YouGov PLC (YOU) 2023年年度報告「AIM」.pdf

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1、Annual Report&Accounts 2023Living Consumer IntelligenceOur PurposeOur MissionOur VisionOur PanelOur PurposeTo give the world a voice through our global community by collecting,measuring and analysing their opinions and behaviours and reporting the findings accurately and free from biasOur MissionTo

2、supply a continuous stream of accurate data and insight into what the world thinks,so that companies,governments and institutions can make informed decisionsOur VisionFor YouGov to be the worlds leading provider of marketing and opinion data.We want YouGov data to be a valued public and client platf

3、orm used by hundreds of millions of people on a daily basis,enabling intelligent decision making and informed conversationsOur PanelA global online community that allows us to produce a reliably representative picture for analysis and predictionsFinancial and operational highlightsRevenueAdjusted ea

4、rnings pershare1+17%+71%258.3m40.5pAdjusted operating profit1Statutory basic earnings per share+33%+100%48.3m31.5pAdjusted operating profit margin1Staff costs as a%ofrevenue+230bps-200bps19%47%Statutory operating profitOperating cash generation+48%-1%44.4m69.0m1 Defined in the explanation of non-IFR

5、S measures on page 46.Revenue growth of 17%(9%on an underlying1 basis)against a challenging macroeconomic backdrop and well ahead of theindustry Adjusted operating profit was up by 33%(23%on an underlying basis),representing a margin of 19%,on the back of operational gearing and disciplined cost man

6、agement Adjusted earnings per share up by 71%to 40.5p Proposed dividend increase of 25%to 8.75p per share,in line with our progressive dividend policy Strong balance sheet position maintained with net cash at period end of 107.2m(31 July 2022:37.4m),49.8m of which relates to net proceeds from the eq

7、uity placing completed in July 2023 Investments made during the period to drive further growth:Continued technology investment of 9.0m(FY22:8.0m)to drive long term growth,including the completion of the first version of the YouGov Platform Expanded product suite in response to client demand includin

8、g the launch of YouGov Surveys,the Groups self-service survey tool Ongoing investment of 7.3m(FY22:8.0m)in the build-out of our panel Announced the appointment of Steve Hatch as Chief Executive Officer following a comprehensive international search process.ESG Highlights Completed our second ESG Roa

9、dmap as of 31 July 2023 Calculated our first global carbon footprint Published our first TCFD disclosures in this report Supported training initiatives including the US Insights Associations IDEAtor Fellowship to increase the diversity of talent in the market research industry Continued to support o

10、ur clients with their own ESG journeysStrategic ReportHighlights01Our Business at a Glance02Over 20 years of Innovation04Chairs Statement06Chief Executive Officers Statement10Chair and CEO Q&A14Investment Case18Our Markets 20Our Business Model22Living Data 26Our Divisions28Our Strategy34Strategy in

11、Action36Key Performance Indicators38Chief Finance Officers Review40Explanation of Non-IFRS Measures46S172 Statement48ESG Report50Risk Management and Principal Risks68Governance ReportChairs Introduction to Governance76Board of Directors78QCA Code82Corporate Governance Report84Nomination Committee Re

12、port92Senior Independent Directors Statement on Board Succession95Audit&Risk Committee Report96External Audit Tender102Directors Remuneration Report104Remuneration Committee ChairsStatement104Directors Remuneration Policy109Annual Report on Remuneration117Directors Report126Statement of Directors Re

13、sponsibilities129Financial StatementsIndependent Auditors Report to the Members of YouGov plc132Consolidated Income Statement141Consolidated Statement of Comprehensive Income142Consolidated Statement of FinancialPosition143Consolidated Statement of Changes in Equity144Consolidated Statement of Cash

14、Flows145Parent Company Statement of FinancialPosition146Parent Company Statement of Changes in Equity147Principal Accounting Policies of the Consolidated Financial Statements148Notes to the Consolidated FinancialStatements163Group Five-Year Financial Summary193Additional InformationGuide to Complian

15、ce Disclosures196SASB Alignment Index199Advisors200Notice of Annual General Meeting201ContentsAwards and Accreditations International standard for Information Security management Single-use plastic reduction achievements in London,Cologne,Bucharest and DubaiCompany of the Year(Shortlisted)Diversity

16、Champion Award(Shortlisted)External assurance of protection against common cyber threatsBridging the Privacy and Security Gap Award(Shortlisted)Tilly Heald for Governance Professional of the Year(Shortlisted)YouGov is an international online research data and analytics technology group.Our innovativ

17、e solutions help the worlds most recognised brands,media owners and government agencies to explore,plan,activate and track their marketing activitiesbetter.With operations in the UK,the Americas,Europe,the Middle East,India and Asia Pacific,wehave one of the worlds largest research networks.We are p

18、roud to be aligned to the following five UNSustainable Development Goals(SDGs),integrating their criteria into our operations.Look out for these icons throughout the report.online research data and analytics technologyinnovative solutionsexplore,plan,activate and track their marketing activitiesbett

19、er one of the worlds largest research networksYouGov plc Annual Report&Accounts 202301ST R AT EG I C R E P O RTOur Purpose and Mission Highlights YouGov Offices YouGov Partner Panel YouGov Panel2YouGov has one of the worlds largest research networksOffices worldwideClients worldwideEmployees worldwi

20、dePanel Members worldwideMost quoted market research source worldwide#1374,300+1,80026mSee pages 24 to 25 for more informationData ProductsThis division comprises our syndicated data products,which are available to clients on a subscription basis.Our ValuesBe fastWe are always fast to adapt and fast

21、 to deliver,keeping up with change.Be fearlessWe innovate,take savvy risks and stay true to ourselves,not following the crowd.Get it rightWe will do the right thing as scientists,technologists andcitizens.Trust each otherWe work together as a team-challenging,pushing and improving each other to fulf

22、il our ambition.RespectWe respect everyone and are considerate of our differences,always supporting each other tosucceed.Revenue Split by Region3Global Affiliate PartnershipsThe YouGov Global Affiliate Partnerships Programme offers research agencies access to YouGovs platforms,expertise and(where re

23、quired)panel,while establishing the YouGov brand and data products in the local market.Learn more at: Our Global ReachAmericas20%employees 8 officesUK21%employees 2 officesMainland Europe25%employees 15 officesMiddle East&India27%employees 4 officesAsia Pacific7%employees 8 officesRevenue Split by D

24、ivision133%Data ServicesThis division provides our clients fast-turnaround and cost-effective survey solutions for reaching nationally representative and specialist samples.Custom ResearchThis division offers a wide range of quantitative and qualitative research that is tailored by sector specialist

25、 teams to meet clients specific requirements.Revenue Split by Division119%Revenue Split by Division148%See pages 28 to 33 for more information2 Countries where YouGov has registered panel members during the year ended 31 July 2023.1 Excludes intra-group and central revenue.3 Excludes intra-group and

26、 central revenue.AmericasUKMainlandEuropeAsiaPacificMiddle East&India24%21%9%43%3%03YouGov plc Annual Report&Accounts 2023YouGov plc Annual Report&Accounts 202302Our Business at a GlanceST R AT EG I C R E P O RT20002005Founding to listing20 0 0Company is co-founded by Stephan Shakespeare and Nadhim

27、Zahawi as an e-democracy website to allow the public to vote on government whitepapers20 0 1136,000Revenue YouGov makes the most accurate prediction of the 2001 UK General Election and follows it up by accurately predicting the outcome of the UK Conservative leadership election.The UK media begins t

28、o increasingly quote YouGov polls.20 0 2YouGov correctly predicts the winner of UK Pop Idol,helping YouGov to land its first major media partner client with the Daily Telegraph.20 03To complement its custom research offering,YouGov launches the fast turn-around service,YouGov Omnibus.YouGov becomes

29、a founding member of the British Polling Council.20 0 52.9mRevenueYouGov is the only polling company to consistently,and correctly,show Labour narrowly ahead of the Conservatives throughout the 2005 UK General Election campaign.YouGov floats on the AIM market of the London Stock Exchange and becomes

30、 YouGov plc.20062013Scaling through acquisitions20 0 6YouGov acquires Middle-East based research firm Siraj and opens an office in Dubai.20 0714.3mRevenueYouGov acquires US-based research firm Polimetrix in California,led by Doug Rivers.Expansion leads to several new YouGov offices throughout the US

31、 and Europe.20 08YouGov accurately predicts the London Mayoral 2008 election within one percentage point.20 09YouGov acquires the Princeton,New Jersey-based research firm Clear Horizons,boosting its East Coast presence.YouGov is the most quoted market research source in UK media.20 1 0YouGov acquire

32、s US-based Harrison Group in Connecticut,expanding its East Coast footprint.20 1156.1mRevenueYouGov opens its first organic office in Europe,in Paris,France.YouGov acquires market research firm Definitive Insights which expands the US West Coast footprint with its office in Portland,Oregon.20 1 2You

33、Gov establishes a technology and web development hub in Warsaw,Poland to bolster its data products strategy.20 1 3YouGov acquires Opigram,a platform that facilitates the proactive sharing of opinions by the YouGov panel.20142018First strategic growth plan(FYP1)20 1467.4m RevenueYouGov acquisition of

34、 Decision Fuel establishes an APAC presence.Based on Opigram technology,the audience planning and segmentation tool,YouGov Profiles,is launched andgoes viral.YouGovs first long-term strategic growth plan is launched with a focus on scaling syndicated data capabilities.20 1 5YouGov establishes its fi

35、rst Centre of Excellence(CenX)for data processing in Bucharest,Romania.20 1 7YouGov accurately predicts the hung parliament outcome of the 2017 UK General Election through YouGovs pioneering use of MRP(multi-level regression with post-stratification)methodology.Published our first UK Gender Pay Gap

36、Information Report.20 1 8YouGov acquires SMG Insight to enter the data-savvy sports industry,Portent.io to add social media listening capabilities,and Inconversation Media,an innovative chatbot technology.20192023Second strategic growth plan(FYP2)20 19136.5m RevenueYouGov launches a new Global Affil

