YouGov sounds a shock profits alarm - Business - Evening Standard
       

YouGov sounds a shock profits alarm

Polling group YouGov may be predicting that the nation turns blue at the next election, but its stock plunged into the red today after a shock profits warning.

Shares in the market research firm almost halved, crashing 31¾p to 38½p, after it admitted that profits for the six months to 31 January would be "significantly below" market expectations as new business dries up and banks stop splashing out on surveys and research.

Profits will now also be lower than in the same period the previous year. Analysts had been forecasting that profits for the full year would be around £10 million.

"We've seen softness in the last few months in the financial services arm in the UK, which is a big part of our business," chief executive Nadhim Zahawi said.

But Zahawi added that banks, insurers and retailers have been snapping up its Recession Tracker service, which monitors consumer behaviour and will predict when the economy will start to recover.

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