custom Data Data and unallocated
Research Products Services costs Group
GBPm GBPm GBPm GBPm GBPm
For the six months
to 31 January 2023 (Unaudited)
Revenue
Recognised over time 23.9 41.7 0.3 0.6 66.5
Recognised at a point
in time 41.4 0.2 22.7 0.6 64.9
----------------- -------
Total revenue 65.3 41.9 23.0 1.2 131.4
Cost of sales (11.5) (2.3) (4.2) (1.9) (19.9)
---------- ---------- ---------- ----------------- -------
Gross profit 53.8 39.6 18.8 (0.7) 111.5
Administrative expenses (39.6) (21.8) (15.6) (12.4) (89.4)
---------- ---------- ---------- ----------------- -------
Adjusted operating
profit/(loss) 14.2 17.8 3.2 (13.1) 22.1
Separately reported
items (1.7)
-------
Operating profit 20.4
Net finance income 0.6
Profit before taxation 21.0
Taxation (5.0)
-------
Profit after taxation 16.0
---------- ---------- ---------- ----------------- -------
Eliminations
Custom Data Data and unallocated
Research Products Services costs Group
GBPm GBPm GBPm GBPm GBPm
For the six months
to 31 January 2022 (Unaudited)
Revenue
Recognised over time 14.5 34.4 0.3 1.2 50.4
Recognised at a point
in time 27.5 0.4 23.4 (0.5) 50.8
----------------- -------
Total revenue 42.0 34.8 23.7 0.7 101.2
Cost of sales (8.1) (2.9) (3.4) (1.3) (15.7)
---------- ---------- ---------- ----------------- -------
Gross profit 33.9 31.9 20.3 (0.6) 85.5
Administrative expenses (25.9) (20.8) (16.0) (8.8) (71.5)
---------- ---------- ---------- ----------------- -------
Adjusted operating
profit/(loss) 8.0 11.1 4.3 (9.4) 14.0
Separately reported
items (3.2)
-------
Operating profit 10.8
Net finance cost (1.6)
Profit before taxation 9.2
Taxation (2.9)
-------
Profit after taxation 6.3
---------- ---------- ---------- ----------------- -------
3 SEGMENTAL ANALYSIS (continued)
Supplementary analysis by geography
Six months to 31 Six months to 31
January 2023 (Unaudited) January
2022 (Unaudited)
Adjusted Adjusted
operating operating
Revenue profit/(loss) Revenue profit/(loss)
GBPm GBPm GBPm GBPm
UK 31.4 6.6 26.7 6.9
Americas(1) 64.0 21.7 46.1 16.0
Mainland Europe 28.3 1.4 20.0 2.6
Middle East 4.4 1.3 2.8 0.5
Asia Pacific 11.0 1.0 9.3 0.5
Intra-group revenues/unallocated
costs (7.7) (9.9) (3.7) (12.5)
---------- ---------------- -------- ---------------
Group 131.4 22.1 101.2 14.0
---------- ---------------- -------- ---------------
1 Americas refers to the US, Canada and Latin America.
4 SEPARATELY REPORTED ITEMS
Unaudited Unaudited Audited
6 months 6 months Year ended
to to
31 January 31 January 31 July
2023 2022 2022
GBPm GBPm GBPm
Acquisition-related costs 1.7 3.2 6.3
1.7 3.2 6.3
----------- ----------- -----------
Acquisition related costs in the period comprise GBP1.5m of
contingent consideration treated as staff costs in respect of the
acquisitions of Charlton Insights Inc, Faster Horses Pty Limited
and YouGov Finance Limited (renamed from Lean App Limited) and
GBP0.2m of bonus-related costs in respect of LINK Marketing
Services AG.
Acquisition related costs in the prior period comprised GBP2.4m
of contingent consideration treated as staff costs in respect of
the acquisitions of Portent.io Limited, Charlton Insights Inc.,
Faster Horses Pty Limited and YouGov Finance Limited (renamed from
Lean App Limited) and GBP0.8m of transaction costs in respect of
the acquisitions of LINK Marketing Services AG and Rezonence
Limited.
5 TAXATION
Unaudited Unaudited Audited
6 months 6 months Year ended
to to
31 January 31 January 31 July
2023 2022 2022
GBPm GBPm GBPm
Current taxation charge 5.7 3.7 7.2
Deferred taxation (credit)/charge (0.7) (0.8) 0.6
----------- ----------- -----------
Total income statement tax charge 5.0 2.9 7.8
----------- ----------- -----------
The tax charge for the period has been calculated based on the
expected tax rates for the full year in each country.
6 EARNINGS PER SHARE
Unaudited Unaudited Audited
6 months 6 months Year ended
to to
31 January 31 January 31 July
Number of shares 2023 2022 2022
Weighted average number of shares
during the period: ('m shares)
- Basic 109.7 111.0 109.9
- Dilutive effect of share options 2.4 2.3 2.3
----------- ----------- -----------
- Diluted 112.1 113.3 112.2
----------- ----------- -----------
Basic earnings per share (in
pence) 14.7p 5.7p 15.7p
Adjusted basic earnings per share
(in pence) 19.2p 10.6p 23.7p
Diluted earnings per share (in
pence) 14.4p 5.6p 15.4p
Adjusted diluted earnings per
share (in pence) 18.8p 10.4p 23.2p
----------- ----------- -----------
The adjustments have the following
effect:
Basic earnings per share 14.7p 5.7p 15.7p
Share-based payments 3.4p 2.5p 2.6p
Social taxes on share-based payments 0.1p 0.2p -
Imputed interest - - 0.1p
Separately reported items 1.6p 2.8p 5.7p
Tax effect of the above adjustments
and adjusting tax items (0.6p) (0.6p) (0.4p)
----------- ----------- -----------
Adjusted basic earnings per
share 19.2p 10.6p 23.7p
----------- ----------- -----------
Diluted earnings per share 14.4p 5.6p 15.4p
Share-based payments 3.4p 2.5p 2.5p
Social taxes on share-based payments 0.1p 0.2p -
Imputed interest - - 0.1p
Separately reported items 1.5p 2.8p 5.6p
Tax effect of the above adjustments
and adjusting tax items (0.6p) (0.7p) (0.4p)
----------- ----------- -----------
Adjusted diluted earnings per
share 18.8p 10.4p 23.2p
----------- ----------- -----------
7 DIVID
On 8 December 2022 a final dividend in respect of the year ended
31 July 2022 of GBP7.7m (7.0p per share) (2021: GBP6.7m (6.0p per
share)) was paid to shareholders. No interim dividend is proposed
in respect of the period (2022: GBPnil).
8 GOODWILL, INTANGIBLE ASSETS, PROPERTY, PLANT AND EQUIPMENT AND RIGHT OF USE ASSETS
Other Property, Right
Intangible plant and of use
Goodwill assets equipment assets
GBPm GBPm GBPm GBPm
Carrying amount at 31 July
2021 60.5 29.2 3.2 12.1
Additions:
Through business combinations 14.3 10.4 1.0 0.8
Separately acquired - 4.8 0.6 -
Internally developed - 3.4 - -
Amortisation and depreciation - (9.3) (0.8) (0.8)
Exchange differences 0.3 - - 0.3
Carrying amount at 31 January
2022 75.1 38.5 4.0 12.4
Additions:
Through business combinations 4.2 - 0.5 0.7
Separately acquired - 2.1 0.4 -
Internally developed - 6.8 - -
Amortisation and depreciation - (11.1) (0.9) (2.4)
Exchange differences 1.1 1.7 0.2 0.6
Carrying amount at 31 July
2022 80.4 38.0 4.2 11.3
Additions:
Separately acquired - 5.7 0.6 0.5
Internally developed - 3.5 - -
Amortisation and depreciation - (10.8) (0.8) (1.4)
Fair value updates to LINK
(see below) 2.7 (2.9) - -
Exchange differences 0.6 0.2 - -
Carrying amount at 31 January
2023 83.7 33.7 4.0 10.4
--------- ------------ ----------- --------
The following fair value adjustments for the LINK opening
balance sheet have been made: GBP0.2m working capital adjustment to
the purchase price and GBP2.9m reclassification from Customer
Relationship Intangible to Goodwill.
In accordance with the Group's accounting policy, the carrying
values of goodwill and other intangible assets are reviewed for
impairment annually. A full impairment test was undertaken as at 30
April 2022 with no impairment. There are no indications of
impairment.
9 SHARE CAPITAL
Number
of shares Share
capital
GBPm
At 31 January 2022 111,365,582 0.2
Issue of shares 91,181 -
At 31 July 2022 111,456,763 0.2
Issue of shares 11,842 -
------------ ----------
At 31 January 2023 111,468,605 0.2
------------ ----------
The Company has only one class of share. The par value of each
Ordinary Share is 0.2p (2022: 0.2p). All issued shares are
authorised and fully paid. Shares issued in the year were in
respect of the exercise of 11,842 share options at 0.2p per
share.
10 FAIR VALUES OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
Where market values are not available, fair values of financial
assets and financial liabilities have been calculated by
discounting expected future cash flows at prevailing interest rates
and by applying year end foreign exchange rates.
The book value of the Group's primary financial instruments are
equal to their fair values. The primary categories are Trade and
other receivables, Cash and cash equivalents and Trade and other
payables as shown in the Consolidated Statement of Financial
Position.
11 TRANSACTIONS WITH DIRECTORS AND OTHER RELATED PARTIES
Other than emoluments, there were no other transactions with
Directors during the period. Trading between YouGov plc and Group
companies is excluded from the related party note as this has been
eliminated on consolidation.
12 EVENTS AFTER THE REPORTING PERIOD
No material events have taken place subsequent to the reporting
date.
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END
IR LBLLLXXLXBBL
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March 21, 2023 03:00 ET (07:00 GMT)
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