37、iate Partnerships Programme,with partnerships in Poland,Pakistan,Egypt and Japan.First strategic growth plans ambitious targets achieved.Second long-term strategic growth plan to further global expansion and develop a self-service research platformlaunched.20 20YouGov rapidly develops and launches t

38、he COVID-19 Behaviour Tracker to help organisations,public health and academic institutions globally.Double-digit revenue growth delivered in a year when the established market research declined as a whole.20 2 1YouGov commences the biggest simultaneous expansion of YouGovs panel into 15 new markets

39、.YouGov makes several bolt-on acquisitions,including leading Swiss research firm,LINK Marketing Services AG.Published our first ESG Roadmap.20 2 2YouGov Surveys,our self-service survey tool,launched in the UK and US.Comprehensive Board succession planning conducted,with Stephan Shakespeare appointed

40、 as Chair Designate.Voluntarily published our first UK Ethnicity Pay Gap Information Report.20 2 3258.3mRevenuePublished our first Workforce Diversity Report.Calculated our baseline global carbon footprint.YouGov announces the planned transformational acquisition of GfKs Consumer Panels business.Ste

41、ve Hatch appointed as CEO.Second long-term strategic growth plan concludes;third strategic growth plan announced with the launch of the YouGov Platform at a Capital Markets Day.YouGov plc Annual Report&Accounts 2023YouGov plc Annual Report&Accounts 20230405ST R AT EG I C R E P O RTNever Done Evolvin

42、g.Over 20 Years of InnovationIn my first statement as Chair of the YouGov plc Board of Directors,I am delighted to report that we have had another year of solid trading results for the 12 months to 31 July 2023(FY23),delivering strong top-line underlying growth1 alongside continued margin expansion.

43、It is an honour to step into the role of Non-Executive Chair and continue my journey with YouGov in its strongest ever position.The challenges and macro uncertainty seen in the previous year persisted into FY23,and our ability to deliver this market-beating performance against that backdrop further

44、demonstrates the resilience and strength of our business model.Across our industry,we witnessed a slowdown in momentum,which led to some temporary disruption at the start of the calendar year,particularly with our technology sector clients.However,momentum has since started to return,underpinning ou

45、r confidence in the future,and our teams are hard at work to ensure we get closer to our clients and innovate with them to achieve our ambitions.Results and dividendIn FY23,we achieved strong revenue growth of 17%over the prior year(9%on an underlying1 basis),driven by growth across all our geograph

46、ies.We were able to maintain disciplined cost management through the year,and benefit from the investments made in the prior years,to build capacity and position our organisation for a strong finish to our second long-term strategic growth plan(FYP2).This enabled us to deliver adjusted operating pro

47、fit1 of 48.3m in the year,up 33%over FY22,representing a margin of 18.7%(FY22:16.4%).This performance is testament to our resilient model and was largely driven by the stellar performance of our Custom Research division and the continued growth of our syndicated data products.While the macro environ

48、ment has impacted volumes of our more tactical,fast-turnaround research,clients continue to dedicate resources to customised strategic,particularly large-scale multi-country multi-year trackers,research to help them make critical business decisions.These trackers build on the efficiencies of our dat

49、a engine and the richness of our connected data,which combined with our global coverage and granular audience profiling is continuing to resonate well with clients,resulting in several new client wins in the year.YouGov continues to maintain a progressive dividend policy and,in line with this,the Bo

50、ard is pleased to recommend a dividend increase of 25%to 8.75p per share payable on 11December 2023 to shareholders on the register as at 1December 2023.This will be tabled for shareholder approval at our Annual General Meeting(“AGM”)on 7 December 2023.Concluding the second strategic growthplan(“FYP

51、2”)Our vision is for YouGov to be the worlds leading provider of marketing and opinion data.We want YouGov data to be a valued public resource used by hundreds of millions of people on a daily basis,enabling intelligent decision making and informed conversations.To support our realisation of this vi

52、sion,we choose to operate using the tool of medium-to-long-term strategic growth plans to enable us to allocate resources,make investment decisions and to create a close link between corporate performance and executive remuneration.This year was the final year of our FYP2 strategic plan,which ran fr

53、om 1 August 2019 to 31 July 2023(FY1923).As previously announced,we set the following ambitious growth targets for the FYP2 plan period:Double Group revenue(implying a revenue CAGR of 19%)Double Group adjusted operating profit margin1 Achieve an adjusted basic earnings per share1 compound annual gro

54、wth rate in excess of 30%Group revenue258.3mFY23221.1mFY22 17%“I am confident that the Board has set the right strategic direction to deliver another period of sustainable,profitable growth for the business.”Stephan ShakespeareChair1 Defined in the explanation of non-IFRS measures on page 46.YouGov

55、plc Annual Report&Accounts 202307ST R AT EG I C R E P O RTYouGov plc Annual Report&Accounts 202306Chairs Statement 25%8.75pFY23See pages 104 to 125 for more informationAnnual dividend per shareIt is pleasing that YouGov has delivered a strong performance in the final year of the strategic plan,resul

56、ting in the Company nearly achieving its stretching targets.Overall,we delivered a Group Revenue CAGR of 17%and an EPS CAGR of 28%over the FYP2 period,which is a remarkable accomplishment and all the more impressive in the context of the COVID-19 pandemic,political turbulence and macroeconomic globa

57、l backdrop during theperiod.Based on our vision and strategy,we previously identified five key priorities that were a focus over the FYP2 period.The key progress made under each of these priorities during FY23 is set out below:Product development and technology:We completed the development of the fi

58、rst version of the YouGov Platform,a high-quality,self-service research system,and expanded our product suite with the launch of YouGov Surveys,our self-service survey tool.Panel:We saw growth in our global research panel of 15%in FY23 to 26 million registered members,while maintaining strong retent

59、ion rates.Additionally,we launched our new member portal with an aim to increase engagement and drive on-going data sharing globally.Global accounts:Our account management teams demonstrated their ability to elevate client conversations backed by robust market research data and win several new clien

60、ts.Global infrastructure:Our Centres of Excellence(CenX)teams continue to grow rapidly as we look to increase efficiencies and shift more standardised research tasks into our CenX operations.Acquisitions:In July 2023,we announced the intention to acquire the Consumer Panel Business of GfK SE,an esta

61、blished leader in household purchase data across 16 European countries.The regulatory approval process remains on track,and we anticipate closing the deal in the coming months.This was also the final year of the Long-Term Incentive Plan 2019(“LTIP 2019”),which was introduced in 2019 to run alongside

62、 the FYP2 strategic plan.The LTIP 2019 targets were stretching,with full vesting requiring compound annual adjusted EPS growth of 35%over the four years to 31 July 2023.Taking into account the EPS CAGR of 28%,the overall plan vesting level was 74%which is an excellent result.The LTIP 2019 awards wil

63、l vest in late-October 2023.At the forthcoming AGM in December,we will be seeking shareholder approval for a new scheme,the Long-Term Incentive Plan 2023(“LTIP 2023”),which has been designed to allow us to incentivise and reward sustainable performance over the medium-to long-term.Full details of LT

64、IP 2023 will be shared with shareholders in early-November when the 2023 Annual Report&Accounts are published.Third strategic growth plan(“SP3”)The Board has approved the strategic direction for the third strategic growth plan.As part of this,we continue to see significant opportunities to grow our

65、share of wallet through better partnering with existing clients and increasing market penetration,particularly in the US with multi-national brands.Additionally,we see strong potential to expand our business through a digital path to purchase with YouGov Surveys by driving greater usage of the YouGo

66、v Platform.The proposed acquisition of GfKs Consumer Panel Business(GfK CPB)will add significant capabilities to the Group and enhance our ability to scale.GfK CPB is an established leader in household purchase data,with panels across 16 European countries,consisting of over 100,000 households.These

67、 capabilities are strategically aligned,adding highly engaged panels in the European market and technology to capture and analyse consumer purchasing data.We expect the acquisition to support our continued growth by expanding our combined offering to existing clients in our current markets,as well a

68、s the opportunity to win new clients and roll out into new markets,including in the US which remains our largest growthopportunity.I am confident that the Board has set the right strategic direction to deliver another period of sustainable,profitable growth for the business and we have the right exe

69、cutive team in place to see the plan implemented to its full potential.Our new CEO,Steve Hatch brings over 30 years of leadership experience and valuable sector expertise in consumer profiling,e-commerce,and business transformation with a proven track record in scaling technology platforms and digit

70、al media businesses.These capabilities make Steve perfectly suited to lead YouGov through its third strategic growth plan and beyond.See Steves CEOs Report for more detail on SP3 and our medium-term growth targets.Board succession This year has been a period of significant change for the YouGov Boar

71、d and leadership team composition.As part of the previously disclosed Board succession plan,on 1 August 2023,Roger Parry stepped down from the role of Non-Executive Chair after a 16-year tenure with the Company.At the same time,Steve Hatch joined the Company as Chief Executive Officer,while I assume

72、d the role of Non-Executive Chair.Additionally,Rosemary Leith stepped down as Senior Independent Director(“SID”)after a near nine-year tenure,succeeded by Nick Prettejohn.Rosemary continues to hold the role of Chair of the Boards Remuneration Committee and I would like to thank her for her service a

73、s SID,particularly during this Board succession period.Earlier in the year,on 27 February 2023,we were delighted to welcome Shalini Govil-Pai and Devesh Mishra to the Board.Shalinis technical and consumer expertise,and Deveshs operational and engineering experience,both gained within the US and UK t

74、echnology industries,bring hugely valuable and relevant skills to YouGov as we progress into the next strategic growth plan.I am pleased to announce that Shalini will join the Boards Remuneration Committee and Devesh will join the Audit&Risk Committee as a member.2 Also on 1 August 2023,Sundip Chaha

75、ls role changed from Chief Operating Officer to Chief Business Officer with a remit for leading integration and growth strategies at YouGov.Initially,Sundip is focussed on the planned integration of GfKs Consumer Panel Business.Sundip is also working closely with Steve during the leadership transiti

76、on period to ensure the success of YouGovs organic growth strategy.Sundip remains on the YouGov Board as an Executive Director in this new role.Lynda Vivian was promoted to the non-Board role of Chief Operating Officer with a focus on the delivery of YouGovs Platform model in line with the Companys

77、strategic growth plan,while continuing her work ensuring operational excellence across the business.I would like to take this opportunity to thank Roger for his tremendous contribution as Non-Executive Chair over the years.Roger was highly influential in the growth and success of our business as a t

78、rusted advisor,mentor,and partner to the YouGov leadership team throughout our journey.With the right Board and executive team now in place,and the transformative acquisition of GfKs Consumer Panel Business in its planning stage,I am excited by what we can achieve in the next phase of our growth jou

79、rney.ConclusionOur success is a testament to the talent and hard work of all our employees and their dedication to the YouGov mission.Id like to thank everyone at YouGov for their commitment and teamwork during my time as CEO and I look forward to leading the Boards oversight of the Companys strateg

80、ic direction in my role as Non-Executive Chair.I believe our chosen business model and strategy to provide high-quality market research through a connected data proposition plays to our strengths and expertise and will enable us to continue to deliver long-term value to our stakeholders.We have an e

81、xciting future ahead of us and I look forward to working with Steve and the rest of the executive team to make YouGov the worlds number one market research company as the universal infrastructure of trusted data sharing.Stephan ShakespeareChair10 October 20231 Defined in the explanation of non-IFRS

82、measures on page 46.2 Information on the full composition of the Boards Committees can be found on pages 78 to 81.1 Defined in the explanation of non-IFRS measures on page 46.YouGov plc Annual Report&Accounts 2023YouGov plc Annual Report&Accounts 20230809ST R AT EG I C R E P O RTChairs Statementcont

83、inued“YouGov is a business I have closely followed and admired for some time,and I am honoured to have been selected to lead the Company in its next phase of growth.The quality of YouGovs data and its people is clear and is evidenced by the fact that some of the worlds most data-savvy companies are

84、its major clients.”Rapid technological evolution,combined with growing concerns over data integrity and privacy and the turbulent geopolitical landscape have shaped a complex and ever-changing market environment,bringing both challenges and opportunities.As the industry evolves and places greater em

85、phasis on high-quality data to make strategic decisions,YouGov is well positioned to serve their needs and continue to strengthen its position as a market leader.This makes it a very exciting time to join YouGov and I look forward to working with the wider Board and the full YouGov team on the great

86、 opportunities that lie ahead.From a financial perspective,the business is in a strong position with the Company having delivered consistent top line growth as well as improved profitability through higher efficiencies and a focus on higher-margin projects.Along with the wider market,the business ha

87、s recently faced short-term headwinds in the form of longer sales cycles and a slowdown in client decision making,however,its resilience and ability to perform ahead of the market has been clearly demonstrated in the past year.Factors contributing to our positive performance in the periodinclude:Exi

88、sting clients:Our largest clients continue to grow their spend with us,particularly in Custom Research,despite difficult macroeconomic conditions.New products:Recently launched products such as YouGov Safe and YouGov Surveys are beginning to show promise,and data slices,subsets,which are of our synd

89、icated data products,are helping us monetise existing datasets and expand their use among clients.Key geographies:The US remains our largest market albeit we have seen some slowdown compared to prior years,primarily due to disruption in the technology sector,the UK has performed well despite the ove

90、rall negative sentiment in the market.Operational leverage:Investments in recent years to expand our research capacity,central functions and CenX operations are continuing to drive operational leverage as our revenue grows.Third strategic growth plan(“SP3”)YouGov develops medium-to-long-term strateg

91、ic growth plans to enable the business to determine key strategic priorities to work towards and provide discipline to our investment approach.Our last plan,FYP2,was centred around expanding our global reach,furthering our product development by building a self-serve survey tool and the YouGov Platf

92、orm,and implementing a CenX model to position ourselves for futuregrowth.YouGovs next strategic growth plan aims to deepen YouGovs strategy and complete the final stage of positioning ourselves as a platform business with a dual go-to-market strategy targeting enterprise sales and a digital path to

93、purchase.Thisstrategic growth plan is underpinned by three key growth areas,which are:deepening client relations and increasing market penetration through our syndicated data products and customised research;driving greater usage of our new self-serve platform,the YouGov Platform,through a digital s

94、ales and marketing approach;and targeting greenfield opportunities,such as newer products and M&A,which will be incremental to the core growth plan.The Company continues to see significant potential to grow its existing business lines through several levers for both new and existing clients.YouGov w

95、ill work to increase its penetration with brands,particularly in the US,grow the overall number of subscriptions,target long-term,strategic tracking projects,and scale fast-turnaround research volumes through the self-service YouGov Platform.Prior to the proposed acquisition of GfKs Consumer Panel B

96、usiness(GfK CPB),the Group set out two key financial targets,as follows:Medium-term revenue(excluding contribution from transformational M&A)of 500 million;and Medium-term adjusted operating profit margin1 of 25%.These remain unchanged and the Group expects to revise this medium-term guidance post t

97、he closing of the GfK CPBtransaction.“Our success as a business depends on employees being empowered to thrive in a rewarding culture,which is defined by a collaborative spirit and a desire to make an impact.”Steve HatchChief Executive Officer1 Defined in the explanation of non-IFRS measures on page

98、 46.YouGov plc Annual Report&Accounts 2023YouGov plc Annual Report&Accounts 20231011ST R AT EG I C R E P O RTChief Executive Officers StatementBased on our strategy and my initial observations,we have identified some key areas that the Company will prioritise over the medium term:Panel:We understand

99、 the importance of privacy to our panel members and their desire to extract more value from their data held by organisations.The Company will aim to increase data sharing and panel activity,while continuously looking to improve the member experience.Platform:Following the initial launch of the YouGo

100、v Platform,we will now focus on increasing functionality and product availability,driving research volumes and reducing inefficiencies,and,in time,look to launch a widespread marketing campaign to increase adoption.Commercial teams:Increasing accountability within our commercial teams and having cle

101、ar plans to increase share of wallet with key clients through cross-sell and up-sell opportunities will be a key driver to achieving our ambitioustargets.Artificial intelligence(AI):YouGov has long been using machine learning to demonstrate the quality of its data through political predictions.We wi

102、ll look to further the use of AI to build products,improve our research capabilities and automate detection and removal of suspect respondents.The continued global adoption of AI capabilities will also create additional revenue opportunities for YouGov given we have the ideal source data for AImodel

103、s.Environmental,social and governance(“ESG”)Like all aspects of YouGov,our ESG approach is built on core principles of transparency and trust.We champion responsible,ethical,and sustainable business practices across our operations,which is reflected in our robust ESG commitments.From giving a voice

104、to millions of members worldwide to investing in career development opportunities to support diverse talent in our workforce,we are driven by shared values and vision to create a positive impact in the wider community.This year saw the conclusion of our second ESG Roadmap,encompassing actions within

105、 individual Environmental,Social,and Governance Strategies.In preparation for our next long-term strategic plan,we conducted our first ESG materiality assessment in Spring 2023.We invited groups of stakeholders(including the Board of Directors,employees,panel members,clients,investors and suppliers)

106、to rank the importance of ESG issues in order of relevance to the business.The results have validated our existing priorities,informed our next ESG Roadmap,and ensured that we tailor our communications appropriately for each of our key stakeholder groups.While we operate in a naturally low-emission

107、industry,we take a proactive approach to understanding and mitigating our environmental impact.To meet our new obligations to align our reporting to Task Force on Climate-Related Disclosures(TCFD)recommendations,we calculated our global carbon footprint for the first time and took the important step

108、 of conducting a climate scenario analysis to understand the key climate-related risks and opportunities relevant to our business.The results of this exercise have been incorporated into our risk management framework,and,in the next year,we will be developing progressive long-term and interim net ze

109、ro targets.Our panel is our largest stakeholder group at 26 million registered members.With the launch of YouGov Plus this year,our dedicated Panel team has been able to draw on direct member feedback to enhance the member experience and ensure our panel remains representative,inclusive,and accessib

110、le.YouGov Plus is a new premium tier membership for our most active and committed members in the UK and the US,and they have been invited to provide valuable input through designated tasks and video calls that help us make tangible,positive changes and empowers members by amplifying their voices.The

111、 strength of our panel engagement efforts pairs with the expertise of our researchers to ensure surveys are designed in an unbiased way with consideration for cultural and regional sensitivities.This means clients can trust us to deliver accurate and reliable results that can inform their own ESG ag

112、endas.Governance is fundamental not just to our ESG strategy,but to our success as a business.Our compliance team ensures we are meeting all regulatory requirements with transparency and accountability,while our data privacy and security specialists maintain a rigorous framework to reinforce trust w

113、ith anyone who provides us with their personal data.In 2023,we held our second annual ESG Deep Dive presentation to the Board of Directors,with quarterly,action-oriented communications to senior leaders,to ensure ESG is led from the top with a shared understanding of priorities.People and cultureTo

114、maintain a truly representative and highly engaged panel,it is important that we champion diversity in our workforce and actively foster an inclusive workplace.In early 2023,we published our first annual Workforce Diversity Report,which set a baseline from which to measure progress against our Diver

115、sity and Inclusion goals and communicated the range of initiatives we have in place to identify and address representation gaps.We are continuously investing in career development opportunities for our employees,with specialised training programmes such as YouLead(for aspiring leaders)and YouManage(

116、for new line managers)to encourage internal progression and foster support networks across teams andregions.Our success as a business depends on employees being empowered to thrive in a rewarding culture,which is defined by a collaborative spirit and a desire to make an impact.To foster high perform

117、ance,we appreciate the need for more open communication and will look to ensure that all our employees have clear sight of our goals and expectations,and will work to tackle any obstacles as a more connected team.We are united by shared values and we want to create an environment for each of us to b

118、e fulfilled and deliver career-defining work that we are proud of,while supporting our social mission to give a voice to millions of people for the benefit of the wider community.Current trading and outlook Early trading in the new financial year is in line with management expectations.After a tempo

