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LONDON – YouGov, the only major polling company to predict a hung parliament in June’s snap election, reported a 21% jump in profits for the year ending July 2017.
YouGov reported a jump in total sales of over a fifth compared to last year, to £107 million, or a rise of 9% in constant currency.
Meanwhile, profit before tax was up 43% to £7.9 million. The group’s newer Data Products and Services products performed particularly well, with revenue up 37%.
“This is the third consecutive year in which YouGov has delivered growth significantly above the market, both in revenue and profit,” said Chief Executive Stephan Shakespeare.
“Our systematic approach to market research which combines our syndicated data with new proprietary analytic methodologies to deliver greater granularity and accuracy, points to an exiting future,” he said.
In May, YouGov predicted Prime Minister Theresa May was on track to lose her majority in parliament, and that Labour could gain almost 30 seats. This unexpected result, the poll said, would cause a “hung parliament,” with no party having overall control and leading to a coalition government.
Although the group said Brexit continued to create uncertainty, the weakness of the pound against the dollar bolstered the year’s sales, since the US was the biggest market and generated almost 40% of sales.
The diversification of YouGov’s services from traditional market research to include newer, subscription-based Data Products and Services – such as brand intelligence tracker YouGov BrandIndex and audience planning product YouGov Profiles – proved especially successful: bolstered by a strong growth in sales, these products accounted for almost half (44%) of the group’s total sales for the year.
The group’s organic growth rate was “once again well above that of the global research market.” Shakespeare said such strong trading was in line with expectations, and that the group expected continued growth going forward.
YouGov’s shares were up 2.56% as of 08:46 BST (03:46 EST) on Monday morning, at an all-time high: