14 October 2025

 

YouGov plc

 

("YouGov" or "the Group" or "the Company")

 

Results for the year ended 31 July 2025

 

-       Stable FY25 performance and margin improvement in line with expectations

-      Clear executional priorities in place to deliver SP3 and sustainable growth

 

YouGov, the international research and data analytics group, announces its results for the year ended 31 July 2025.

 

Summary of Results
	Year to 31 July 2025 £m	Year to 31 July 2024 £m	Change	Underlying Change¹
Revenue	388.9	335.3	16%	1%
Adjusted Operating Profit1	60.7	49.6	22%	26%
Adjusted Operating Profit Margin (%)1	16%	15%	100bps	-
Statutory Operating Profit	31.4	10.9	188%	-
Adjusted Profit before Tax1	48.8	45.0	8%	-
Statutory Profit before Tax	18.1	4.0	353%	-
Adjusted Basic Earnings per Share1	31.7p	29.4p	8%	-
Statutory Basic Earnings per Share	11.5p	(2.0p)	N.A.	-
Operating cash generation	63.3	53.9	17%	-
Net debt1	144.0	148.2	(3%)	-
Dividend per Share	9.25p	9.0p	3%	-

 

¹ Defined in the explanation of non-IFRS measures below.

 

Financial highlights

●	Strong revenue growth of 16% (FY24: 30%) on a reported basis to £388.9m, reflecting the full year impact of YouGov Shopper (formerly CPS). Underlying1 revenue growth of 1% (FY24: 3%) as we stabilised the business during a period of organisational change and leadership transition.
●	Adjusted operating profit up 22%, slightly ahead of market expectations, with underlying1 growth of 26% as the benefits of the cost optimisation plan are realised.
●	Adjusted operating profit margin improved to 16% (FY24: 15%).
●	Adjusted earnings per share up 8%, at 31.7p.
●	Robust balance sheet position maintained with cash at period end of £54.8m (31 July 2024: £73.6m) and leverage ratio1 of 1.7x net debt to EBITDA.

 

Operational highlights

●	Data products division recovery - Delivered product improvements and renewed sales focus, driving the division's return to growth through normalising renewal rates and multiple client wins; made strategic hires in data science to drive further product enhancements and maximise the value of YouGov's panel and rich datasets.
●	Sales initiative - Established dedicated product specialist team to support new business wins and improve renewal rates, while redesigning incentive structures for FY26 to prioritise high-margin subscription products.
●	YouGov Shopper progress - Made substantial advancement on growth initiatives and integration including:
	○	Launch of passive, receipt-based panels in the Nordics, delivering initial commercial success.
	○	Developed a new marketing activation product covering key European markets.
	○	Substantially completed the integration of support functions into YouGov.
●	Research division performance - Achieved modest growth, with strong US market performance offsetting weakness in EMEA region.
●	Cost optimisation execution - Realised 70% of £20 million annualised cost savings as part of optimisation plan, in line with expectations, creating headroom for strategic reinvestment in growth initiatives.
●	Operational stabilisation - Successfully completed leadership transition and organisational rebalancing, sharpening execution focus and positioning YouGov for sustainable growth and improved efficiency.

 

Current trading and outlook

●	We enter FY26 anchored in our ambition to become the universal infrastructure for trusted data sharing, and with clear executional priorities, particularly on panel and product innovation, to guide our transformation to drive sustainable growth.
●	Trading for the current financial year has begun in line with management expectations.
●	In the financial year ahead, the Group will be increasing investment in areas to improve YouGov's panel and technology.
	○	These strategic investments, focused on technology and data science, will enable YouGov to become a stronger, faster platform company, and drive medium-term growth.
●	Looking to the year ahead, the Group expects to deliver modest progress at both revenue and adjusted operating profit level, which includes the impact of the incremental investments outlined above.
●	The drivers that underpin our markets continue to present compelling growth opportunities for YouGov and we expect to achieve further progress in the year ahead.

 

 

Stephan Shakespeare, Chief Executive Officer, said:

 

"YouGov has delivered a stable performance with improved margins through the strength of our teams and our resilient business model.

 

"Our focus on execution and cost discipline has rebuilt momentum and the strategic steps we've implemented demonstrate our commitment to returning to sustainable, profitable growth.

 

"The Board remains confident that our strategy will achieve our ambition of becoming the world's leading provider of opinion data. We believe that the strategic investments we are making in panel, technology and data science will help us become a stronger, faster platform company.

 

"With our third strategic plan and clear executional priorities in place, we are well-positioned to drive long-term value creation for all stakeholders."