119、rary pause in the second half of FY23,we are seeing sales momentum from the technology sector starting to return.We expect Group overall performance to build through the course of the year as the new budget year begins at our clients.We remain confident in the Groups prospects for FY24 and in meetin

120、g current market expectations on a stand-alone basis(pre-GfK CPB).Our initial focus in FY24 has been on developing detailed commercial plans for our key clients and increasing awareness of the entire YouGov product suite within our existing clients.We expect the Company to continue to reap operation

121、al leverage benefits from the technological and headcount investments made in FYP2,leading to ongoing margin expansion as revenue growth continues.We continue to retain strong cash balances,notwithstanding the funds set aside for the proposed acquisition of the GfK CPB and aim to maintain capital ex

122、penditures for FY24 in line with the prior year.YouGov has a clear purpose and great talent that is passionate about the Companys mission.Combining that purpose and passion with our ongoing investment in data and technology provides us a strong foundation for achieving our ambitions.I would like to

123、thank the Board for trusting me to take the helm at YouGov.I am committed to delivering stakeholder value to our registered members,partners,clients,investors and employees and I appreciate their ongoing commitment andsupport.Steve HatchChief Executive Officer 10 October 2023YouGov plc Annual Report

124、&Accounts 2023YouGov plc Annual Report&Accounts 20231213ST R AT EG I C R E P O RTChief Executive Officers Statement continuedQ.What interested you the most about YouGov when you were considering the CEO position?SteveYouGov isnt a difficult business to get excited about.My first experience was as a

125、client when I was at MEC and then again at Meta.It is a sure sign of quality when the most data savvy companies in the world are your clients.What really stood out to me at the time was the brilliance of the products and panel and the YouGov brand itself.Its the only public-facing brand in the indus

126、try,and one that has been cultivated over years.That brand recognition is an incredible asset because it instills a level of trust from our panellists and sets us apart from our competitors.As people want more control over their data and organisations more value from their data,YouGov is well placed

127、 at the intersection of both thesetrends.Q.What are your thoughts on YouGov since youve started?StephanIt has been a privilege to see YouGov grow during my time as CEO.When I founded the company in 2000,I saw a definitive need for the industry to adapt to changing technologies.There was a gap in acc

128、uracy that could be filled with innovative online market research,particularly in political polling,where we saw our first big successes.While Ive always believed in the strength of our model and our ambitious growth targets,nothing is ever a guarantee.I am grateful for the hard work of our incredib

129、le team throughout the years,who have taken YouGov from a small start-up with a panel of just 1,000 registered members to our status as the most quoted market research company in the world.I N T E RV I E WWith new CEO Steve Hatch and outgoing CEOStephan ShakespeareSteve HatchCEOStephan Shakespeare C

130、hairSteveI believed YouGov was a great company from the outside and I have been blown away by the energy,the strength and depth of our talent and the candour within the company now that I have spent some time with the teams.The sense of mission and commonality amongst our teams,whether that is to im

131、prove our member experience or help our clients,has really exceeded my expectations.Though we have many things to resolve to achieve our full potential,the desire for us to continuously improve,to move fast and to truly own the space we occupy in the industry is palpable.Q.What will your focus be fo

132、r the next twelve months and beyond?StephanWith over 20 years directly at the helm myself,and the conclusion of Roger Parrys successful tenure as Chair,this was a natural time for me to shift away from operational oversight and assume a more strategic,non-executive leadership role.The next 12 months

133、 will be focussed on communicating and implementing our next phase of YouGovs growth strategy.As Chair,my priorities will be maintaining strong corporate governance and ensuring Board oversight of YouGovs company strategy.I will be honoured to mentor Steve as our new CEO and I am confident that I am

134、 leaving the day-to-day leadership in extremely capable hands.SteveWe have an exciting future ahead of us as we look to realise our ambition to be#1 in our industry.We have a long way to go to achieve that ambition and I would hope that I can really make a difference and be part of that journey.Firs

135、t and foremost,we need to be a more connected organisation as I think we can certainly achieve more by strengthening the relationships we have with each other at every level.I think that improved connectedness will go a long way in driving our global commercial success and will also help us to becom

136、e a more client-centric company.Over the next 12 months,I would like to see us make meaningful strides towards becoming closer not only to each other,but also to our clients.I want us to do more with our clients,and I want any organisation,regardless of their size or location,to be able to access th

137、e insights and data that YouGov has to offer.Secondly,I would like to focus on our platform,our products and our member experience because that is what YouGov does best.We need to make sure that we maintain our entrepreneurial spirit and continue to innovate and improve our existing products as well

138、 as enhance our member experience.Get these two things right and well be able to serve all of our stakeholders more effectively and efficiently.Thirdly,to aim to ensure that the new colleagues we will welcome through our planned acquisition of GfKs Consumer Panel Business this year really feel a par

139、t of YouGov and itsmission.If I look further ahead,the US market is where our largest opportunities lie and I would like us to capitalise on those opportunities.Our business is growing very well but our brand is still relatively little known outside our core areas.Finally,I want every YouGov employe

140、e to be able to look back and know that YouGov was the place where they did career-defining work,were able to be at their most innovative,and where they were able to make a difference to our members,clients and society.YouGov plc Annual Report&Accounts 2023YouGov plc Annual Report&Accounts 20231415S

141、T R AT EG I C R E P O RTChair and CEO Q&AQ.How do you think your background will help YouGov reach its ambition?StephanFrom our foundation,YouGov has been known to break the mould.From product developments to unique custom data solutions,we have always thought about the next step in advancing our co

142、ntributions to both our clients and the industry at large.Providing quality services while achieving rapid growth requires not just an intimate knowledge of client needs,but also confidence in taking an innovative leap.To be an industry leader,we cant be afraid to try new things.Building a company f

143、rom the ground up has also taught me the importance of motivation by establishing clear values and ambitions.We must be adaptable to grow,and innovative principles combined with sector expertise ensures our offering is constantly evolving to meet client needs and industry expectations.A collaborativ

144、e,high-performance culture starts at the top,and I am deeply invested in maintaining YouGovs innovative and entrepreneurial spirit at every level of thebusiness.SteveThe understanding of what it means to be a platform business and how to scale is something I will rely on quite heavily.We are only at

145、 the start of that journey at YouGov having built the initial engine that will power the YouGov Platform.The next step is to test and refine that engine while making sure that we have enough bandwidth in the CenX to handle the associated volumes of work.Once we are satisfied with the quality and del

146、iverability of our platform,then there arent many limiting factors.We will,of course,continue to test and optimise,and once were sure we have something that is really fit for purpose,the big marketing push can begin.Additionally,the one common quality between MEC and Meta was that they were very cli

147、ent-centric,which meant making sure they really understood client needs and responded to them well.I think we could use more of that client-centricity at YouGov,so I will certainly lean on that experience.These organisations were used to working at speed and,thankfully,the same is true for YouGov,wh

148、ich makes me feel at home.Q.What do you think will be your biggest challenge in the next year?StephanAs Chair,I will be transitioning to a new kind of leadership and focusing on supporting Steve and the rest of the executive team in achieving our new strategic plan.My vision for YouGov remains the s

149、ame as a leading market research company,we have the capacity to better serve people around the world and the communities that sustain them.As we aim to achieve technology-driven scale through greater standardisation,our biggest challenge will be maintaining quality of data while improving ease of u

150、se for clients.We will need to balance investment in the YouGov Platform as a unique connected data solution with custom research for more complex client needs.I can support these aims by working against the clear framework the Board has put in place to guide the delineation between the Chair and CE

151、O roles and continuing to offer my extensive knowledge and experience of strategic implementation at YouGov.I have handed over the reins with the Group in its strongest ever position and with a clear strategy to realising our vision of building the worlds leading market research platform.SteveWe hav

152、e an ambition to be the#1 market research company in the world,not only in size,but also in quality and reputation,and that is not an easy feat to achieve.The biggest challenge for anyone leading a business is making sure that you live up to the expectations that you have set for yourself and your c

153、ompany.But equally important,as our business grows,is to make sure that we remain a connected organisation because it is easy to lose the way when you try to grow too fast too quickly.Our ability to achieve that ambition will be dependent on the quality of people at the company and making sure that

154、we are effective at employing and retaining people that are motivated to overachieve everyday while maintaining humility.A big part of that will be improving performance management so we can have a performance-driven culture.Coming from high-performance organisations in the past,I understand the imp

155、ortance of rewarding our overachievers.There are two guiding principles that are really important when managing people fairness and impact.We want to make sure that we are being equitable,and we want to improve how we measure performance across the company,so we can reward the people that have gone

156、above and beyond.Q.How do you balance interests of different stakeholders in considering ESG?StephanOur panel is our biggest asset and stakeholder group,and we greatly value their feedback on all aspects of their YouGov experience.In recent years,I have spent time listening to comments from our most

157、 engaged panel members and have worked closely with the Panel team to ensure that panellists needs are appropriately addressed.Beyond our ESG goals,the success of our business depends on the trust and engagement of our panel.We are also fortunate to have highly engaged investors who help guide our E

158、SG approach.We have always welcomed their feedback,particularly when it comes to enhancing our disclosures.Our investors recognise that our panel is one of our greatest strengths and core to our long-term success as a business,which aligns with the interests of our other stakeholder groups.Our clien

159、ts rely on our representative panel for trusted insights,our employees are dedicated to expanding and supporting our panel to meet research needs,and the wider community benefits from access to our unparalleled public data based on our continuous panelengagement.SteveThe heart of our business is in

160、our people and our panel.Everything flows from the panel experience our ability to create new products,our ability to innovate,and our ability to obtain data in a safe and secure way.In an industry that sometimes takes panel members for granted,we think of our panel as a community.We cant provide in

161、formed and accurate solutions without designing our tools around the people giving up their valuable time to take our surveys,and that is driven by our expert teams who are working continuously to build trust among a truly representative panel.Its a clich,but“people first”means better results we are

162、 stronger as a business if our people and our panel are happy,and this feeds directly into the interests of our other stakeholders.Our clients want the most accurate insights,and our investors want evidence that we can sustain our growth.They understand that our panel depth,quality,and representatio

