YouGov - Sustained momentum

YouGov’s H122 results show impressive underlying revenue growth of 25%, led by strong progress in Data Products and Custom Research, with the United States and Europe the best-performing regions. Sales momentum has continued in H222 and FY22 results are expected to be slightly ahead of earlier guidance. We increase our revenue forecasts by £5m for FY22 and FY23, keeping our operating margin assumptions unchanged (raise in gross margin offset by higher costs). As with other high-growth stocks, the share price has retrenched over the year to date but the shares retain their premium rating, reflecting management’s ambitious growth aspirations.