 

Analyst presentation

 

The management team will host a hybrid virtual and in-person investor and analyst presentation at 11.00am BST on 14 October 2025. To join the briefing virtually, please use the following access details:

 

https://brrmedia.news/YOU_FY25  

 

Please register approximately 10 minutes prior to the start of the call.

 

A copy of the presentation will be available online at https://corporate.yougov.com/investors/presentations/ shortly before the investor and analyst presentation begins. A recording of the presentation will also be available for playback after the event.

 

Forward looking statements

 

Certain statements in this full year report are forward looking. Although the Group believes that the expectations reflected in these forward-looking statements are reasonable, we can give no assurance that these expectations will prove to have been correct. As these statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by these forward-looking statements.

 

We undertake no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise.

 

Enquiries

 

YouGov plc Stephan Shakespeare, CEO Alex McIntosh, CFO Hannah Jethwani, Head of Corporate Strategy & Investor Relations	020 7012 6000
FTI Consulting Charles Palmer / Dwight Burden / Valerija Cymbal / Jemima Gurney	020 3727 1000
J.P. Morgan Cazenove (NOMAD and Joint Broker) Bill Hutchings / James Summer	020 7742 4000
Berenberg (Joint Broker) Mark Whitmore / Richard Andrews / Smruthya Ganeshram	020 3207 7800
Morgan Stanley & Co. International plc (Joint Broker) Andrew Foster / Josh Williams	020 7425 8000

 

 

About YouGov

YouGov is a global research data and analytics group. Our mission is to offer unparalleled insight into what the world really thinks and does. With operations in the US, the Americas, Europe, the Middle East, India and Asia Pacific, we have one of the world's largest research networks.

 

Above all, YouGov is powered by reality. That stems from a unique panel of millions of registered members across 63 markets, encapsulating some 18 million shopping trips and millions of interconnected data points. Our unique approach to recruiting and engaging with our panel, combined with our state-of-the-art technology platforms, enables us to deliver real-world, real-time insights that lead to better decision-making and a competitive advantage for our clients.

 

As innovators and pioneers of online market research, we have a strong reputation as a trusted source of accurate data and insights. Testament to this, YouGov data is regularly referenced by the global press, and we are consistently one of the most quoted market research sources in the world.

 

YouGov /Research Reality

For further information, visit business.yougov.com

 

 

Chair's Statement

 

My first six months as Chair of the YouGov Board of Directors have been a period of change and renewed focus for YouGov, as we continue to look towards our long-term strategic growth plan, SP3. I stepped into the role of Chair in February 2025 and have been honoured to lead the Board through this period, enabling me to continue to build my strong relationship with Stephan Shakespeare - resuming his role of CEO on an interim basis - and maintain the Board's oversight and scrutiny of strategy and growth plans. My priority remains to foster collaboration between executive leadership and the Board and ensure decisions create lasting value for all stakeholders as we execute SP3.

 

Last year, in his capacity as Chair, Stephan noted persistent uncertainties both in our industry and further afield, which have become no less challenging through FY25. While the industry continues to see challenges with panel quality, we aim to remain the gold standard for high-quality data though continued investment and improvements in our panel. Our programme to integrate GfK's Consumer Panel Services ("CPS"), acquired in January 2024 and since re-branded YouGov Shopper ("Shopper"), has progressed well as we continue to develop and explore the capabilities of our enlarged Group. We have invested in systems consolidations and improvements to support our 3,000+ workforce, with a new engagement survey offering valuable insights to enhance our employee value proposition.

 

SP3 - driving our third strategic growth plan (SP3)

 

Our vision is for YouGov to be the world's leading provider of marketing and opinion data, which is articulated in SP3. In June 2025, the Board welcomed members of senior management, product owners and industry experts to join our annual strategy session. At this session, I chaired a deep dive into our refreshed SP3 plan, which centred on ensuring that the Board and leadership were aligned in their focus on renewed strategic clarity, involving the rollout of automation across our operations and investment in our strategic differentiators (public data, panel experience, data science and API/dashboards). From this session and many other such interactions over the last year, it is clear to us that YouGov's strategic differentiators will enable us to scale the business and make significant progress towards our SP3 plan.

 

In FY25, the Group delivered modest underlying revenue growth of 1%, largely driven by our Americas region. As previously disclosed, the Board supported management to take significant cost action in the year which has generated annualised cost savings of £20m, of which 70% was realised during FY25. The guiding principle was to right-size our organisation and better distribute our resources in strategically-focussed areas to maximise our capacity and efficiency and invest in the right areas to return to growth. These cost actions and targeted investment, together with successful integration of Shopper, mean that we end the year in a better position to execute on SP3.