163、n is integral to their success as well.Q.When it comes to ESG,where can YouGov add the most value?StephanYouGov is uniquely positioned to invest not only in our own ESG ambitions,but also those of our clients.As a trusted source of accurate data based on our truly representative panel,our clients ar

164、e increasingly relying on YouGov to inform their ESG strategies.From insights on consumer preferences for a range of eco-friendly products to highly specified annual studies of target audiences for numerous charitable clients,we are proud of the value we can add beyond our own direct impact.Througho

165、ut this report,we have included several examples of research we have conducted for clients with specific sustainable,responsible,and socially orientated goals.SteveThe“S”of ESG has always been one of YouGovs greatest strengths.Our unique role in the world is offering accurate information upon which

166、people can make decisions.We are tested multiple times around the world in the most important arena possible political polling and our accuracy is second to none.When we do our jobs well,we enable society to understand itself and support our clients in achieving their own ESG agendas.Looking ahead t

167、o SP3,we will continue to prioritise our connected panel and free access to our public data.As we grow,it is essential that we remain member-centric and our primary consideration will remain giving a voice to the millions of people who trust us with their opinions.To amplify those voices,the unifica

168、tion of our public platform will make it easier for community leaders,academics,journalists,and organisations of any size to use our vital insights to help shape society.YouGov plc Annual Report&Accounts 2023YouGov plc Annual Report&Accounts 20231617ST R AT EG I C R E P O RTChair and CEO Q&Acontinue

169、dCAS E ST U DYThe business challenge The market research industry was increasingly moving towards the use of in-house research teams and technology-enabled research tools to collect insights from consumers that would ultimately inform business decisions.Having initially built a survey tool,YouGov Di

170、rect,on a small,dedicated panel,YouGov was increasingly getting requests from clients to utilise the wider YouGov panel and the full breadth of profiling attributes to directly send surveys to registered members.This was restricted due to the fact that the YouGov Direct panel only consisted of 150 p

171、rofiling attributes and was not connected to the YouGov Cube,our unique single-source connected-data library.Additionally,the initial product was difficult to scale as the user interface was not intuitive and required YouGov researchers to spend considerable amounts of time scripting and sending sur

172、veys on behalf of the client.Our solutionThe development of the self-serve survey platform was undertaken in two phases.In the first phase,the YouGov Direct panel was merged into the core YouGov panel which enabled the integration of YouGov Direct with the core panel.This allowed YouGov Direct to st

173、art using YouGov Profiles as its audience targeting engine.This project involved a number of product and engineering teams across YouGov,as it traversed our entire technology stack:from member-facing apps,to sampling and survey systems.Project Fusion led to a significant expansion in the pool of res

174、pondents available to YouGov Direct,and turned YouGov Profiles into a full-blown audience targeting engine for market research surveys.Secondly,the YouGov Directs client-facing product experience was redesigned from the ground-up with first-time users in mind,culminating in its rebranding as self-se

175、rve YouGov Surveys.This means clients including first-time users could manage the entire survey-building process on their own,which ended with them paying via credit card or through invoicing depending on their needs.The only human intervention with YouGov employees now consists of quality control a

176、nd sensitive content checks,which are carried out within 30 minutes of launching a survey,by our CenX teams based in India and Mexico.The results YouGov launched YouGov Surveys,a fully self-service survey tool,in October 2022 in the US and UK markets.The tool is connected to the YouGov Cube,which en

177、ables clients to survey all respondents in these markets based on attributes that have been collected in previous interactions with YouGov.Since its launch 12 months ago:350+clients have conducted self-service research1,000+surveys run via the tool1,000+average transaction valueC H A L L E N G ETo b

178、uild a research platform that allows clients to run fast turn-around surveys in a fully self-service way to YouGovs highly profiled panelSO LU T I O NEnable a seamless data flow between our survey platform and panel management system and build an easy-to-use front-end user interfaceR E SU LTSLaunche

179、d YouGov Surveys,a self-service survey tool,which delivers rapid results with the help of CenX-based researchersHow our teams approached the challenge to build a fully self-service market research platform 1Sustainable growthSuccessful track record of scaling the business and delivering profitable g

180、rowth2Connected dataUnparalleled depth and breadth of connected data increasingly being valued by clients3ResilienceDigital business model providing significant operating leverage and strong resilience in volatile environmentsSee page 04 for more informationSee page 26 for more informationSee page 2

181、2 for more information4InnovativeCulture of innovation combined with sector expertise ensures our offering is constantly evolving to meet client needs5Global reachIncreasing focus on account management and global panel expansion driving the current phase of growth6Recurring revenueGrowing subscripti

182、on business and long-term tracking work provides high visibility and strong margin expansion potentialSee page 21 for more informationSee page 36 for more informationSee page 41 for more information7Platform playDeveloping from a supplier of data products and services into a true self-serve platform

183、 to drive the next phase of growth8ProfitableSolid profitability and strong balance sheet provides foundation to deliver on growth ambitions9Strong leadershipHighly motivated leadership team with a clear goal of enhancing shareholder value and employee experienceSee page 19 for more informationSee p

184、age 38 for more informationSee page 78 for more informationUnderpinned by our key levers for growthEnterprise salesExpand our share of wallet with existing clients through our account management teams and increase market penetration through new client winsDigital salesAddress simpler client needs wi

185、th a digital path to purchase through our new self-service research platformGreenfield opportunitiesAddress emerging client needs through new,innovative products built on our existing research engineSee page 35 for more informationPlatform PlayYouGov plc Annual Report&Accounts 2023YouGov plc Annual

186、Report&Accounts 20231819ST R AT EG I C R E P O RTInvestment CaseYouGov operates in the global market research industry,which is valued at$129 billion,taking into account an expansion of the addressable market over the last few years to include reporting and technology-enabled insights.The industry e

187、xists to help organisations discover,classify and analyse data and insights on their customers and target markets,with an aim to streamline their services and make more-informed business and political decisions.More specifically,YouGov is largely a constituent of the Established research segment of

188、the industry.This segment of the industry has undergone a dramatic shift over the last decade from face-to-face and telephone interviews to online data collection,an area in which we believe we have a competitive advantage.Furthermore,it is a highly fragmented market.Given the complex workflow of a

189、traditional research project from scoping and design through to final delivery,clients inevitably have to work with several suppliers.Consequently,this leads to disconnected datasets being used by the end users.Unlike the other players in the industry,maintaining our own proprietary global panel and

190、 utilising our internally developed technology allows us to create a unified offering for our clients.This unique position in the market enables us to continue to capture market share as demonstrated by the Groups underlying1 revenue growth of 9%in FY23,which significantly surpasses the sub-segment

191、reported growth of 5%2 in 2022.Global Market Research Industry BreakdownRapid technological evolution,combined with growing concerns over data integrity and privacy,and the unpredictable geopolitical landscape have shaped a complex and ever-changing market environment,bringing both challenges andopp

192、ortunities.TrendWhy is it important?How YouGov is respondingArtificial intelligenceArtificial intelligence(AI)is disrupting industries,especially ones that are ripe for change.As clients demand faster results,analysis that used to take weeks or months is delivered in real time using online,automatio

193、n and AI.These real-time insights into consumer attitudes and behaviour are critical to business success.YouGov is an industry-leading pioneer in using machine-learning techniques to make accurate predictions.Generating high-quality market research using AI technology will require rich,up-to-date so

194、urce data in order to be successful.Therefore,YouGovs genuinely connected,continuously updated and multi-level profiling and tracking dataset is ideal for this next phase of AI.Importance of quality Panellist fraud has always been a problem in our industry and this has become more apparent over the

195、last 12 months.As a result,the quality of insights generated has become paramount as businesses make more data-based strategic decisions.Our panel verification methods and re-contact capabilities ensure we can stand tall on the credibility of our data,which is crucial to future growth and success.Th

196、is is proven by our ability to consistently make accurate predictions during elections in the worlds major economies.Self serviceClients are increasingly investing in their own research teams and tools leading to an in-housing of research,but the industry lacks a consistent platform to enable the op

197、erationalisation of data collected.In response to market trends,YouGov launched a self-service survey tool,YouGov Surveys,in October 2022.Additionally,we unified our product offering under the YouGov Platform enabling self-service research for more standardised needs.As we develop and make the YouGo

198、v Platform ever easier to use,we will increase our appeal to clients,including non-traditional users of research.Industry factors affecting clients choice of market research supplierFaster,better and cheaperAccording to a study by the Greenbook3,data quality and service levels,balanced by price,are

199、the three most important factors clients consider when making their choice of market research supplier.YouGov is well positioned here,as our digital data collection methods and connected dataset enable us to provide high-quality insights faster through automation and at competitive prices using the

200、YouGov Platform.Additionally,YouGov is able to demonstrate to clients exactly where their data comes from and why it can be trusted a matter of increasing importance in the market.IncumbencyWhile long-term relationships are still key to client choices,they are declining in importance.As the COVID-19

201、 pandemic and technology have brought about new ways of working andaccelerated the shift to online,clients are more receptive to considering different solutions and are more willing to seek andaccept completely virtual solutions.Regional expansion Over the coming three to five years,we aim to capita

202、lise on our regional strengths as a key element of our expansion strategy.Historically,we had grown our international presence largely through acquisitions.In more recent times,we have significantly grown our panel capability and business,organically,embracing and staying ahead of trends to provide

203、insights on a global scale.Given our relative size in the market,we believe there is significant headroom for us to grow,particularly in the US,and we continue to focus our efforts on that opportunity.Our unique proposition is high-quality,large-scale,quantitative custom studies connected with syndi

204、cated data products,which suit the US market.This is demonstrated in the fact that 30 of our top 50 clients are based in the US.While the Americas are becoming increasingly important to our operations,we are committed to maintaining and growing our presence in the UK,Europe and the Asia Pacific regi

205、on.1 Defined as growth in business excluding impact of current and prior period acquisitions and business closures,and movement in exchange rates.2 According to the ESOMAR Global Market Research Report published in September 2023.3 Greenbook 2022 study on selection of market research suppliers.$47bn

