TIDMYOU
RNS Number : 1051T
YouGov PLC
23 March 2021
23 March 2021
YouGov plc
("YouGov" or the "Group")
Half-year results for the six months to 31 January 2021
-Robust underlying revenue and profit growth in line with
expectations
-Reported results impacted by one-off items
-Continued i nvestment in the business for further growth
supported by a strong balance sheet
-Trading in the second half has started well on the back of a
strong sales pipeline
Summary of Results
Unaudited Unaudited Underlying
six months six months Change Change(2)
to to
31 January 31 January % %
2021 2020
GBPm GBPm
------------ ------------ -------- -----------
Revenue 79.0 76.9 3% 9%
------------ ------------ -------- -----------
Adjusted Operating Profit(1) 10.5 11.3 (7%) 15%
------------ ------------ -------- -----------
Adjusted Operating Profit
Margin (%)(1) 13.3% 14.8% (9.9%) 5%
------------ ------------ -------- -----------
Statutory Operating Profit 7.4 9.5 (22%) -
------------ ------------ -------- -----------
Adjusted Profit before Tax(1) 13.6 12.1 13% 37%
------------ ------------ -------- -----------
Statutory Profit before Tax 7.8 9.2 (15%) -
------------ ------------ -------- -----------
Adjusted Earnings per Share(1) 9.7p 8.7p 11% 44%
------------ ------------ -------- -----------
Statutory Basic Earnings per
Share 4.8p 6.2p (24%) -
------------ ------------ -------- -----------
1 Defined in the explanation of non-IFRS measures below.
2 Defined as growth in business excluding impact of current and
prior period acquisitions and Kurdistan business closure, and
movement in exchange rates.
Financial highlights
* Revenue growth of 3% with underlying(2) growth of 9%
to GBP79.0m and a solid sales pipeline weighted
towards the second half of the financial year
* Statutory operating profit down 22% to GBP7.4m (HY20:
GBP9.5m) impacted by an increase in deferred
consideration on the back of better than expected
performance of prior acquisitions
* Underlying(2) operating profit (excluding impact of
planned Kurdistan closure and foreign exchange
movements) was up by 15%, representing an
underlying(2) operating profit margin of 14.2% (HY20:
13.5%). This growth was achieved despite absorbing an
increased non-cash share-based payment charge of
GBP2.5m (HY20: GBP0.9m)
* Adjusted profit before tax(1) (excluding exceptional
costs and share-based payment charge) up by 13% to
GBP13.6m (HY20: GBP12.1m)
* Adjusted earnings per share(1) up by 11% to 9.7p
(HY20: 8.7p)
* Strong cash conversion of 92% (HY20: 93%)
* Robust balance sheet position maintained with net
cash at half year end of GBP27.5m (31 January 2020:
GBP27.2m) and no debt
Operational highlights
* Data Products revenue increased by 6% (8% from
underlying(2) business) to GBP26.5m
* Data Services revenue increased by 19% (18% from
underlying(2) business) to GBP21.8m, driven by strong
demand for more tactical, fast turnaround projects
* Custom Research revenue decreased by 11% (2% growth
from underlying(2) business) to GBP30.1m, due to the
planned closure of the Kurdistan operations
* Both Data Products and Custom Research have seen
positive sales momentum with larger, more strategic
projects coming th rough towards the end of the 2020
calendar year and in early 2021
* Mainland Europe delivered solid growth on the back of
large contract wins, while the US and UK saw more
moderate performance
* Further investment in panel recruitment of GBP6.1m
(HY20: GBP4.2m) due to the continued global expansion
into 15 new markets across Europe, South America, the
Middle East and North Africa as well as higher
recruitment in the US panel ahead of the presidential
election
* Expanded YouGov Direct, a unique platform that offers
rapid, self-serve research, to two new markets and
completed its integration with YouGov Chat, a curated
messaging platform
* Developed YouGov Safe, a new product enabling users
to securely generate value from their personal data
* Completed the acquisition of Wizsight, a Turkish
online-focussed research agency, allowing YouGov to
establish operations in this growth market
Post-period highlights
* Acquisition of Canadian sports research firm Charlton
Insights, expanding the Group's sports presence in
North America
* Significant new contract wins with a major
multinational media agency and a US-based game
developer
Current trading and outlook
* The second half has started well, with a strong sales
pipeline for the remainder of the financial year to
31 July 2021
* Current trading is in line with Board expectations
for the full year
* Given the strength of our business model, strong cash
balances and no debt, we will continue with
investment in our strategic initiatives, technology
and panels
Stephan Shakespeare, Chief Executive, said:
"We are extremely pleased with our performance in H1 as we
continued to deliver against our strategy and demonstrate our
resilience. During the period, our focus remained on providing
connected data solutions, valuable opinions and consumer insights
to our clients across the globe. We continue to innovate to better
serve our clients and their changing needs. We have expanded our
YouGov Direct offering, integrated it with YouGov Chat and YouGov
Safe, and further expanded our panels to 15 more countries.
"We have entered the second half with confidence buoyed by
growing new and existing client demand for our syndicated Data
Products augmented by long-term custom trackers. The second half
has started well and current trading is in line with Board
expectations for the full year".
Analyst presentation
A copy of the slides and a pre-recorded management presentation
will be available online at
https://corporate.yougov.com/investors/presentations/ shortly after
the half-year results announcement is live on the Regulatory News
Service (RNS).
Forward looking statements
Certain statements in this interim 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 / Alex McIntosh / Hannah
Jethwani 020 7012 6000
FTI Consulting
Charles Palmer / Elena Kalinskaya / Debbie
Oluwaseyi Sonaike 020 3727 1000
Numis Securities Limited (NOMAD and Joint
broker)
Nick Westlake / Matt Lewis / Hugo Rubinstein 020 7260 1000
Berenberg (Joint Broker)
Mark Whitmore / Alix Mecklenburg-Solodkoff 020 3207 7800
Chief Executive Officer's Review
We are pleased to report another resilient set of results which
clearly demonstrate our continued ability to execute against our
stated strategy and relevance of our business proposition. In the
period, YouGov delivered strong underlying revenue growth
materially ahead of the market(1) . This performance was driven by
both a resurgence in demand for more tactical, fast-turnaround
projects during the period and a recovery in Mainland Europe
following unification of our European teams and large contracts
wins in the prior year. A shift in focus from a product-centric to
a client-centric account management structure in the US and UK led
to some temporary disruption at the start of the period. However,
with the transition now complete, the new account management
structure showed early signs of success, with our teams having
secured larger and more strategic project wins towards the end of
2020, underpinning our confidence for the future. While adjusted
and statutory profitability was impacted by the planned closure of
the Kurdistan business, underlying(2) operating profit margin
continued to improve.
1 According to the ESOMAR Global Market Research Report
published in September 2020, global research market turnover grew
by 3.9% in 2019 (adjusted for inflation).
2 Defined as growth in business excluding impact of current and
prior period acquisitions and Kurdistan business closure, and
movement in exchange rates.
Factors contributing to this resilient performance include:
* Connected data proposition: Progress made in Mainland
Europe to offer clients a connected data proposition
centred around combining our rich syndicated dataset
with custom trackers to enable more meaningful
insights.
* Data Services: Strong demand for more tactical,
fast-turnaround projects across most geographies.
* Sector diversification: The sports sector continued
its solid growth while the consumer sectors began to
recover after a tumultuous period. Our gaming and
e-sports business has made good progress during the
pandemic while our COVID-19 tracker has led to
greater penetration into the healthcare and
government segments.
* Panel expansion: Geographic expansion of our
proprietary panel into 15 new markets on the back of
client demand allowing sales teams to target more
global contracts.
* Innovative technology: Continued evolution to bring
our core data products and services onto a single
platform while further developing our self-service
and marketing activation offering to increase our
relevance to clients.
Long-term strategic growth plan FY19-23 (FYP2)
We are now in the second year of our long-term strategic growth
plan which is linked to YouGov's long-term incentive plan ("LTIP").
The previously announced LTIP performance targets for the 2019-23
performance period are:
* Double group revenue
* Double group adjusted operating profit margin(3)
* Achieve an adjusted earnings per share(3) compound
annual growth rate in excess of 30%
3 Defined in the explanation of non-IFRS measures below.
We are making good progress towards these three goals in what we
have designated as the investment phase of the long-term growth
plan. In this phase we are continuing to invest in our
technological platforms, panels, support functions and new markets
to enable us to scale further and make the most of the
opportunities we see in our markets. We continue to focus on three
strategic pillars: Data Integration, Ethical Activation and Public
Value.
Strong execution against our three strategic pillars
Data Integration
Strategic focus: Fully integrating custom research and client
service with our data products and tools to create new value from
existing data and open up new revenue streams through
customisation
* Progress made against this pillar during the period:
o Sales team reorganised in the core US and UK markets to
become more
client-centric leading to greater cross-selling and larger
contract wins.
o Commenced the back-end integration of our products and tools
to develop the next stage of the YouGov platform.
o Enhanced our Global Fan Profiles tool so properties, sponsors
and rights holders can now track fan sentiment and attitudes
in 32 key e-sports markets.
Ethical Activation
Strategic focus: Enabling marketing activation on our platform
with a focus on personal data protection and self-service
research
* Progress made against this pillar during the period:
o YouGov Direct launched in Singapore and Australia following
integration with YouGov Chat, our new member acquisition tool.
o Developed YouGov Safe, within the YouGov Direct platform,
to allow users to generate personal value from data portability
initiatives launched in response to GDPR/CCPA regulations.
o Substantial progress made in the integration of several
different platforms into a single platform to both enrich
connected data within the Cube for clients and unify our member
base for a simpler, more rewarding panellist experience.
Public Value
Strategic focus: Expanding YouGov Public Data as a public
service, for brand reputation, panel engagement and showcasing our
data
* Progress made against this pillar during the period:
o Expanded the US panel to provide extensive coverage and
polling data on the US presidential election resulting in
increased brand awareness and greater traffic to our websites.
o Launched our new B2B website structured along our key sectors
to ensure overlap between our public and syndicated data allowing
visitors to better engage with our data and increasing lead
acquisition.
o Added increased interactivity on our website using YouGov
Chat resulting in greater engagement with visitors and panellists.
Focus on operations
As we transform into a true platform, both in the technological
and the business-model sense, we continue to aim to be more
efficient, smarter, faster, and 24/7. During the period, we
continued to expand the role of our shared service centres (called
Centres of Excellence or CenX) to cover more areas of the business
resulting in increased recruitment at our CenXs in India. In
addition to this we have completed the rollout of our new global
key account management programme in the US, UK and Europe and
expect to extend this to the Asia Pacific region in the next
financial year.
We have commenced the biggest simultaneous expansion of YouGov's
panel presenting the Group with significant commercial
opportunities through the extended reach, now totalling 59 markets,
and allowing it to enhance its reputation as the first choice for
public opinion data globally. This expansion, along with our
increased penetration in key markets, has resulted in our global
panel exceeding 15 million registered members worldwide.
COVID-19 response
The COVID-19 pandemic and resulting lockdowns continue to cause
disruption and impact all our stakeholder groups globally. We took
widespread measures in 2020 to support these stakeholders while
minimising the impact on our business.
We moved our entire global workforce to working remotely at the
start of the global lockdown in March 2020 and did not furlough any
employees. As offices have reopened in some cities, we have taken
extensive measures to ensure the safety of our employees and phased
our return-to-office plans to ensure a smooth and safe transition.
The majority of our staff continue to operate seamlessly from home
and we are continuing to support individual circumstances as the
situation evolves in our various markets. In response to employee
surveys, the YouGov management team is currently looking to
launching a Group-wide workplace policy based on the principle of
flexibility in respect of working location.
The YouGov management team would like to thank all our employees
for supporting our clients and the business through these uncertain
times.
Current trading and outlook
Trading in the second half is off to a good start, with a
healthy pipeline of sales opportunities for the remainder of the
financial year and current trading is in line with Board
expectations for the full year. Considering the resilience our
business has demonstrated over the past year, especially in light
of unprecedented headwinds, we continue to believe in our stated
strategy. Our clients increasingly want to see their marketing
budgets deliver more value-for-money and we are in a strong
position to meet those demands. Our solid cash balances and
debt-free balance sheet enable us to continue investing in our
strategic initiatives, technology and panels.
On behalf of the Board and Shareholders, I would like to thank
all our panellists, partners and clients, and in particular our
employees, for their continued contribution and commitment to
YouGov's ongoing success.
Stephan Shakespeare
Chief Executive Officer
23 March 2021
Chief Financial Officer's Review
The Group has seen robust performance in the six months to 31
January 2021 in a trading period dominated by the pandemic.
Total Group revenue rose to GBP79.0m in the period, compared to
GBP76.9m in the six months to 31 January 2020.
Our core operating divisions continued to deliver growth with
reported results reflecting some specific one-off items including
the planned closure of our Kurdistan office, the depreciation of
the US Dollar and costs related to prior acquisitions.
Underlying revenue growth was 9% (but 3% in reported terms due
to foreign exchange and Kurdistan closure) since the prior period.
Underlying operating profit increased by 15% when excluding the
impact of these one-off items.
Six months to Six months to
31 Jan 2021 31 Jan 2020
GBPm GBPm
Underlying(1) operating
profit 11.4 9.9
------------- -------------
FX impact (0.3) 0.0
------------- -------------
Kurdistan closure (0.6) 1.5
------------- -------------
Adjusted operating profit(2) 10.5 11.3
------------- -------------
Separately reported items (3.1) (1.8)
------------- -------------
Statutory operating profit 7.4 9.5
------------- -------------
1 Defined as growth in business excluding impact of current and
prior period acquisitions and Kurdistan business closure, and
movement in exchange rates.
2 Defined in the explanation of non-IFRS measures below.
Our strategy of providing clients with a connected data
proposition has started to deliver initial results giving us
confidence as we continue to invest for future growth.
Adjusted operating margins and organic growth
Gross margins decreased by 113 basis points (bps) to 83% as a
higher proportion of sales was derived from the lower margin Data
Services division in this period.
Group operating costs (excluding separately reported items) of
GBP55.1m (HY20: GBP53.4m) increased by 3% in reported terms, and 5%
in constant currency terms. Group adjusted operating profit
(excluding separately reported items) decreased to GBP10.5m (a 7%
decline in the period) as a result of the full period impact from
the Kurdistan closure as well as an increased non-cash share-based
payments charge of GBP2.5m (HY20: GBP0.9m), resulting from a
modification in accounting treatment and a significant increase in
our share price. Recognition of the share-based payments charge
under the first five-year plan (FYP1) was backend weighted, however
we have modified the accounting treatment for FYP2 to be
straight-line over the plan period. Adjusted operating margins
decreased from 14.8% to 13.3%.
However, underlying adjusted operating profit margin (excluding
FX and Kurdistan impacts) has increased from 13.5% in HY20 to
14.2%. Underlying adjusted operating profit increased to GBP11.4m,
representing growth of 15% over the prior year period. The
statutory operating profit (which is after charging other
separately reported items of GBP3.1m) decreased to GBP7.4m (HY20:
GBP9.5m).
Performance by Division
Data Products
Our syndicated data products suite includes YouGov BrandIndex
and YouGov Profiles as well as newer sector specific offerings such
as YouGov SportsIndex and YouGov DestinationIndex.
The contribution of our Data Products division to Group revenue
and adjusted operating profit has been moderate due to the
previously announced move to a client-centric account management
structure which shifted sales into the latter half of the period.
Revenue from Data Products increased by 6% in reported terms (8%
growth in underlying terms) in the period. The adjusted operating
profit from Data Products increased by 4% to GBP8.8m and the
operating margin declined by 53 bps to 33%.
Geographically, the US remains the largest Data Products market
and grew by 9% in the period. Mainland Europe also contributed
strong revenue growth of 11% while the UK and Asia Pacific were
more subdued at 6% and 3%, respectively.
Data Services
Our Data Services division consists of our fast-turnaround
research services, including our market-leading YouGov Omnibus.
In the period, revenue from Data Services increased by 19% in
reported terms and by 18% in underlying terms to GBP21.8m. The
division saw stellar performance in the period due to the release
of pent-up demand for tactical, fast- turnaround projects as
businesses were adjusting to the COVID-19 situation in the prior
year period. Strong growth was seen across all regions, with the
exception of the Middle East. The focus on the US market (a 33%
increase in reported revenue) and relative stability in the Asia
Pacific markets in relation to COVID-19 has continued to help the
division expand the revenue base beyond the core UK market.
This strong revenue growth contributed to a 33% increase in the
Data Services operating profit to GBP3.7m and the operating margin
grew from 15% to 17%.
Custom Research
Our Custom Research division includes tailored research projects
and tracking studies.
During the period, the division's revenue declined by 11% in
reported terms due to the impact of the planned Kurdistan business
closure and grew by 2% in underlying terms to GBP30.1m. Strong
growth was recorded in Mainland Europe as a regional approach to
our connected data trackers was well received by clients while the
US benefitted from non-recurring election work. Adjusted operating
profit decreased by 41% to GBP4.7m and the operating margin
declined to 16% (HY20: 24%). This was largely due to lower revenue
growth in the UK and the closure of the Kurdistan business.
Revenue Six months Six months Revenue Underlying(1)
to to growth revenue
31 Jan 31 Jan % change
2021 2020 %
GBPm GBPm
------------------------- ----------- ----------- -------- --------------
Data Products 26.5 25.1 6% 8%
----------- ----------- -------- --------------
Data Services 21.8 18.4 19% 18%
----------- ----------- -------- --------------
Custom Research 30.1 33.9 (11%) 2%
----------- ----------- -------- --------------
Intra-group and Central
Revenue 0.6 (0.5) - -
----------- ----------- -------- --------------
Group 79.0 76.9 3% 9%
----------- ----------- -------- --------------
1 Defined as growth in business excluding impact of current and
prior period acquisitions and Kurdistan business closure, and
movement in exchange rates.
Adjusted Operating Profit(1) Six months Six months Operating Operating Margin
to to Profit
31 Jan 31 Jan growth
2021 2020 %
GBPm GBPm
------------------------------ ----------- ----------- ---------- ----------------------------
Six months Six months
to to
31 Jan 2021 31 Jan 2020
------------------------------ ----------- ----------- ---------- ------------- -------------
Data Products 8.8 8.5 4% 33% 34%
----------- ----------- ---------- ------------- -------------
Data Services 3.7 2.8 33% 17% 15%
----------- ----------- ---------- ------------- -------------
Custom Research 4.7 8.0 (41%) 16% 24%
----------- ----------- ---------- ------------- -------------
Central Costs (6.7) (8.0) - - -
----------- ----------- ---------- ------------- -------------
Group 10.5 11.3 (7%) 13% 15%
----------- ----------- ---------- ------------- -------------
1 Defined in the explanation of non-IFRS measures below.
Performance by Geography
Revenue Six months Six months Revenue Underlying(1)
to to growth / revenue
(reduction)
31 Jan 2021 31 Jan 2020 % change %
GBPm GBPm
UK 24.0 23.6 1% 1%
------------ ------------ ------------- -------------
USA 34.3 32.1 7% 11%
------------ ------------ ------------- -------------
Mainland Europe 14.0 11.7 20% 16%
------------ ------------ ------------- -------------
Middle East 2.4 5.8 (59%) 4%
------------ ------------ ------------- -------------
Asia Pacific 6.7 6.0 13% 15%
------------ ------------ ------------- -------------
Intra-group Revenues (2.4) (2.3) - -
------------ ------------ ------------- -------------
Group 79.0 76.9 3% 9%
------------ ------------ ------------- -------------
1 Defined as growth in business excluding impact of current and
prior period acquisitions and Kurdistan business closure, and
movement in exchange rates.