 

YouGov continues to maintain a progressive dividend policy and, in line with this, the Board is pleased to recommend a dividend of 9.25p per share payable on 9 December 2025 to shareholders on the register as at 28 November 2025. This will be tabled for shareholder approval at our Annual General Meeting ("AGM") on 4 December 2025.

 

Governance and Board composition

 

In February 2025, the Board and Steve Hatch mutually agreed to Steve's stepping down from his position as Chief Executive Officer (CEO) and Stephan was appointed as CEO on an interim basis to drive execution of our strategic plan. While Stephan's position is intended to be transitional, the Board has not set a fixed term on Stephan's appointment as CEO. We expect that Stephan will remain in post as CEO through FY26 and his priority is to ensure continued strategic progress. To that end, we will make further updates on the succession planning for our next CEO appointment in due course.

 

On behalf of the full Board, I thank Steve for his leadership during a challenging period for the Company and through the completion of the Shopper acquisition and oversight of the integration programme.

 

Following Stephan's return to the CEO role, he has taken steps to continue to strengthen the senior management team in both functional and regional leadership, with the appointment of a new Chief Product Officer, creation of a Chief Data Officer role, and the addition of regional CEOs of Europe, Asia Pacific, DACH, UK and Americas to the Steering Team¹ of senior executives.

 

In March 2025, our Senior Independent Director (SID), Nick Prettejohn, stepped down from the Board of Directors in an effort to rebalance his portfolio of responsibilities. We are grateful for Nick's outstanding contribution to our Board and wish him well for the future.

 

We have had great success in our search for additional Boardroom talent with the appointment of our two new non-executive directors, Belinda Richards (appointed SID) and Ian Griffiths, as announced on 5 September 2025. I am delighted to welcome Belinda and Ian to the Board and am pleased to offer my support as they work through their inductions to our business. I am confident that we have a strong and balanced Board of Directors to support our growth and strategic ambitions in the next phase of our journey.

 

Environmental, social and governance ("ESG")

 

YouGov's business is underpinned by an ethos of transparency and trust and a desire to give the world a voice. Sustainability and ESG factors run through our business model and values, and the Board sees ESG as key to a successful strategy for the business. The aim of our ESG strategy is to champion sustainable, ethical and responsible business practices in every aspect of our operations, to safeguard YouGov's reputation and culture, return social value to our communities, and contribute to sustainable growth. Our ESG Report, included in our Annual Report, outlines key developments and highlights our environmental, social and governance objectives, and I am pleased to report here on certain ESG highlights.

 

Key to our governance and sustainability principles is our commitment to opinion neutrality. Our clients must be able to trust our research and editorial insights are accurate, and panel members must be able to trust that we will reflect the full range of public opinion. Since the launch of our updated employee-facing Neutrality Policy last year, a module on our neutrality principles is part of everyone's mandatory training at YouGov.

 

YouGov is committed to meaningful climate action and has aligned its sustainability strategy with the Science Based Targets initiative (SBTi). We have maintained our strong ESG-related ratings from Sustainalytics and MSCI and once again have been recognised at the Active level in the UN Global Compact, reflecting our commitment to corporate sustainability and responsible business practices.

 

Looking ahead and conclusion

 

On behalf of the Board, I want to give thanks to the executive leadership team for their focus on strategic progress and priorities. Above all I wish to extend our appreciation of the resilience of all our employees and their daily demonstration of the YouGov values - be fast, be fearless, get it right, trust and respect each other - which support our commitment to an inclusive and respectful culture. While FY26 will not be without its challenges - with headwinds in the macro environment and huge change in our industry - the Board and I remain resolute in our confidence that YouGov is in a strong position to execute on SP3. I believe we have the right strategy in place, with our robust business model driven by our unique and valuable panel asset, and this will enable us to deliver long-term value to our stakeholders and realise YouGov's vision to be the world's leading provider of marketing and opinion data.

 

Deborah Davis

Chair

13 October 2025

 

 

 

¹Steering Team is the executive leadership group comprising the Executive Directors (CEO and CFO), the functional leaders reporting into the CEO, and the Regional CEOs.

 

 

Chief Executive Officer's Statement

 

This year, I returned to the role of Founder & CEO, a role I held for over 10 years until July 2023. While much has changed since those early days, one thing has remained constant: our mission to deliver accurate, permissioned, and actionable data that helps decision-makers make informed choices. In today's complex and fast-moving environment, that mission is more relevant than ever.

 

I continue to believe, more strongly than ever, that YouGov can become the world's leading provider of opinion data. We have one of the most engaged and representative global panels, a vast and high-quality dataset and a strong team of researchers that deliver a superior client experience. As we begin to execute against our third strategic plan, SP3, I am confident in our ability to drive long-term value creation for all our stakeholders.