206、Size of Established research segment in 2022+5%YoY growth of Established researchsegment in 2022YouGovs underlying1 revenue growth+9%in FY2325%Reporting and other36%Established research39%Tech-enabled researchSelf-service platforms representjust 3%of the industry but are thefastest growing sub-segme

207、nt(27%year-on-year growth in 2022)47%US8%UK6%China5%France5%Germany29%RoW 14%YOY growth 5%YOY growth 17%YOY growthTotal$129bnYouGov plc Annual Report&Accounts 2023YouGov plc Annual Report&Accounts 20232021ST R AT EG I C R E P O RTOur Markets Continuing to Innovate in an Ever Changing MarketOur offer

208、YouGovs vision is to be the worlds leading provider of marketing and opinion data.Our operating modelFor over 20 years,YouGov has been building an ever-growing source of connected consumer data that powers all our products and platforms.We call it living data.This has driven our growth over the year

209、s and has allowed us to further invest in our capabilities for the benefit of our employees,clients,shareholders and society.Our divisionsOur business is structured into three divisions,and the connectedness of our products and services serves as a strong differentiator.Data productsThis division co

210、mprises our syndicated data products,which are available to clients on a subscription basis.Data servicesThis division provides our clients fast turnaround and cost-effective survey solutions for reaching nationally representative and specialist samples.Custom researchThis division offers a wide ran

211、ge of quantitative and qualitative research that is tailored by sector specialist teams to meet clients specific requirements.33%of Group revenue119%of Group revenue148%of Group revenue1See pages 28 to 33 for more informationOur core products and servicesAt the core of the YouGov platform is an ever

212、-growing source of consumer data that has been amassed over our twenty years of operation.Our products and services draw on this detailed understanding of 26 million registered panel members to deliver accurate,actionable consumer insights to our clients.Our clients use these insights to explore,pla

213、n,activate and track their marketing activities better.Explore Allows clients to get answers from their chosen audience using our syndicated data products or through customised surveys.Plan With over a million data points to choose from,users can unlock the most complete profile of their audience an

214、d use it to plan marketing campaigns.Activate Advertisers can optimise their ad spend by utilising our research-based audiences to activate ad campaigns.Track Continuous monitoring of what an audience thinks about brands,marketing campaigns and the competition creates a powerful feedback loop for cl

215、ients.Our capabilitiesOur technology Pioneer of online market research Innovative market-leading technology and analytics tools Technology platform connecting people,researchexperts and clients Our panel Large proprietary panel with long-term panellist relationships High engagement levels providing

216、unparalleled depth and breadth of connected dataOur people Talented,driven professionals Strong culture and reputed management team Global reach supported by the Centre of Excellence(CenX)modelOur reputation Respected brand name known for quality data Strong media presence Ethical approach,fully emb

217、racing EU GDPR andCCPA practicesOur financial strength Cash-generative business enabling continuous reinvestment Market-leading growth with expanding profitmargins Our social mission Make peoples opinions heard for the benefit of the wider community High panel representation ensuring well-balanced d

218、ata Accurate,engaging research freely available toexploreYouGovYouGov strives to develop new,innovative products and tools that reach across client needs to operationalise data and provide a unified offer.ClientsWe help the worlds most recognised brands,media owners and government agencies to manage

219、 their entire marketing workflow.Our highly diversified,global client base comprises of over 4,300 organisations across various sectors.PanelWith some of the highest response rates and representativity in the industry,our panel of registered members form the foundation of our business,providing us w

220、ith a constant flow of data through various channels of engagement.We believe only highly engaged panels can produce high-quality,connected data.Therefore,we look to continuously improve and deepen the panellist experience and become the universal infrastructure for trusted data sharing.RevenueOur r

221、evenues are generated through access to our syndicated,subscription data products and client-commissioned research.We tailor contracts to clients needs based on duration,number of questions,frequency,regions,enterprise and sample size,amongstothers.TechnologyMaximising the value of the data we colle

222、ct through the application of leading-edge analytics technology and strong research expertise is our key differentiator.We are constantly developing new tools that serve our client needs and enable them to manage their entire marketing workflow.To address the trends and needs in our industry,we deve

223、loped the YouGov Platform,our self-service research system that connects our clients,panellists and expertresearchers.Profitability and cashOur constant drive for efficiency and scalability is demonstrated by our successful track record of expanding our profitability and high cash conversion.We use

224、the funds generated by the business for:ReinvestmentDividends Acquisitions1 Excludes intra-group and central revenue.YouGov plc Annual Report&Accounts 2023YouGov plc Annual Report&Accounts 20232223ST R AT EG I C R E P O RTOur Business ModelOur ESG focus areasOur panellists and clientsOur panel of re

225、gistered members play a crucial role in maintaining our consumer intelligence database,providing a constant flow of opinion and behavioural data that can be leveraged by our clients.Our stakeholders and the value we create for themOur aim is to maintain high panel retention and build our connected d

226、ataset through:PersonalisationSurveys tailored to individual panellists based on their demographics and pastresponses.IncentivesConsistently receiving rewards for completing surveys incentivises panellists to maintain engagement andparticipation.VarietySurveys and studies on a wide range of topics,f

227、rom brand preferences to topical issues to sports,ensures the experience is fresh and interesting for panellists.Shaping global newsSurvey results can provide valuable data and insights that media outlets use to inform their reporting and coverage.CommunityCreating a strong community of active panel

228、lists who interact with the data creates a sense of purpose and mutual benefit.Trusted brand Our media-friendly brand builds public trust in YouGov and drives ongoing data sharing.CommunicationsYouGov keeps in touch with panellists through newsletters,social media and various other channels to keep

229、panellists informed of the use of their data.We strive to provide our clients with innovative products and solutions through:Depth of data Highly structured time-series and cross-sectional syndicated dataset enabling clients to quickly derive valuable insights about brand performance and consumer op

230、inion.Speed and accuracyHighly-profiled,proprietary panel allows clients to reach the right target audience and makes quick turnaround projectspossible.User-friendly tools From a self-service survey platform to our powerful data analytics tool,YouGov Crunch,our tools make it easier and faster to col

231、lect and analyse vast amounts of data.Tailored solutionsWe work with clients on an individual basis to provide custom research and solutions that meet a variety of business needs.Trusted brand YouGov is a well-known trusted brand with a history of accurate predictions giving comfort in the integrity

232、 of our data.Panel coverageBuilding and maintaining the most global and representative proprietary panel is a key differentiator with our largest clients.Underpinned by our commitment to ESGWe believe harnessing insights from data can address some of the worlds most challenging issues.Our purpose is

233、 to give the world a voice through our global community by collecting,measuring and analysing their opinions and behaviours and reporting the findings accurately and free from bias.Stats on panel and clients26mregistered panellists4,300+clientsESG RoadmapOur third ESG Roadmap,published in September

234、2023,outlines our commitments through the next three years.The objectives have been determined with consideration to our company values,expectations from investors and ratings agencies,feedback from the Board,and the results of our first ESG materiality assessment.Ethical considerationsEthical busin

235、ess practices are built into our company-wide policies and procedures.The same expectations apply to our suppliers,sub-contractors,and business partners through our robust Business Partner Code of Conduct.Giving a VoiceOur social mission is to make peoples opinions heard for the benefit of our local

236、,national,and international communities.This encompasses our public data offering,our efforts to ensure our panel is truly representative,and our socially-oriented research to support clients with their own ESG ambitions.Our net zero commitmentsWith our first baseline global carbon footprint publish

237、ed in this report,we are setting a target to achieve net zero by 2050 at the latest.In FY24 we will define more progressive near-and long-term targets.1 Defined in the explanation of non-IFRS measures on page 46.Panel MembersRewards for participation in surveys,and having their opinions shape agenda

238、s and policiesEmployeesCompetitive remuneration,attractive culture and development opportunitiesCommunityPublic data as a resource for organisations to understand public opinionClientsResearch data and insights that fulfil their business needs18m in panel redemptionsMean overall satisfaction score o

239、f4/5in the annual employee engagement survey 8.5munique visitors to our UK and US public data websites 9%underlying1 revenue growthSuppliers andPartnersMutually beneficial relationships built on shared valuesShareholdersReturn on investment through share price growth and dividendsMediaTopical data a

240、nd research to support editorial teamsEnvironmentProactive mitigation of environmental impact19 days taken on average to pay third-party suppliers100%+total shareholder return over 5 years#1most quoted market research source globally3.40Carbon emissions per FTE,including Scopes 1,2 and 3YouGov plc A

241、nnual Report&Accounts 2023YouGov plc Annual Report&Accounts 20232425Our Business ModelcontinuedST R AT EG I C R E P O RTOur proprietary global panel provides us with millions of data points on consumer opinions and behaviour,which are fully connected and constantly updated.Living DataLiving data ena

242、bles a high level of interoperability between our suite of products,services and tools,empowering clients to fulfil their research needs through self-service or varying degrees of expert support.ExploreAllows clients to get answers from their chosen audience using our syndicated data products or thr

243、ough customised surveys.PlanWith over a million data points to choose from,users can unlock the most complete profile of their audience and use it to plan marketing campaigns.ActivateAdvertisers can optimise their ad spend by utilising our research-based audiences to activate ad campaigns.TrackConti

244、nuous monitoring of what an audience thinks about brands,marketing campaigns and the competition creates a powerful feedback loop for clients.SurveysProviding robust research for every budget and timelineAudience intelligenceDelivering a complete picture of target audiencesCampaign activationAd camp

245、aigns that grab audience attention at the right time,in the right placeBrand healthDeeper brand tracking and campaign intelligenceWith a reputation for accuracy,we make it easy for clients to generate the high-quality insights they need,when they need them.Fast-turnaround research Clients can self-s

246、erve their research needs through our latest tool,YouGov Surveys,or use our researchers to run questions through YouGov Realtime Omnibus.Both provide fast and accurate responses from targeted audiencesCustom research A full end-to-end managed service from our research experts to provide deep-dive re