Adjusted Operating Six months Six months Operating Operating Margin
Profit(1) to to Profit growth
31 Jan 2021 31 Jan 2020 %
GBPm GBPm
-------------------- ------------- ------------- --------------- ----------------------------
Six months Six months
to to
31 Jan 2021 31 Jan 2020
-------------------- ------------- ------------- --------------- ------------- -------------
UK 7.2 7.8 (8%) 30% 33%
------------- ------------- --------------- ------------- -------------
USA 9.9 9.3 6% 29% 29%
------------- ------------- --------------- ------------- -------------
Mainland Europe 1.8 0.9 101% 13% 8%
------------- ------------- --------------- ------------- -------------
Middle East (0.1) 1.7 (107%) (5%) 29%
------------- ------------- --------------- ------------- -------------
Asia Pacific 0.0 0.0 17% 1% 1%
------------- ------------- --------------- ------------- -------------
Central Costs (8.3) (8.4) - - -
------------- ------------- --------------- ------------- -------------
Group 10.5 11.3 (7%) 13% 15%
------------- ------------- --------------- ------------- -------------
1 Defined in the explanation of non-IFRS measures below.
Panel Development
We continue to invest in our online panel to increase our
research capabilities, both in new geographies and specialist
panels. At 31 January 2021, the total number of registered
panellists had increased to 15.8 million, compared to 9.6 million
at 31 January 2020, as set out in the table below.
Region Panel size at Panel size at
31 January 2021 31 January 2020
millions millions
UK 2.47 1.80
---------------- ----------------
Americas 5.70 3.70
---------------- ----------------
Mainland Europe 3.27 1.37
---------------- ----------------
Middle East 1.94 1.15
---------------- ----------------
Asia Pacific 2.45 1.57
---------------- ----------------
Total 15.83 9.60
---------------- ----------------
Group financial performance
Amortisation of intangible assets and central costs
Amortisation charges for intangible assets totalled GBP6.8m in
the period (HY20: GBP5.0m) of which GBP3.1m (HY20: GBP2.1m) relates
to separately acquired assets and GBP3.9m (HY20: GBP2.2m) to
internally generated assets.
Central Revenue and Costs includes support functions and
incubator projects. Central Costs have declined to GBP6.7m (HY20:
GBP8.0m) due to income from incubator projects and reallocation of
divisional costs.
Separately reported items
Acquisition related costs in the period comprise of GBP3.0m of
contingent consideration treated as staff costs in respect of the
acquisitions of SMG Insight Limited, InConversation Media Limited
and Portent.io Limited and GBP0.1 of transactions costs in respect
of the acquisitions of Wizsight and Charlton Insights Inc.
Profit before tax and earnings per share
Adjusted profit before tax of GBP13.6m was an increase of 13% on
the comparable result of GBP12.1m for the six months to 31 January
2020. The adjusted tax rate decreased from 26% to 23%. Statutory
profit before tax decreased by 15% to GBP7.8m compared to GBP9.2m
in the six months ended 31 January 2020.
During the period adjusted earnings per share grew by 11% from
8.7p to 9.7p and statutory earnings per share fell by 24% from 6.2p
to 4.8p.
Technology investment and global expansion
The Group invested GBP5.2m (HY20: GBP3.5m) in the continuing
development of our technology platform and increased the investment
in panel recruitment to GBP6.1m (HY20: GBP4.2m) due to the
continued global expansion into 15 new markets as well as higher
recruitment in the US panel ahead of the presidential election.
These investments enabled us to broaden our international research
capability in key markets. Our investment in technology continued
across three main areas: websites and mobile applications, new
products and the development of the YouGov platform. GBP0.6m (HY20:
GBP0.6m) was spent on the purchase of property, plant and
equipment. Other cash outflows included GBP0.5m on acquisitions,
taxation payments of GBP4.1m (HY20: GBP1.7m) and the annual
shareholder dividend payment of GBP5.5m (HY20: GBP4.3m) in December
2020.
The Group is expecting GBP9.5m of deferred consideration payable
in respect of future earn-outs attached to acquisitions.
There was a net cash outflow of GBP7.3m in the period, compared
to GBP8.2m in the six months to 31 January 2020. Cash balances of
GBP27.5m were slightly higher than at 31 January 2020
(GBP27.2m).
Currency
The Group's results were affected by the net appreciation of GBP
Sterling as its average exchange rate was 4% higher against the USD
in this period than in the 6 months to 31 January 2020. Also, the
GBP Sterling was 3% lower against the EUR in this period than in
the 6 months to 31 January 2020. The net impact of foreign exchange
on the Group's adjusted operating profit(2) was a decrease of
GBP0.3m compared to calculation in constant currency terms.
Explanation of Non-IFRS measures
Financial Measure How we define it Why we use it
Separately reported Items that in the Directors' Provides a more comparable
items judgement are one-off basis to assess the
or need to be disclosed year-to-year operational
separately by virtue business performance
of their size or incidence and is how our performance
is reviewed internally
------------------------------ ----------------------------
Adjusted operating Operating profit excluding
profit separately reported items
------------------------------ ----------------------------
Adjusted operating Adjusted operating profit
profit margin expressed as a percentage
of revenue
------------------------------
Adjusted profit Profit before tax before
before tax share based payment charges,
imputed interest and
separately reported items
------------------------------ ----------------------------
Adjusted taxation Taxation due on the adjusted Provides a more comparable
profit before tax, excluding basis to assess the
the tax effect of separately underlying tax rate
reported items
------------------------------ ----------------------------
Adjusted tax rate Adjusted taxation expressed
as a percentage of adjusted
profit before tax
------------------------------ ----------------------------
Adjusted profit Adjusted profit before Facilitates performance
after tax tax less adjusted taxation evaluation, individually
and relative to other
companies
------------------------------ ----------------------------
Adjusted profit Adjusted profit after
after tax attributable tax less profit attributable
to owners of the to non-controlling interests
parent
------------------------------ ----------------------------
Adjusted earnings Adjusted profit after
per share tax attributable to owners
of the parent divided
by the weighted average
number of shares. Adjusted
diluted earnings per
share includes the impact
of share options
------------------------------ ----------------------------
Constant currency Current year revenue Shows the underlying
revenue change change compared to prior revenue change by
year revenue in local eliminating the impact
currency translated at of foreign exchange
the current year average rate movements
exchange rates
------------------------------ ----------------------------
Cash conversion The ratio of cash generated Indicates the extent
from operations to adjusted to which the business
EBITDA generates cash from
adjusted EBITDA
------------------------------ ----------------------------
Reconciliation of Non-IFRS measures
Adjusted Operating Profit(1) Six months Six months % Change
to to
31 Jan 2021 31 Jan 2020
GBPm GBPm
Statutory operating profit 7.4 9.5 (22%)
------------ ------------ --------
Separately reported items 3.1 1.8 68%
------------ ------------ --------
Adjusted operating profit(1) 10.5 11.3 (7%)
------------ ------------ --------
Adjusted Profit Before Six months Six months % Change
Tax(1) to to
31 Jan 2021 31 Jan 2020
GBPm GBPm
Statutory profit before
tax 7.8 9.2 (15%)