 

Following a period of leadership transition and internal change, our focus has been on stabilising the business, sharpening execution, and rebuilding momentum. While market conditions remained tough, and client budgets continued to come under pressure, we delivered a stable performance with improved margins, in line with market expectations, a testament to the resilience of our business model and the strength of our teams.

 

FY25: Refocus, rebuild, re-energise

 

At the start of the year, we took decisive steps across the business to deliver meaningful savings through our cost optimisation plan. This in turn created opportunity for reinvestment in areas that will support future margin expansion and longer-term growth. Our positive finish to FY25 was driven by a renewed focus on execution and sets us up well to simplify operations, improve efficiency, and position YouGov for sustainable growth going forward.

 

A key focus was rebuilding momentum in our core propositions, particularly in Data Products and YouGov Shopper (previously Consumer Panel Services).

 

In Data Products, we delivered tangible improvements and renewed our sales focus by:

 

●	Enhancing the user experience through continuous improvements to the user interface, adding AI-based features and making our platforms more intuitive for clients.
●	Commencing the process of building out a product specialist team tasked with improving renewal rates and accelerating new business wins.
●	Redesigning our sales incentive structure for FY26 to re-direct focus on our high-margin, subscription products.
●	Developing an AI-persona add-on leveraging Yabble's technology that uses the rich profiling data within YouGov Profiles. This feature is set to launch in the first half of the financial year.

 

Similarly, YouGov Shopper also continued to make good progress on its strategic growth initiatives:

 

●	Launched a passive receipt-based panels in the Nordics which has delivered initial commercial success.
●	Developed a new marketing activation product covering key European markets that allows clients to build and target purchase-based audience segmentation for digital campaigns.
●	Augmented the client delivery platforms with AI-enabled summarisation.
●	Continued expansion of proprietary consumer panels in select European markets to increase representativity and scale.
●	Substantially completed the integration of support functions into YouGov and exited the majority of Transition Services Agreements ("TSAs") during the year.

 

Looking ahead: FY26 and our third strategic growth plan (SP3)

 

As we look ahead to FY26 and beyond, we remain anchored by the same bold ambition, to become the universal infrastructure for trusted data sharing, and guided by our third strategic growth plan (SP3). First presented in May 2023, SP3 laid out the core tenets of our platform strategy: panel, data and technology. While execution against these priorities has been slower than initially planned, we remain firmly convinced that our strategy is the right one in this market environment, and we intend to execute it with speed and conviction going forward.

 

Underpinning this strategy, we have a clear set of four executional priorities that will guide our transformation and support our broader platform vision.

 

1.	Strengthen Our Panel
2.	Accelerate Product Innovation
3.	Improve Commercial Execution
4.	Build Operational Accountability

 

These are not standalone priorities. They are foundational capabilities and the building blocks of the platform we are creating to lead YouGov into its next chapter of growth.

 

1.	Panel Leadership

 

Our proprietary panel is the foundation of our differentiated business model. Ongoing investment in panel quality and engagement continues to drive our competitive edge. We are expanding our public data mission, enhancing the panellist experience, strengthening fraud prevention, and exploring new, cost-effective recruitment methods to grow and verify our panel at scale.

 

2.	Product Innovation

 

We are advancing a more connected and intelligent product ecosystem. By improving access to our data - such as through APIs - and enhancing our product suite with AI-powered features, we intend to embed YouGov more deeply into clients' workflows. Scaling the YouGov Ratings platform will further support both commercial and public data ambitions. Layering on a qualitative element to our existing quantitative data, analysed by AI, will provide greater insight into the "why" behind consumer opinion and behaviour. These strategic investments, focussed on technology and data science, will enable YouGov to become a stronger, faster platform company, and drive medium-term growth.

 

3.	Commercial Excellence

 

We are refining our go-to-market approach to align more closely with our core product strategy and improve execution. This includes clearer product positioning, greater automation at the start of the client journey, a focussed outreach sales strategy, and increased collaboration across markets to better serve multinational clients.

 

4.	Operational Accountability

 

We continue to strengthen our internal capabilities through increased automation, clearer decision-making structures, and enhanced governance. These initiatives are building a more efficient, agile, and performance-driven organisation.

 

These strategic priorities will continue to leverage the five strategic enablers that define our differentiation:

 

●	Fame - as the public voice of opinion and behaviour.
●	Best Panel - built on re-contactability, depth, and representativeness.
●	Best Data - connected, timely, and accurate.
●	Application - research design that informs decisions.
●	System - infrastructure that supports speed, quality, and growth.

