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YouGov declares American delight
Market research concern YouGov (YOU) has reported a strong increase in profits helped by a growing US business.
The AIM-quoted venture says adjusted pre tax profits rose from £1.4 million to £2.3 million on turnover up 26.8 per cent to £27 million in the six months to January, as the effects of recent acquisitions including UK market researcher Harrison started to roll in. The London-headquartered outfit says cash at the end of January was £10.9 million, down against 2010's figure of £15.6 million due to the payments made for the acquisitions.
Chief executive officer Stephan Shakespeare enthuses that the company has 'done what we have promised to do- that is fix what is not working and move forward with a focus on America.'
On the acquisition of Harrison, an American 'strategic research and marketing consultancy' purchased in a deal worth $13 million (£8 million) last August, Shakespeare opines the business is 'fitting in well', 'exceeding expectations' and 'adding alot to the range and depth of our consumer and client relationships.'
YouGov has also announced it is acquiring another market research concern, Definitive Insights, a company based in Portland, Oregon in the United States. The group argues this will 'further boost YouGov's busines sin the US corporate research market.'
Following the results analysts at house broker Numis have held their forecasts. The broker sees pre-tax profits of £5.5 million (2010: £4 million) on sales up 21.5 per cent to £53.7 million for the year to July 2011, with earnings of 4.8p and 5.5p a share pencilled in for 2011 and 2012 respectively.
The shares are currently trading at 51.25p, the shares are trading at just over ten times 2011 earnings. Cash-rich and with some ambitious plans for further expansion in the United States, we rate them as a buy.
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