YouGov hopeful of uplift in profits
LONDON - Online market research agency YouGov is expecting to improve its underlying profitability over the next year despite warning that market conditions will remain challenging until the end of 2009.
In a statement released this week ahead of its preliminary results announcement on October 12, YouGov claimed that its trading was in line with current market expectations.
The company said: "YouGov continues to have a strong balance sheet, is cash generative and remains well placed to support its strategic plans.
"Our new international Omnibus service is performing well. BrandIndex, the innovative syndicated tracker of brand reputation, continues to increase its subscriber base, including new major corporate customers in the USA, while its recent Middle Eastern launch has attracted wide interest across the region."
YouGov has recently been appointed to the Central Office of Information market research roster, allowing it to compete for a wider range of public sector research projects.
The company has also extended its political polling service to Germany.
YouGov flagged up a profits warning at the beginning of February this year, causing its share price to fall by around half to 35p.
It later reported that its pre-tax profits had slumped from £3m to £363,000 for the six months to January 31.
The company's shares have been trading just above the 50p level since the trading update, compared to a low of 29.75p in early March.
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