------------ ------------ --------
Separately reported items 3.1 1.8 63%
------------ ------------ --------
Share based payments 2.5 0.9 178%
------------ ------------ --------
Imputed interest - 0.1 100%
------------ ------------ --------
Adjusted profit before
tax(1) 13.6 12.1 13%
------------ ------------ --------
1 Defined in the explanation of non-IFRS measures above.
YOUGOV PLC
STATEMENT OF DIRECTORS' RESPONSIBILITIES
For the six months ended 31 January 2021
The Directors confirm that these condensed interim financial
statements have been prepared in accordance with International
Accounting Standard 34, 'Interim Financial Reporting', as adopted
by the European Union and that the interim management report
includes a fair review of the information required by DTR 4.2.7 and
DTR 4.2.8, namely:
* an indication of important events that have occurred
during the first six months and their impact on the
condensed set of financial statements, and a
description of the principal risks and uncertainties
for the remaining six months of the financial year;
and
* material related-party transactions in the first six
months and any material changes in the related-party
transactions described in the last annual report.
The Board of Directors of YouGov plc are:
* Roger Parry - Non-Executive Chair
* Rosemary Leith - Non-Executive Director and Senior
Independent Director
* Andrea Newman - Non-Executive Director
* Ashley Martin - Non-Executive Director
* Stephan Shakespeare - Chief Executive Officer
* Alex McIntosh - Chief Financial Officer
* Sundip Chahal - Chief Operating Officer
By order of the Board:
Alex McIntosh
Chief Financial Officer
23 March 2021
YOUGOV PLC
CONSOLIDATED INCOME STATEMENT
For the six months ended 31 January 2021
Unaudited Unaudited Audited
6 months 6 months Year ended
to to
31 January 31 January 31 July
2021 2020 2020
Note GBPm GBPm GBPm
Revenue 3 79.0 76.9 152.4
Cost of Sales (13.4) (12.2) (23.4)
----------- ----------- -----------
Gross profit 65.6 64.7 129.0
Administrative expenses (58.2) (55.2) (113.8)
----------- ----------- -----------
Operating profit 3 7.4 9.5 15.2
----------------------------------------- ----- ----------- ----------- -----------
Separately reported items 4 (3.1) (1.8) (6.6)
----------- ----------- -----------
Adjusted operating profit(1) 10.5 11.3 21.8
----------------------------------------- ----- ----------- ----------- -----------
Finance income 0.6 0.2 0.4
Finance costs (0.2) (0.5) (0.4)
Profit before taxation 7.8 9.2 15.2
Taxation 5 (2.6) (2.9) (5.8)
----------- ----------- -----------
Profit after taxation 5.2 6.3 9.4
----------- ----------- -----------
Attributable to:
Equity holders of the parent
company 5.2 6.6 9.6
Minority interests - (0.3) (0.2)
5.2 6.3 9.4
----------- ----------- -----------
Earnings per share
Basic earnings per share attributable
to equity holders of the company 6 4.8p 6.2p 9.0p
Diluted earnings per share attributable
to equity holders of the company 6 4.6p 5.9p 8.5p
1 Defined in the explanation of non-IFRS measures.
YOUGOV PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 31 January 2021
Unaudited Unaudited Audited
6 months 6 months
to to Year ended
31 January 31 January 31 July
2021 2020 2020
GBPm GBPm GBPm
Profit for the period 5.2 6.3 9.4
Other comprehensive income/(expense)
Item that may be subsequently reclassified
to profit or loss:
Currency translation differences (3.7) (5.3) (4.8)
Other comprehensive expense for
the year (3.7) (5.3) (4.8)
----------- ----------- -----------
Total comprehensive income for
the period 1.5 1.0 4.6
----------- ----------- -----------
Attributable to:
Equity holders of the parent company 1.5 1.3 4.8
Minority interests - (0.3) (0.2)
Total comprehensive income for
the period 1.5 1.0 4.6
----------- ----------- -----------
Items in the statement above are disclosed net of tax.
YOUGOV PLC
CONSOLIDATED sTATEMENT OF FINANCIAL POSITION
For the six months ended 31 January 2020
Unaudited Unaudited Audited
31 January 31 January 31 July
2021 2020 2020
Assets Note GBPm GBPm GBPm
Non-current assets
Goodwill 9 60.2 63.6 61.5
Other intangible assets 9 27.2 19.0 23.2
Property, plant and equipment 9 3.4 4.0 3.6
Right of use assets 9 12.9 9.3 8.9
Deferred tax assets 11.7 8.7 11.0
----------------------------- ----------- --------
Total non-current assets 115.4 104.6 108.2
----------------------------- ----------- --------
Current assets
Trade and other receivables 37.1 31.9 34.2
Current tax assets 0.7 2.4 0.7
Cash and cash equivalents 27.5 27.2 35.3
----------------------------- ----------- --------
Total current assets 65.3 61.5 70.2
----------------------------- ----------- --------
Total assets 180.7 166.1 178.4
----------------------------- ----------- --------
Liabilities
Current liabilities
Trade and other payables 36.0 36.4 38.5
Contingent consideration 9.5 1.6 3.4
Provisions 8.2 5.5 6.8
Current lease liabilities 2.9 2.5 2.5
Current tax liabilities 0.4 1.0 1.7
Total current liabilities 57.0 47.0 52.9
----------------------------- ----------- --------
Net current assets 8.3 14.5 17.3
----------------------------- ----------- --------
Non-current liabilities
Contingent consideration - 2.3 3.0
Provisions 4.8 4.5 4.6
Long term lease liabilities 10.9 7.3 6.9
Deferred tax liabilities 1.6 2.0 1.7
----------------------------- ----------- --------
Total non-current liabilities 17.3 16.1 16.2
----------------------------- ----------- --------
Total liabilities 74.3 63.1 69.1
----------------------------- ----------- --------
Net assets 106.4 103.0 109.3
----------------------------- ----------- --------
Equity
Issued share capital 10 0.2 0.2 0.2
Share premium 31.4 31.4 31.4
Merger reserve 9.2 9.2 9.2
Treasury share reserve (2.5) (1.7) (1.7)
Foreign exchange reserve 11.4 14.6 15.1
Retained earnings 57.3 50.1 55.8
------ ------ ------
Total shareholders' funds 107.1 103.8 110.0
Non-controlling interests
in equity (0.7) (0.8) (0.7)
------ ------ ------
Total equity 106.4 103.0 109.3
------ ------ ------
The accompanying accounting policies and notes form an integral
part of this financial information.
