YouGov - Strategy reaping rewards

YouGov’s strategy to focus on its scalable products and services is paying back handsomely in revenue growth and margin improvement. Margin is being further boosted by the reorientation of custom business to greater use of data already held in the Cube, the group’s multi-dimensional database. We have edged our FY18 and FY19 earnings forecasts up 4-7% to reflect the strong H1. The £21m of net cash (end January) is being used to fund continuing investment in panel, applications and new markets. It also supports a progressive dividend and allows for bolt-on acquisitions. The premium rating reflects the growth record and positive outlook.