247、search and insightsOur market-leading audience intelligence products provide unparalleled granularity on the complex lives of our registeredmembers.YouGov Profiles Our flagship audience intelligence tool allows clients to discover an extensive profiling database of thousands of consumer metricsYouGo

248、v Safe Providing our clients with a large range of verified,permissioned online behavioural data such as streaming,gaming and shopping dataUsing our powerful audience segmentation built from zero-party data,our unique media-friendly format removes customer doubt from digital advertising by deliverin

249、g ads to the intended target consumers.YouGov Audience Data Creating exclusive,research-based audience segments for look-alike modelling ensuring effective marketing activation YouGov FreeWall Providing engaging and interactive surveys in an ad format to drive engagement and cement brandrecallProvid

250、ing our clients with a continuous read on what people think and feel about their brands,campaigns and competitors,allows businesses to make informed,impactful decisions.YouGov BrandIndex Offering our clients a syndicated data subscription to track and analyse brand perception across 16 vital brand h

251、ealth metricsYouGov Stream Audience streaming tracker monitoring video-on-demand data across multiple platformsCustom Trackers Designed for strategically important KPIs,custom trackers supplement regular brand tracking with bespoke focused modules,typically on a multi-year basisYouGov Signal Social

252、listening platform monitoring conversation and sentiment across 40+online sources focusedmodulesWe call it living data.We use this data to build syndicated and tailored end-to-end solutions for the most effective strategy and marketing activities.millions of data pointsconsumer opinions and behaviou

253、rWe call it living datamost effective strategy and marketing activitiesYouGov plc Annual Report&Accounts 202327YouGov plc Annual Report&Accounts 202326What is Living Data?ST R AT EG I C R E P O RTFox SportsData ProductsYouGovs Data Products division comprises our syndicated data products,which are a

254、vailable to clients on a subscription basis.Unlimited access to syndicated data delivered through purpose-built dashboards Annual and multi-year contracts negotiated with pricing based on the size of the organisation and number of geographies covered Training and ongoing customer support available t

255、hrough global client service teams Mainly consists of our flagship products,YouGov BrandIndex and YouGov ProfilesKey productsYouGov BrandIndex and YouGov Profiles are available separately or as a bundled proposition marketed as YouGov Plan&Track.YouGov BrandIndex allows users to continuously monitor

256、 16 fundamental metrics such as brand and advertising awareness,word of mouth,brand health,consideration,purchase intent,and customer satisfaction.Brands,media owners and marketing and communication agencies utilise it to measure brand health,monitor growth,track advertising campaigns and inform str

257、ategy.The data is updated daily(or bi-weekly or weekly in some developing markets)and includes over 15 years of historical data.Available in56countriesApproximately 25,000brands tracked across 40+industriesApproximately 8 million interviews each year YouGov Profiles offers the largest,most detailed

258、and real-time portrait of consumer segments.It connects cross-sectional data from members on demographics and lifestyle,brand usage and perceptions,social media engagement,media consumption,online and mobile behaviour all in one place,combining that with attitudes and opinions to build consumer port

259、raits with unrivalled granularity.Available in49countries3 millionpanel members2.5 million+data variables globallyFY23 operational highlightsAgainst a backdrop of shrinking budgets and great uncertainty,our account management teams have been successful in maintaining strong renewal rates in line wit

260、h prior years.This has enabled us to deliver a resilient performance and is testament to how embedded our products are in a clients marketing workflows.While new subscription sales volumes were harder to come by,our teams developed and sold several data slices as an entry-level product into clients.

261、The higher price point of annual subscriptions makes it more difficult for clients to justify spending in uncertain times.By selling subsects of our data as of a fixed point in time,clients can meet their research needs at a lower cost,while also familiarising themselves with YouGov data before maki

262、ng larger subscription decisions.We have continued to develop our YouGov Safe offering in terms of sample size,geographic expansion(adding four new countries taking the total to nine countries),and data-source list.This has led to a significant increase in the number of monthly uploads,thereby enric

263、hing our behavioural data more than ever before.Additionally,we have made several UI product developments within our YouGov Signal product,including a feature that instantaneously summarises all social posts over the past month into a concise summary using AI.“YouGov BrandIndex let us quickly,accura

264、tely and objectively show the positive brand impact that our FIFA World Cup advertising partners obtained.”Dan UrbanVice President of Ad Sales Research,FOX SportsC H A L L E N G EAs the official US broadcaster of the 2022 FIFA World Cup,FOX Sports wanted an accurate and objective way to measure the

265、positive impact that partner brands obtained from advertising during the global event.With over 15 advertisers involved,FOX needed an approach that was scalable,fast,highly reliable and would not involve fielding multiple custom research surveys.In addition,FOX wanted to pinpoint brand lift specific

266、ally among an audience of soccer fans,instead of simply looking at the broader US population.SO LU T I O NAs a subscriber to YouGovs BrandIndex platform,FOX was able to access daily brand health tracking data for its major advertising partners.FOXs subscription to BrandIndex enables them to track mo

267、re than 2,000 brands in the US,based on ongoing surveys to YouGovs proprietary panel of over five million US consumers.With support from YouGovs expert team,FOX developed a methodology for an ad effectiveness study that would measure brand health for each partner prior to,during and after the FIFA W

268、orld Cup.The research team were able to focus specifically on advertising awareness and brand health among self-reported FIFA World Cup viewers by applying audience filters available in BrandIndex.Thanks to YouGovs always-on tracking,the report could be produced and delivered to FOX just three days

269、after the World Cup concluded,without the cost of fielding additional surveys.R E SU LTLeveraging YouGov BrandIndex data,the report quantified the positive impact of advertising during the 2022 FIFA World Cup.Advertisers saw significantly higher advertising awareness and brand health scores among vi

270、ewers of the FIFA World Cup when compared back to non-viewers during the event period.With the success of the FIFA World Cup study,FOX Sports continued leveraging BrandIndex for other ad effectiveness measurement projects,including Super Bowl LVII between the Philadelphia Eagles and Kansas City Chie

271、fs.How Fox Sports proves ad effectiveness for FIFA World CupCAS E ST U DYYouGov plc Annual Report&Accounts 2023YouGov plc Annual Report&Accounts 20232829ST R AT EG I C R E P O RTOur DivisionsData ServicesYouGovs Data Services division provides clients with fast-turnaround survey services,charged on

272、a rate-card basis.Survey services available in 59 countries with results in 24 48 hours in most territories Pricing based on number of questions and type of audience required Highly trained researchers support clients in designing survey questions in line with best practice Findings are delivered in

273、 YouGov Crunch,our online data visualisation tool,allowing clients to analyse results and the connected data on respondents with unrivalled granularityKey servicesYouGov RealTime Omnibus is our fast-turnaround,multi-client omnibus survey service enabling clients to pose questions to nationally repre

274、sentative or targeted audiences.RealTime is underpinned by YouGovs purpose-built technology and highly engaged online panel,ensuring clients can build surveys,watch live results and interpret robust,reliable data with ease.The size and diversity of the YouGov panel has also enabled us to extend our

275、omnibus services to highly niche groups,for example B2B,C-Suite Directors and Members of UK Parliament.Our Targeted Field&Tab service uses the same fast-turnaround tools to reach bespoke samples for individual clients where they need a more targeted audience.FY23 operational highlightsAs discussed e

276、arlier in the report,clients are increasingly investing in in-house research teams and tools to conduct more standardised research in a more cost-effective way,thereby lowering spend with external suppliers.This fundamental shift combined with inflationary pressures,has led to a decline in volumes o

277、f fast-turnaround,tactical research.Additionally,given the overlap and similarities in the type of projects and research conducted by our Data Services and Custom Research teams,we have moved to consolidating our researchers in our largest markets onto a“single bench”so that clients work seamlessly

278、with our teams for tactical,ad-hoc research and more customised projects.In order to increase cost efficiencies,we developed a plan to migrate UK RealTime Omnibus and Field&Tab projects to our CenX teams.Strong progress was made during the year with about two-thirds of all projects being delivered b

279、y our CenX-based teams since January 2023.In addition,we launched a separate CenX service team to pick up specific tasks from UK Custom Research projects,enabling our researchers to focus on the more complex,added value elements of servicing our clients.C H A L L E N G EUS PR firm Smitten Communicat

280、ions sought to generate press for its client JustAnswer,a platform that connects people with experts for professional advice online.A growing brand with a strong user base,JustAnswer wanted to expand awareness of its platform among consumers.Smitten Communications suggested JustAnswer run a survey a

281、bout one of its 150+categories in the hopes of results helping to generate coverage in top-tier media outlets.SO LU T I O NYouGovs quick-turnaround and researcher support on questionnaires allowed Smitten Communications to develop a 10-question survey in the hopes of delivering headline-grabbing res

282、ults.The survey asked consumers their opinions on two trending topics:family drama during the holidays and etiquette in confusing situations both divisive issues that relationship and mental health experts at JustAnswer can help people navigate.YouGov fielded the survey immediately and returned resu

283、lts within just a few days,together with an analysis of key findings.Smitten Communications then packaged the results into a press release,which YouGov researchers helped to review for objectivity.R E SU LTThe results from their YouGov Surveys work enabled Smitten Communications to secure 45unique m

284、edia placements for client JustAnswer,including features in Huffington Post,Newsweek,PureWow,and a television feature that ran on the local FOX affiliate in the Bay Area,where JustAnswer is headquartered,as well as delivering a significant spike in traffic to the site following the coverage.Followin

285、g the success of the project and the ease of working alongside YouGov,Smitten Communications plans to make quick-turnaround consumer surveys a more regular element of its PR proposals and is already ideating future projects with YouGov.How Smitten Communications and JustAnswer generated 40+press men

286、tions with YouGov RealTimeOmnibus“Ive worked with lots of different survey vendors in the past and had a difficult experience.YouGov was super easy to work with,both in the creation and execution of the survey.”Aimee GrovePrincipal,Smitten CommunicationsCAS E ST U DYJustAnswerYouGov plc Annual Repor

287、t&Accounts 2023YouGov plc Annual Report&Accounts 20233031ST R AT EG I C R E P O RTOur Divisionscontinued“Using YouGov Profiles to identify a target audience that reflected diverse stakeholder groups,we delivered the first definitive results that clearly identified attitudes toward hair shaming pract