 

Current trading and outlook

 

●	We enter FY26 anchored in our ambition to become the universal infrastructure for trusted data sharing, and with clear executional priorities, particularly on panel and product innovation, to guide our transformation to drive sustainable growth.
●	Trading for the current financial year has begun in line with management expectations.
●	In the financial year ahead, the Group will be increasing investment in areas to improve YouGov's panel and technology.
	○	These strategic investments, focused on technology and data science, will enable YouGov to become a stronger, faster platform company, and drive medium-term growth.
●	Looking to the year ahead, the Group expects to deliver modest progress at both revenue and adjusted operating profit level, which includes the impact of the incremental investments outlined above.
●	The drivers that underpin our markets continue to present compelling growth opportunities for YouGov and we expect to achieve further progress in the year ahead.

 

I want to personally thank all our employees for their resilience, commitment, and contributions during what has been a year of significant change. Your efforts have helped us deliver a performance in line with expectations and laid the groundwork for what comes next. Our culture of innovation, the camaraderie within our teams and our global panel continue to be our greatest strengths, and I am confident it will power our renewed focus and future growth, ultimately providing rewarding careers. I look forward to putting the business firmly back on track and delivering on our strategy with clarity and conviction.

 

Stephan Shakespeare

Chief Executive Officer

13 October 2025

 

 

Chief Finance Officer's Review

 

The Group delivered growth in line with market expectations for the 12 months to 31 July 2025, on a reported and underlying¹ basis. Following a period of transition and change, FY25 was the year we took action to stabilise the business and commence initiatives that will set our strategy back on course.

 

Group revenue was up 16% in reported terms to £388.9m during the period, largely due to the full-year contribution from the acquisition of the CPS business, now re-branded as YouGov Shopper. On an underlying¹ basis (excluding foreign exchange movements and contribution from acquisitions) revenue was up 1% (FY24: 3%). Performance across the regions was mixed, with flat revenue in UK and Mainland Europe (excluding the contribution from YouGov Shopper) offset by continued growth in the Americas, which recorded a 3% increase on an underlying¹ basis.

 

Gross margin increased to 82% (FY24: 81%), due to the full year contribution of YouGov Shopper and lower panel-related and data collection costs.

 

Group operating costs (excluding separately reported items) of £258.9m (FY24: £221.5m) increased by 17% in reported terms. Adjusted operating profit¹ was well ahead of the prior financial year at £60.7m (FY24: £49.6m), including a full-year contribution of YouGov Shopper, representing an adjusted operating margin of 16% (FY24: 15%). Underlying¹ operating profit increased by 26%, excluding the adverse impact of foreign exchange and M&A, as the benefits of the cost optimisation plan were realised. Additionally, the Group has commenced investment in the key strategic priorities, such as panel and product innovation as outlined in the CEO statement.  

 

The Group's results were impacted by the net appreciation of UK Sterling, as its average exchange rate was 5% higher against the US Dollar in this period against the prior period. Movement against the Euro was 2% lower compared to 31 July 2024. The net impact of foreign exchange on the Group's adjusted operating profit¹ was a decrease of £1.3m compared to the calculation in constant currency terms. 

 

Cost optimisation plan

 

Over the past year, we implemented the cost optimisation plan that was initiated at the end of FY24, following our strategic review of the business. This review helped us identify areas where we could streamline operations, reduce our cost base, and reallocate resources to support future growth. Key measures included scaling back in non-core regions, discontinuing underperforming products, and scaling back support functions. These actions allowed us to implement annualised savings of £20m, of which 70% was realised in FY25.

 

Performance by division

 

YouGov's lines of business fall into three divisions: Data Products, Shopper and Research.

 

Revenue	Year to 31 July 2025 £m	Year to 31 July 2024 £m	Revenue growth %	Underlying1 revenue change %
Data Products	83.9	83.8	0%	1%
Shopper	128.1	74.2	N.A.	N.A.
Research	176.9	177.7	(0%)	1%
Intra-Group revenues	0.0	(0.4)	N.A.	N.A.
Group	388.9	335.3	16%	1%

 

 

 

Adjusted Operating Profit1	Year to 31 July 2025 £m	Year to 31 July 2024 £m	Adjusted operating profit growth %	Adjusted operating margin %
				Year to 31 July 2025	Year to 31 July 2024
Data Products	25.8	27.4	(6%)	31%	33%
Shopper	27.2	19.7	38%	21%	27%
Research	19.5	19.8	(2%)	11%	11%
Central costs	(11.8)	(17.3)	(32%)	-	-
Group	60.7	49.6	22%	16%	15%

1 Defined in the explanation of non-IFRS measures below.

 

Data Products

 

Our subscription-based data products suite includes YouGov BrandIndex, YouGov Profiles and other behavioural products, such as YouGov Safe.

