YouGov mulls options for Shopper business amid weak profit and outlook

YouGov PLC on Tuesday delivered an in-line top-line performance in its first half, but profit and guidance fell short of hopes, while it also launched a review of its Shopper business.

In response, shares in the London-based research and analytics firm fell 9.0% to 158.40 pence each in London on Tuesday, but rallied after earlier touching as low as 135.40p.

YouGov said pretax profit rose 3.6% to £8.6 million in the six months to January from £8.3 million the year prior.

On an adjusted basis, however, pretax profit slumped 30% to to £16.8 million from £24.1 million.

Adjusted operating profit declined 20% to £24.0 million from £30.1 million, below JPMorgan’s £28 million forecast and Panmure Liberum’s £30.9 million projection.

Revenue increased 1.6% to £194.8 million from £191.7 million, or by 1% on an underlying basis.

YouGov said this was in line with expectations, representing a resilient performance driven by sustained demand in the Research division.

YouGov said it has commenced a strategic review of the Shopper division to ‘unlock long-term shareholder value.’

The firm believes that its ‘underlying value and long?term potential is not fully reflected in the company’s market valuation.’

YouGov said it was looking at a range of options for the division, including a possible sale or combination of its data assets.

The company completed the €315 million acquisition of GfK’s Consumer Panel Services business in January 2024.

Adjusted operating profit in the division slumped to £6.8 million in the half-year from £13.9 million the year prior, impacted by additional investments to ‘drive future growth and maintain competitiveness.’

YouGov said the incremental impact of these investments for the full-year is expected to be £6 million.

As a result, YouGov expects full-year adjusted operating profit to be between £52 million to £56 million, compared to £60.7 million in the financial year to July 2025, and below £60 million consensus.

YouGov said it expects to launch a share buyback programme in place of the annual dividend, noting the the ‘dislocation between our confidence in YouGov’s intrinsic value and the current market valuation.’

Any buyback will start ‘later this year’, once a loan refinancing has been completed.

Looking ahead, YouGov said revenue momentum remains positive, and in line with expectations, with 80% of full-year expectations ‘contractually secured’.

Along with the review of the Shopper division, YouGov said it has started a ’Value Delivery Plan’ which comprises three waves.

Wave?1 is expected to contribute £2.5 million to financial 2027 profitability, with Wave 2 set to generate ‘greater’ benefits, commencing in financial 2027.

Wave?3 is expected to deliver a margin profile aligned with an AI?led data business, marking a step?change from the firm’s historical margin structure.

Further, YouGov said it has started a search for a new chief executive to ensure a smooth succession and transition process.

Co-founder Stephan Shakespeare returned as interim CEO in February 2025 after Steve Hatch stepped down.

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