Alex McIntosh
Chief Financial Officer
23 March 2021
YOUGOV PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 January 2021
Attributable to equity holders of
the Company
---------------------------------------------------------
Treasury Foreign
Share Share Merger share exchange Retained Non-controlling
capital premium reserve reserve reserve earnings Total interest Total
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
-------- -------- -------- -------- --------- --------- ----- --------------- -------
Balance at 1 August
2019 0.2 31.4 9.2 (3.7) 19.9 51.0 108.0 (0.5) 107.5
Period to 31 January
2020
Exchange differences on
translating foreign
operations - - - - (5.3) - (5.3) - (5.3)
-------- -------- -------- -------- --------- --------- ----- --------------- -----
Net gain recognised
directly
in equity - - - - (5.3) - (5.3) - (5.3)
Profit/(loss) for the
period - - - - - 6.6 6.6 (0.3) 6.3
-------- -------- -------- -------- --------- --------- ----- --------------- -----
Total comprehensive
income
for the period - - - - (5.3) 6.6 1.3 (0.3) 1.0
-------- -------- -------- -------- --------- --------- ----- --------------- -----
Dividends paid - - - - - (4.3) (4.3) - (4.3)
Share-based payments - - - - - 0.9 0.9 - 0.9
Tax in relation to
share
based payments - - - - - 0.4 0.4 - 0.4
Award/(acquisition) of
treasury shares - - - 2.0 - (4.5) (2.5) - (2.4)
-------- -------- -------- -------- --------- --------- ----- --------------- -----
Total transactions with
owners recognised
directly
in equity - - - 2.0 - (7.5) (5.5) - (5.5)
-------- -------- -------- -------- --------- --------- ----- --------------- -----
Balance at 31 January
2020 0.2 31.4 9.2 (1.7) 14.6 50.1 103.8 (0.8) 103.0
Period to 31 July 2020
Exchange differences on
translating foreign
operations - - - - 0.5 - 0.5 - 0.5
-------- -------- -------- -------- --------- --------- ----- --------------- -----
Net income recognised
directly in equity - - - - 0.5 - 0.5 - 0.5
Profit/(loss) for the
period - - - - - 3.0 3.0 0.1 3.1
-------- -------- -------- -------- --------- --------- ----- --------------- -----
Total comprehensive
income
for the period - - - - 0.5 3.0 3.5 0.1 3.6
-------- -------- -------- -------- --------- --------- ----- --------------- -----
Share-based payments - - - - - 1.9 1.9 - 1.9
Tax in relation to
share
based payments - - - - - 0.8 0.8 - 0.8
Total transactions with
owners recognised
directly
in equity - - - - - 2.7 2.7 - 2.7
-------- -------- -------- -------- --------- --------- ----- --------------- -----
Balance at 31 July 2020 0.2 31.4 9.2 (1.7) 15.1 55.8 110.0 (0.7) 109.3
Period to 31 January
2021
Exchange differences on
translating foreign
operations - - - - (3.7) - (3.7) - (3.7)
-------- -------- -------- -------- --------- --------- ----- --------------- -----
Net income recognised
directly in equity - - - - (3.7) - (3.7) - (3.7)
Profit for the period - - - - - 5.2 5.2 - 5.2
-------- -------- -------- -------- --------- --------- ----- --------------- -----
Total comprehensive
income
for the period - - - - (3.7) 5.2 1.5 - 1.5
-------- -------- -------- -------- --------- --------- ----- --------------- -----
Dividends paid - - - - - (5.5) (5.5) - (5.5)
Share-based payments - - - - - 3.2 3.2 - 3.2
Treasury shares used to
settle share option
exercises - - - 1.4 - (1.4) - - -
(Acquisition)/award of
treasury shares - - - (2.2) - (2.2) - (2.2)
-------- -------- -------- -------- --------- --------- ----- --------------- -----
Total transactions with
owners recognised
directly
in equity - - - (0.8) - (3.7) (4.5) - (4.5)
-------- -------- -------- -------- --------- --------- ----- --------------- -----
Balance at 31 January
2021 0.2 31.4 9.2 (2.5) 11.4 57.3 107.1 (0.7) 106.4
-------- -------- -------- -------- --------- --------- ----- --------------- -----
YOUGOV PLC
CONSOLIDATED CASHFLOW STATEMENT
For the six months ended 31 January 2021
Unaudited Unaudited Audited
6 months 6 months Year ended
to to
31 January 31 January 31 July
2021 2020 2020
GBPm GBPm GBPm
Profit before taxation 7.8 9.2 15.2
Adjustments for:
Finance income (0.7) (0.2) (0.4)
Finance costs - 0.5 0.4
Amortisation 6.8 5.0 10.8
Depreciation 2.7 2.3 4.5
Share based payments 2.5 0.9 2.7
Other non-cash operating profit
(gains)/losses 3.0 0.8 5.3
(Increase)/decrease in trade and
other receivables (3.6) 0.2 (1.6)
(Decrease)/increase in trade and
other payables (1.9) (2.2) (0.2)
Increase in provisions 1.9 0.8 2.0
----------- ----------- -----------
Cash generated from operations 18.5 17.3 38.7
Interest paid (0.2) (0.1) (0.3)
Income taxes paid (4.1) (1.7) (3.2)
----------- ----------- -----------
Net cash generated from operating
activities 14.2 15.5 35.2
Cash flow from investing activities
Acquisition of subsidiaries (net (0.5) - -
of cash acquired)
Settlement of deferred consideration - (7.4) (7.4)
Purchase of property, plant and
equipment (0.6) (0.6) (1.0)
Purchase of intangible assets (11.3) (7.7) (17.6)
Interest received - 0.2 0.2
Net cash used in investing activities (12.4) (15.5) (25.8)
----------- ----------- -----------
Cash flows from financing activities
Principal elements of lease payments (1.4) (1.5) (3.0)
Dividends paid to company's shareholders (5.5) (4.3) (4.3)
Purchase of treasury shares (2.2) (2.4) (2.4)
Net cash used in financing activities (9.1) (8.2) (9.7)
----------- ----------- -----------
Net (decrease)/increase in cash
and cash equivalents (7.3) (8.2) (0.3)
Cash and cash equivalents at beginning
of period 35.3 37.9 37.9
Exchange (loss)/gain on cash and
cash equivalents (0.5) (2.5) (2.3)
----------- ----------- -----------
Cash and cash equivalents at end
of period 27.5 27.2 35.3
----------- ----------- -----------
YOUGOV PLC
notes to the CONDENSED consolidated interim financial
statements
For the six months ended 31 January 2021
1 GENERAL INFORMATION
YouGov plc and subsidiaries' (the 'Group') principal activity is
the provision of market research, opinion polling and data
analytics.