 

Revenue from Data Products was flat on a reported basis and recorded 1% growth in underlying¹ terms, reversing the decline seen in the prior year, owing to normalised renewal rates and new clients wins in the media agency and retail sectors. Over the past year, the business has prioritised investments in our Data Products to improve the user interface, add AI-enabled features and introduce a qualitative research add-on to YouGov BrandIndex.

 

Adjusted operating profit¹ from Data Products was £25.8m (FY24: £27.4m), resulting in a slight contraction in the adjusted operating margin¹ to 31% (FY24: 33%). This was due to the loss contribution from the Yabble acquisition of £3.3m.

 

Shopper

 

Our Shopper division provides household purchase data across 17 European countries.

 

In its first full year under YouGov ownership, Shopper contributed £128.1m of revenue and £27.2m in adjusted operating profit, representing a margin of 21%. This strong top-line performance is testament to the division's well-established client relationships and a robust product offering that is embedded in daily workflows.

 

The better-than-expected profitability is in part due to accelerated delivery to clients in July and a delayed start to investment in new growth initiatives. These investments, which are expected to accelerate top-line growth in the coming years, have commenced in Q4 FY25 and are expected to temporarily impact margins in FY26.

 

Research

 

Our Research division comprises our fast-turnaround research services, such as YouGov RealTime Omnibus, as well as customised research projects and multi-year tracking studies.

 

Revenue in the Research division remained stable on a reported basis, and delivered 1% underlying¹ growth to £176.9m. Good performance in the academic, technology and financial services sector was offset by lower spending from public sector and continued weakness in the gaming sector. On a regional basis, the Americas and Asia Pacific reported mid-single-digit growth on an underlying¹ basis, while EMEA remained weak.

 

The adjusted operating profit¹ was slightly lower than the prior year at £19.5m (FY24: £19.8m) and the margin remained stable at 11%, as the benefits of the cost optimisation plan were offset by lower revenue growth.

 

 

 

Performance by geography

YouGov's geographic footprint spans the UK, the Americas, Mainland Europe and Asia Pacific.

 

Revenue	Year to 31 July 2025 £m	Year to 31 July 2024 £m	Revenue growth %	Underlying1 revenue change %
UK	69.4	69.0	1%	0%
Americas	124.7	124.1	0%	3%
Mainland Europe2	185.3	132.0	40%	(0%)
Asia Pacific2	29.1	28.8	1%	2%
Intra-Group revenues	(19.6)	(18.6)	5%	5%
Group	388.9	335.3	16%	1%

 

 

Adjusted Operating Profit1	Year to 31 July 2025 £m	Year to 31 Jul 2024 £m	Adjusted operating profit growth %	Adjusted operating margin %
				Year to 31 July 2025	Year to 31 July 2024
UK	10.4	11.8	(12%)	15%	17%
Americas	29.8	28.5	5%	24%	23%
Mainland Europe2	32.1	22.7	41%	17%	17%
Asia Pacific2	(1.8)	(0.2)	-	-	-
Central items	(9.8)	(13.2)	-	-	-
Group	60.7	49.6	22%	16%	15%

1 Defined in the explanation of non-IFRS measures below.

2 2024 comparatives have been updated to reflect the re-grouping of Turkey, Middle East and India - previously disclosed in the EMEA region -  within Asia Pacific. EMEA has been re-named Mainland Europe reflecting the revised composition.

 

Panel development by geography

 

We continued to invest in our panel to ensure we are able to meet our clients' research needs and test newer, more cost-effective recruitment methods. As at 31 July 2025, the total number of registered panellists had increased by 12% to 32 million, compared to 29 million as at 31 July 2024, as set out in the table below.

 

Region	Panel size at 31 July 2025 millions	Panel size at 31 July 2024 millions	Change %
UK	3.2	3.1	3%
Americas	12.4	10.3	20%
Mainland Europe2	6.6	6.2	6%
Asia Pacific2	10.2	9.4	9%
Total	32.4	29.0	12%

2 2024 comparatives have been updated to reflect the re-grouping of Turkey, Middle East and India - previously disclosed in the EMEA region -  within Asia Pacific. EMEA has been re-named Mainland Europe reflecting the revised composition.

 

 

 

 

Group financial performance

 

Separately reported items

 

The Group's statutory operating profit increased to £31.4m (FY24: £10.9m), after charging separately reported items of £29.3m (FY24: £38.7m). Of the total separately reported items, re-organisation and integration costs comprise £9.8m (FY24: £9.1m), primarily related to Shopper's system alignment, re-branding, and harmonisation of policies and procedures. The integration commenced in January 2024 and was substantially completed by 31 July 2025. Additionally, amortisation of acquired customer relationship and order backlog assets amounted to £15.8m (FY24: £9.9m). See Note 3 for further details.

