YouGov, the online market research company, has seen its pre-tax profit drop by 54% in the six months to January 31, and admits the outlook remains uncertain.
It saw normalised profit before tax fall to £2.4m, compared to £5.2m in the corresponding 2008 period. Group turnover was up 20% to £22.6m, compared to £18.8m in the same 2008 period.
Underlying organic growth for the period was 4%, with the UK growing revenues by 5%.
YouGov chief executive, Nadhim Zahawi, says: “As we have previously indicated, trading conditions became more challenging towards the end
of the first half year due to the economic climate, and this, coupled with an expanded cost base, resulted in a disappointing performance.”
He adds, however, that it has taken “firm action” to address the decline in
profitability by “reducing operating costs and terminating some activities”.
He says the group with continue to invest selectively in innovative online research services and products.
Since 2007, YouGov has made a number of acquisitions around the world, including German research company Psychonomics and US polling group, Polimetrix.