YouGov plc is the Group's ultimate parent company. It is
incorporated and domiciled in the United Kingdom. The address of
YouGov plc's registered office is 50 Featherstone Street, London,
EC1Y 8RT. YouGov plc's shares are listed on the Alternative
Investment Market.
YouGov plc's condensed consolidated interim financial statements
are presented in millions Pounds Sterling (GBPm). Sterling is also
the functional currency of the parent company.
These condensed consolidated interim financial statements have
been approved for issue by the Board of Directors of YouGov plc
(the 'Board') on 23 March 2021.
This condensed consolidated interim financial information for
the six months ended 31 January 2021 does not comprise statutory
accounts within the meaning of Section 434 of the Companies Act
2006. Statutory accounts for the year ended 31 July 2020 were
approved by the Board on 15 October 2020 and delivered to the
Registrar of Companies. The report of the auditors on those
accounts was unqualified, did not contain an emphasis of matter
paragraph and did not contain any statement under section 498 of
the Companies Act 2006. The condensed consolidated financial
statements of the Group for the year ended 31 July 2020 are
available from the Company's registered office or website
(https://corporate.yougov.com/).
This condensed consolidated interim financial information is
unaudited and not reviewed by the auditors.
2 BASIS OF PREPARATION
This condensed consolidated interim report for the six months
ended 31 January 2021 has been prepared in accordance with the
Disclosure and Transparency Rules of the Financial Services
Authority and IAS 34 'Interim financial reporting' as adopted by
the European Union. The condensed consolidated interim report
should be read in conjunction with the annual financial statements
for the year ended 31 July 2020, which has been prepared in
accordance with IFRS's as adopted by the European Union.
Accounting estimates and judgements
The preparation of interim financial information requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amount of income, expense, assets and liabilities.
The significant estimates and judgements made by management were
consistent with those applied to the consolidated financial
statements for the year ended 31 July 2020.
3 SEGMENTAL ANALYSIS
The Board of Directors (which is the 'chief operating decision
maker') primarily reviews information based on product lines,
Custom Research, Data Products and Data Services, with supplemental
geographical information.
Intra-group
revenues
Custom / Central
Research Data Products Data Services Costs Group
GBPm GBPm GBPm GBPm GBPm
For the six months to
31 January 2021 (Unaudited)
Revenue
Recognised over time 11.8 26.2 0.5 1.1 39.6
Recognised at a point
in time 18.3 0.3 21.3 (0.5) 39.4
------------ -------
Total revenue 30.1 26.5 21.8 0.6 79.0
Cost of sales (6.8) (1.9) (3.6) (1.1) (13.4)
---------- -------------- -------------- ------------ -------
Gross profit 23.3 24.6 18.2 (0.5) 65.6
Administrative expenses (18.6) (15.8) (14.5) (6.2) (55.1)
---------- -------------- -------------- ------------ -------
Adjusted operating profit/(loss) 4.7 8.8 3.7 (6.7) 10.5
Separately reported items (3.1)
-------
Operating profit 7.4
Net finance income 0.4
Profit before taxation 7.8
Taxation (2.6)
-------
Profit after taxation 5.2
-------
Other segment information
Depreciation and amortisation 0.5 0.2 - 8.8 9.5
---------- -------------- -------------- ------------ -------
Intra-group
revenues
Custom / Central
Research Data Products Data Services Costs Group
GBPm GBPm GBPm GBPm GBPm
For the six months to
31 January 2020 (Unaudited)
Revenue
Recognised over time 13.4 24.6 0.3 0.4 38.7
Recognised at a point
in time 20.5 0.5 18.1 (0.9) 38.2
------------ -------
Total revenue 33.9 25.1 18.4 (0.5) 76.9
Cost of sales (6.6) (2.1) (2.8) (0.7) (12.2)
---------- -------------- -------------- ------------ -------
Gross profit 27.3 23.0 15.6 (1.2) 64.7
Administrative expenses (19.3) (14.5) (12.8) (6.8) (53.4)
---------- -------------- -------------- ------------ -------
Adjusted operating profit/(loss) 8.0 8.5 2.8 (8.0) 11.3
Separately reported items (1.8)
-------
Operating profit 9.5
Net finance income/(cost) (0.3)
Profit before taxation 9.2
Taxation (2.9)
-------
Profit after taxation 6.3
-------
Other segment information
Depreciation and amortisation 0.4 0.2 - 6.7 7.3
---------- -------------- -------------- ------------ -------
3 SEGMENTAL ANALYSIS (cont)
Supplementary information by geography
Six months to 31 Six months to 31
January 2021 (Unaudited) January
2020 (Unaudited)
Adjusted Adjusted
operating operating
Revenue profit/(loss) Revenue profit/(loss)
GBPm GBPm GBPm GBPm
UK 24.0 7.2 23.6 7.8
USA 34.3 9.9 32.1 9.3
Mainland Europe 14.0 1.8 11.7 0.9
Middle East 2.4 (0.1) 5.8 1.7
Asia Pacific 6.7 - 6.0 -
Intra-group revenues
/ Central Costs (2.4) (8.3) (2.3) (8.4)
---------- ---------------- -------- ---------------
Group 79.0 10.5 76.9 11.3
---------- ---------------- -------- ---------------
4 SEPARATELY REPORTED ITEMS
Unaudited Unaudited Audited
6 months 6 months Year ended
to to
31 January 31 January 31 July
2021 2020 2020
GBPm GBPm GBPm
Impairment of goodwill - - 2.1
Acquisition related costs 3.1 1.8 4.5
Total separately reported items 3.1 1.8 6.6
----------- ----------- -----------
Acquisition related costs in the period comprise GBP3,024,000 of
contingent consideration treated as staff costs in respect of the
acquisitions of SMG Insight Limited, InConversation Media Limited
and Portent.io Limited and GBP81,000 of transactions costs in
respect of the acquisitions of Wizsight and Charlton Insights
Inc.
Acquisition related costs in the prior period comprise
GBP1,102,000 of contingent consideration treated as staff costs in
respect of the acquisitions of SMG Insight Limited, Galaxy Research
Pty Limited, InConversation Media Limited and Portent.io Limited
and GBP745,000 of changes in the previously estimated consideration
due and net assets acquired in respect of SMG Insight Limited.