 

Amortisation of intangible assets

 

In the 12 months to 31 July 2025, amortisation charges for intangible assets of £36.3m were £5.3m higher than the previous year, largely due to amortisation of acquired customer relationship and order backlog assets linked to the Shopper acquisition. Amortisation of our panel assets increased by £0.4m to £12.5m, as lower amortisation of the YouGov research panel was offset by the full year impact of the Shopper panel amortisation. Amortisation of software development decreased by £0.7m to £7.9m, of which £5.8m (FY24: £6.1m) related to assets created through the Group's own internal development activities, £0.5m (FY24: £1.4m) related to separately acquired assets and £1.6m (FY24: £0.5m) was for amortisation on assets acquired through business combinations.

 

Finance Costs

 

Group net finance costs increased to £13.3m (FY24: £6.9m), largely due to the full-year impact of interest on borrowing. Interest payable on our debt facilities amounted to £11.4m for the 12 months ended 31 July 2025. Total finance income during the same period was £0.6m, largely due to interest received on bank deposits.

 

Profit before tax and earnings per share

 

Adjusted profit before tax¹ of £48.8m grew 8% versus the prior year, below the adjusted operating profit growth, largely due to aforementioned net finance costs. The adjusted tax rate¹ increased slightly from 24% in FY24 to 25% in the period. Statutory profit before tax was £18.1m, compared to £4.0m in the year ended 31 July 2024, over a four-fold increase, after accounting for separately reported costs of £29.3m.

 

During the period, adjusted basic earnings per share grew from 29.4p to 31.7p, and statutory basic earnings per share grew from (2.0p) to 11.5p.

 

	31 July	31 July
	2025	2024
	£m	£m
Adjusted operating profit1	60.7	49.6
Share-based payments	1.2	2.7
Imputed interest	0.4	0.4
Net finance expense	(13.3)	(6.9)
Adjusted profit before tax1	48.8	45.0
Adjusted taxation1	(12.0)	(10.7)
Adjusted profit after tax1	36.8	34.3
Adjusted earnings per share (Pence)1	31.7p	29.4p

 

Cash flow and capital expenditure

 

The Group generated £63.3m (FY24: £53.9m) in cash from operations (before paying interest and tax) including a £11.6m outflow (FY24: £9.4m inflow) from net working capital, due to an increase in trade receivables and a decrease in provisions. The cash conversion rate (percentage of adjusted EBITDA¹ converted to cash) remained stable at 71% of adjusted EBITDA¹. Taxation payments for the year totalled £6.1m (FY24: £9.6m).

 

The Group invested £6.1m (FY24: £4.2m) in the continuing development of our technology platform internally and £0.2m (FY24: £1.9m) was invested on separately acquired software tools. Investment in panel recruitment was slightly below the prior year at £10.1m (FY24: £11.2m), of which £2.1m was in relation to the inclusion of CPS. In addition, £1.1m (FY24: £2.0m) was spent on the purchase of property, plant and equipment, resulting in a total investment in fixed assets of £17.5m (FY24: £19.3m).

 

Total expenditure on intangible assets and property, plant and equipment is shown below:

 

	31 July	31 July
	2025	2024
	£m	£m
Software development	6.3	6.1
Panel recruitment	10.1	11.2
Total expenditure on intangible assets	16.4	17.3
Purchase of property, plant and equipment	1.1	2.0
Total capital expenditure	17.5	19.3

 

Other cash outflows for investing activities included £3.2m paid during the year in respect of acquisitions.   

 

Net outflow from financing activities is after deducting the dividend payment of £10.6m (FY24: £10.1m) and the repayment of bank loans of £26.8m (net of drawdown on the revolving credit facility). As a result, net cash balances at the year-end decreased by £18.8m to £54.8m.

 

Balance sheet

 

As at 31 July 2025, total shareholders' funds increased from £183.2m to £191.1m.

 

In FY24, the Group entered into a €280m debt facility to fund the acquisition of YouGov Shopper. This facility comprised a €40m Revolving Credit Facility ("RCF") and a €240m amortising term loan with a tenor of four years ("Term Loan"). As of 31 July 2025, €204m (£176.2m) of the amortising term loan remains drawn and €24.0m (£20.8m) was drawn on the RCF. Non-current liabilities decreased from £231.8m to £194.7m.

 

Following the end of the financial year, the Group entered into a modification to its Term Loan which amended the repayment terms. This modification changed the annual capital repayments to €20m per annum and the balance on termination of the Term Loan in September 2027. There were no changes to interest rates or the final payment date and the Company remained well within the loan covenants during the year.

