YouGov - Custom tracking driving growth

YouGov’s trading update for H122 describes continuing good growth, notably in custom tracking and data products, indicating full-year results ‘slightly’ ahead of management expectations. Our revenue forecasts were at the low end of the range and, also adjusting for December’s acquisition of LINK, we lift our FY22e number by 14% while moderating our margin assumption from 17.9% to 17.0% to reflect additional investment to drive future growth. We expect a good uplift in revenue to £250m for FY23, with operating margin improving to 19.0%. The reorientation of the sales effort to focus on larger, strategic clients underpins management’s ambitious growth aspirations, reflected in the premium rating.