5 TAXATION
Unaudited Unaudited Audited
6 months 6 months Year ended
to to
31 January 31 January 31 July
2021 2020 2020
GBPm GBPm GBPm
Current taxation charge 2.9 0.5 4.4
Deferred taxation (credit)/charge (0.3) 2.4 1.4
----------- ----------- -----------
Total income statement tax charge 2.6 2.9 5.8
----------- ----------- -----------
The tax charge for the period has been calculated based on the
expected tax rates for the full year in each country.
6 EARNINGS PER SHARE
Unaudited Unaudited Audited
6 months 6 months Year ended
to to
31 January 31 January 31 July
Number of shares 2021 2020 2020
Weighted average number of shares
during the period ('m shares):
- Basic 108.7 105.7 106.7
- Dilutive effect of options 3.9 6.9 5.8
----------- ----------- -----------
- Diluted 112.6 112.6 112.5
----------- ----------- -----------
Basic earnings per share (in
pence) 4.8p 6.2p 9.0p
Adjusted basic earnings per share
(in pence) 9.7p 8.7p 18.1p
Diluted earnings per share (in
pence) 4.6p 5.9p 8.5p
Adjusted diluted earnings per
share (in pence) 9.3p 8.2p 17.2p
----------- ----------- -----------
The adjustments have the following
effect:
Basic earnings per share 4.8p 6.2p 9.0p
Share based payments 2.3p 0.9p 2.6p
Social taxes on share-based payments 0.2p - 0.9p
Imputed interest - 0.1p 0.1p
Separately reported items 2.9p 1.7p 6.2p
Tax effect of the above adjustments
and adjusting tax items (0.5p) (0.2p) (0.7p)
----------- ----------- -----------
Adjusted basic earnings per share 9.7p 8.7p 18.1p
----------- ----------- -----------
Diluted earnings per share 4.6p 5.9p 8.5p
Share based payments 2.2p 0.8p 2.5p
Social taxes on share-based payments 0.2p - 0.8p
Imputed interest - 0.1p 0.1p
Separately reported items 2.8p 1.6p 5.9p
Tax effect of the above adjustments
and adjusting tax items (0.5p) (0.2p) (0.6p)
----------- ----------- -----------
Adjusted diluted earnings per
share 9.3p 8.2p 17.2p
----------- ----------- -----------
7 BUSINESS COMBINATIONS
Acquisition of Wizsight
On 12 November 2020, YouGov purchased a 100% shareholding in
Wizsight, a Turkish online-focussed research agency. This purchase
has been treated as a business combination. The amount payable was
EUR620,000 (GBP550,000), which was paid upon completion.
In addition, transaction costs of GBP78,000 were incurred in the
period in respect of this purchase and these have been recognised
in the income statement as separately reported items.
Ownership and control of Wizsight passed to YouGov on 12
November 2020 and the business has been consolidated within the
Group financial statements from that date. In the period the
acquiree has contributed GBP65,000 to Group revenue and increased
Group adjusted operating profit by GBP35,000.
8 DIVID
On 10 December 2020 a final dividend in respect of the year
ended 31 July 2020 of GBP5,510,000 (5.0p per share) (2019:
GBP4,298,000 (4.0p per share)) was paid to shareholders. No interim
dividend is proposed in respect of the period (2020: GBPnil).
9 GOODWILL, INTANGIBLE ASSETS, PROPERTY, PLANT AND EQUIPMENT AND RIGHT OF USE ASSETS
Other Property, Right
Intangible plant and of use
Goodwill assets equipment assets
GBPm GBPm GBPm GBPm
Carrying amount at 31
July 2019 65.6 16.7 4.4 10.5
Additions:
Separately acquired - 4.9 0.6 0.5
Internally developed - 2.8 - -
Amortisation and depreciation - (5.0) (0.8) (1.5)
Foreign exchange differences (2.0) (0.4) (0.2) (0.2)
--------- ------------ ----------- --------
Carrying amount at 31
January 2020 63.6 19.0 4.0 9.3
Additions:
Separately acquired - 4.8 0.5 1.2
Internally developed - 5.1 - -
Amortisation and depreciation (2.1) (5.7) (0.8) (1.4)
Disposals - - (0.1) (0.1)
Foreign exchange differences - - - (0.1)
--------- ------------ -----------
Carrying amount at 31
July 2020 61.5 23.2 3.6 8.9
Additions:
Business combinations 0.5 - - -
Separately acquired - 7.6 0.6 6.3
Internally developed - 3.7 - -
Amortisation and depreciation - (6.8) (0.7) (3.1)
Foreign exchange differences (1.8) (0.5) (0.1) 0.8
--------- ------------ ----------- --------
Carrying amount at 31
January 2021 60.2 27.2 3.4 12.9
--------- ------------ ----------- --------
In accordance with the Group's accounting policy, the carrying
values of goodwill and other intangible assets are reviewed for
impairment annually. A full impairment test is undertaken at each
financial year end and a review for indicators of impairment is
undertaken at the end of each interim period and an impairment test
undertaken if required. The last full annual impairment review was
undertaken as at 31 July 2020. There were no indications of
impairment as at 31 January 2021.
10 SHARE CAPITAL
Share
Number of capital
shares GBPm
At 31 January 2020 108,397,224 0.2
Issue of shares 78,929 -
At 31 July 2020 108,476,153 0.2
Issue of shares 2,771,871 -
------------ --------
At 31 January 2021 111,248,024 0.2
------------ --------
The company has only one class of share. The par value of each
share is 0.2p. All issued shares are fully paid. Shares issued in
the year were in respect of the exercise of 2,771,871 share options
at 0.2p per share. A total of 350,000 shares were repurchased for
the purposes of settling share option schemes as they vest.
11 FAIR VALUES OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
Where market values are not available, fair values of financial
assets and financial liabilities have been calculated by
discounting expected future cash flows at prevailing interest rates
and by applying year end foreign exchange rates.
The book value of the Group's primary financial instruments are
equal to their fair values. The primary categories are Trade &
Other receivables, Cash & Cash Equivalents and Trade &
Other payables as shown in the Consolidated Statement of Financial
Position.
12 TRANSACTIONS WITH DIRECTORS AND OTHER RELATED PARTIES
Other than emoluments, there were no other transactions with
Directors during the period. Trading between YouGov plc and group
companies is excluded from the related party note as this has been
eliminated on consolidation.
13 EVENTS AFTER THE REPORTING PERIOD
On 2 March 2021, YouGov wholly acquired Charlton Insights Inc,
for consideration of GBP396,000.
Other than the above no other material events have taken place
subsequent to the reporting date.
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END
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