 

Net current liabilities increased from £45.7m to £77.4m. Current assets decreased from £149.0m to £137.1m, mainly due to the lower cash balance following the first repayment under the Term Loan. Current liabilities increased from £194.7m to £214.5m, mainly due to an increase of £15.4m in short-term borrowings and an £8.2m increase in current tax liability.

 

The Group's liquidity position remains strong with £54.8m in cash on the balance sheet and £13.8m (€16.0m) of the RCF available for drawdown. The Group's net debt as at 31 July 2025 was £144.0m and, excluding the impact of IFRS 16, the Group's leverage ratio¹ as of 31 July 2025 was 1.7x. 

 

Alex McIntosh

Chief Finance Officer

13 October 2025

 

1 Defined in the explanation of non-IFRS measures below.

 

Explanation of Non-IFRS Measures

 

Financial measure	How we define it	Why we use it
Separately reported items	The items considered as separately reportable are acquisition-related costs, re-organisation and integration costs, amortisation of acquired customer list and order backlog intangibles, impairment of assets and other material non-recurring items.	Provides a more comparable basis to assess the year-to-year operational business performance
Adjusted operating profit	Operating profit excluding separately reported items
Adjusted operating profit margin	Adjusted operating profit expressed as a percentage of revenue
Adjusted EBITDA	Adjusted operating profit before depreciation and amortisation
Adjusted profit before tax	Profit before tax before share-based payment charges, social taxes on share-based payments, imputed interest and separately reported items
Underlying growth	Growth in business excluding impact of current and prior period acquisitions, and movement in exchange rates (i.e. current year performance calculated with exchange rates held constant at prior year rates).
Adjusted taxation	Taxation due on the adjusted profit before tax, thus excluding the tax effect of exceptional items	Provides a more comparable basis to assess the underlying tax rate
Adjusted tax rate	Adjusted taxation expressed as a percentage of adjusted profit before tax
Adjusted profit after tax	Adjusted profit before tax less adjusted taxation	Facilitates performance evaluation, individually and relative to other companies
Adjusted profit after tax attributable to owners of the parent	Adjusted profit after tax less profit attributable to non-controlling interests
Adjusted basic earnings per share	Adjusted profit after tax attributable to owners of the parent divided by the weighted average number of shares. Adjusted diluted earnings per share includes the impact of dilutive share options
Cash conversion	The ratio of cash generated from operations to adjusted EBITDA	Indicates the extent to which the business generates cash from adjusted operating profits
Net debt	Short and long-term borrowings (excluding lease liabilities and including pension defined benefit net deficit) less cash and cash equivalents.	Provides an insight into the debt position of the Group, taking into account current cash resources.
Leverage ratio	Net debt calculated as a multiple of the last 12 months EBITDA as defined in the Term Loan agreement.

 

 

 

 

Reconciliation of Non-IFRS Measures

Revenue reconciliation	Year to 31 July 2025 £m	Year to 31 July 2024 £m	Change %
Revenue	388.9	335.3	16%
FX impact	-	(5.2)	-
Acquisitions	(130.6)	(74.9)	-
Underlying revenue	258.3	255.2	1%

 

Operating Profit reconciliation	Year to 31 July 2025 £m	Year to 31 July 2024 £m	Change %
Statutory Operating Profit	31.4	10.9	188%
Separately reported items	29.3	38.7	(24%)
Adjusted Operating Profit	60.7	49.6	22%
FX impact	-	(1.3)	-
Acquisitions	(25.2)	(20.1)	25%
Underlying1 operating profit	35.5	28.2	26%

 

Adjusted EBITDA reconciliation	Year to 31 July 2025 £m	Year to 31 July 2024 £m	Change %
Adjusted Operating Profit	60.7	49.6	22%
Depreciation	7.4	5.7	30%
Amortisation2	20.5	21.1	(3%)
Adjusted EBITDA	88.6	76.4	16%

 

1 Defined in the explanation of non-IFRS measures above.

2 Excluding amortisation of acquired customer list and order backlog intangibles accounted for in separately reported items.

 

 

Publication of Non-Statutory Accounts

 

The financial information set out in this document does not constitute the Group's statutory accounts for the years ended 31 July 2025 or 2024 but is derived from those accounts. Statutory accounts for 2024 have been delivered to the registrar of companies. The auditors have reported on those accounts; their reports were (i) unqualified, and (ii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. Statutory accounts for 2025 will be delivered to the registrar of companies in due course. The auditors have reported on those accounts; their reports were (i) unqualified, and (ii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

 

The financial statements for the year ended 31 July 2025 (including the comparatives for the year ended 31 July 2024) were approved and authorised for issue by the Board of Directors on 13 October 2025. This results announcement for the year ended 31 July 2025 was also approved by the Board on 13 October 2025.