288、ices.”Custom Research YouGovs Custom Research division offers bespoke quantitative and qualitative research services.Delivered by sector specialist teams that use industry-specific knowledge to ensure clients receive a high-quality end product Contracts tailored with clients to meet specific require

289、ments,such as custom samples,questions,duration of project,etc.Services have been strategically repositioned to better align with syndicated data so that custom projects can draw upon and build on our living data Results are delivered in line with the clients precise needs,such as tailored presentat

290、ion decks and purpose-built dashboardsKey servicesOur research experts provide full end-to-end service,including sample framing,questionnaire design,analysis,presentations and more.Our sector specialisms include consumer,financial services,gaming&e-sports,media&technology,sports and political&public

291、 sector.The division also includes teams specialising in particular areas such as corporate reputation&B2B,education,family&youth and qualitative research.The division provides qualitative and quantitative research with an increasing focus on multi-wave,multi-country custom tracking projects that ar

292、e contracted for the long term.FY23 operational highlightsOur Custom Research offering continues to make strong strides in expanding our relationships with clients,particularly against a weaker economic backdrop.Customised research makes up the majority of clients market research spend,and our teams

293、 have capitalised on that using our connected data proposition.As consumer behaviour shifts post-pandemic and amidst the cost-of-living crisis,businesses are increasingly looking to understand their target audiences to maximise ROI on marketing spend.Given YouGovs strong presence in the technology s

294、ector,the industry-wide reductions in staff in the latter half of 2022 gave rise to some temporary disruption to our momentum.As the technology giants adjusted to their new structures,there was a pause by those clients in commissioning research projects until the new budgets and priorities were esta

295、blished.Additionally,greater scrutiny on spend resulted in longer sales cycles due to greater involvement of procurement teams.However,momentum among technology clients returned to normalised levels towards the end of FY 2023,underpinning our confidence for the next year.Following the acquisition of

296、 LINK in December 2021,theteams have seen strong growth in Custom Research projects,particularly in the FMCG and Banking&Insurance sectors.This has largely been driven by the expertise and strong reputation of the business coupled with our high-quality panel capabilities,resulting in several new cli

297、ent wins.C H A L L E N G EIn 2021,advertising agency Edelman wanted to understand attitudes towards hair shaming practices towards girls in schools in Thailand,where traditional government schools have strict rules about girls haircuts.Despite recent rule changes to increase inclusion in schools,a d

298、esire for personal expression among girls had been increasingly met with public punishment,such as forced hair cutting.As a new client of YouGov,Edelman wanted to identify the impact,perceptions,and beliefs towards hair and hair shaming practices across generations with multiple target audiences.The

299、 goal was to create mediagenic insights to inform a major brands haircare marketing approaches in a region with conflicting stakeholder expectations and little existing data around hair practices.SO LU T I O NAny discussion of social issues or traditional cultural values is highly sensitive in the m

300、arket,and YouGov was able to offer access to a highly engaged community of panel members in Thailand,built from a relationship of mutual trust and respect nurtured over a decade.Using YouGov Profiles to define the target audience,we identified a sample size of 800 covering all stakeholder groups(wom

301、en and girls across Gen X,Gen Y,Gen Z,and teachers).We take pride in our unbiased and accurate data collection,and we worked closely with Edelman and the haircare brands marketing team to ensure the right questions were posed to analyse real perceptions of a range of audiences.The survey covered awa

302、reness and attitude towards hair shaming,experience with and impact of the practice,and desires for change.R E SU LTDespite the challenges of identifying accurate insights for a wide range of stakeholders on a culturally sensitive topic,YouGov delivered the first concrete evidence of current attitud

303、es towards hair practices in Thailand.The data revealed that 71%of young women(19 24)felt that mandated haircuts negatively impacted their self-confidence,and over 40%of teachers were unaware that the strictest rules had been relaxed.This ultimately led to:a nation-wide solidarity campaign to end ma

304、ndated haircuts for young women and girls,which resulted in the Ministry of Education lifting its restrictions on hairstyle rules in Thai schools;the haircare brand establishing a fund with commitment to support research and work with schools and educators to build further awareness of the issue;and

305、 a strong increase in the brands performance scores in Thailand.YouGovs research was publicly named in the campaign and featured at the core of the press received.How Edelman used YouGov Custom Research to analyse targeted insights for a hair advocacy campaign in ThailandCAS E ST U DYEdelmanYouGov p

306、lc Annual Report&Accounts 2023YouGov plc Annual Report&Accounts 20233233ST R AT EG I C R E P O RTOur DivisionscontinuedThe YouGov Platform is powered bythree user groups interacting as a virtuous circle and providing mutual benefit to each other.Member PortalPublic PortalClient PortalBecoming the un

307、iversal infrastructure of trusted data sharing is key to our ambition.We have developed the YouGov Platform,our self-service research system,to achieve that ambition.Significant potential to grow existing business remain untappedEnterprise SalesDelivering high-value,strategic insights to large natio

308、nal and multinational organisations remains our greatest growth opportunity.Our researchers will be experts in the use of the YouGov Platform and will be able to use its power to deliver customised,multi-year,multi-country research projects and more complex ad-hoc research depending on client needs.

309、Digital SalesFor more simpler client needs,we have enabled a digital path to purchase through our new self-service research platform.Built for ease of use,clients can run quick turnaround surveys themselves or with the help of low-touch support from our CenX-based researchers.With a sales funnel tha

310、t will be,primarily,driven by marketing,the YouGov Platform has the ability to expand the use of market research into non-traditional users.Greenfield OpportunitiesOur digital business model enables us to address emerging client needs and develop new,innovative products on top of the existing resear

311、ch engine.Combining behavioural data sources,such as streaming history,purchasing behaviour and banking data,with our existing attitudinal and opinion data and media consumption can unlock new revenue streams in the future.Grow the number of new subscribersTarget longer term,strategic tracking proje

312、ctsIncrease penetration with brands,particularly in the USGrow the number of subscriptionsGrow in under-penetrated sectors and industries adjacent to established sectorsShift fast turnaround research onto self-serve platformE X I ST I N G C L I E N TSN E W C L I E N TSEver-expanding encyclopedia of

313、opinion,with over 30,000 rated entities to be explored,freely available to everyoneBenefits to the public Make their opinions heard Have a data source they can trust Receive benefits from their data held by businessesEmpowering clients to use our data and targeted panel to fulfil their research need

314、s,either through self-service or with varying degrees of expert supportBenefits to clients Make strategic and workflow decisions based on high-quality connected data Better serve customers by wholly understanding them Improved return on marketing investmentEmpowering panel members to express themsel

315、ves,share their data and earnrewardsBenefits to members Superior member experience Increased transparency and trust Ability to monetise their data for rewardsP U B L I C P O RTA LC L I E N T P O RTA LM E M B E R P O RTA LOur growth planA dual-pronged go-to-market strategy,coupled with our constant d

316、rive to innovate,will ensure we capitalise on the opportunities in ourmarket.YouGov PlatformYouGov plc Annual Report&Accounts 202335ST R AT EG I C R E P O RTYouGov plc Annual Report&Accounts 202334Our StrategyCAS E ST U DYHow our teams are collaborating to expand the share of wallet with large multi

317、-national corporations using our rich data set as the keydifferentiator Business challenge A leading luxury goods manufacturer that spends a significant amount of its marketing budget on event sponsorships was looking to better understand whether its marketing investment was having the desired impac

318、t on brand perception.Additionally,the company wanted to run regular ad-hoc research to niche audiences around a variety of topics from social media interactions to in-store experiences.The in-house marketing team was familiar with YouGov data through their sponsorships relationship but was looking

319、to replace their existing research provider in order to target audiences in a more granular fashion.Our approachThe existing YouGov client service team had built a strong reputation with the client for providing high-quality data,at speed and scale.The teams saw an opportunity to expand the relation

320、ship from its historic revenue source into more customised brand tracking.With the help of our expert researchers and rich profiling data,we were quickly able to demonstrate our ability to deliver research across niche audiences,globally.Our ultimate client,the Chief Marketing Officer,had built a hi

321、ghly proficient in-house market research team and,therefore,valued accuracy and speed over consulting and insights.The resultsYouGov was the sole company considered for the project given its reputation and strong existing relationship.Our teams designed a multi-wave,multi-country brand tracker that

322、helps the client understand its customer experience more thoroughly.The data delivered through this research programme will ultimately guide the companys long-term strategic plan around brand equity and future target market.Following the completion of the initial 12-month contract,the company has re

323、commissioned the tracker in July 2023 at more frequent intervals and in additional countries.Additionally,the client has committed to regular weekly ad-hoc research,which it uses to inform its bespoke audience segmentation.Enterprise Sales How our teams are collaborating to expand the share of walle

324、t with large multi-national corporations using ourrich data set as the key differentiatorThe challenge To understand the impact of the clients marketing spend and its effectiveness in influencing consumer opinion and behaviourThe solution Designed a bespoke brand equity tracker that targets the clie

325、nts niche current and future target audienceThe results Delivered a significant expansion of our client relation and become the main supplier of market research for the clientSuccess metrics31country brand tracker+200%YOY revenue growth Enterprise Sales expand the share of wallet with large multi-na

326、tional corporationsYouGov plc Annual Report&Accounts 2023YouGov plc Annual Report&Accounts 20233637ST R AT EG I C R E P O RTStrategy in ActionFinancial KPIsOperational KPIsRevenueAdjusted operating profit andmargin1Adjusted earnings per share1Operating cash generation12-month panel retentionNumber o

327、f clients and average revenue per client 17%33%71%258.3m48.3m40.5p69.0m59%4,352(2022:221.1m)(2022:36.3m)(2022:23.7p)(2022:69.7m)(2022:63%)(2022:4,066)FY23258.3mFY20152.4mFY21169.0mFY22221.1mFY19136.5m14.315.116.418.748.3m21.8m25.5m36.3mAdjusted operating profitAdjusted operating profit margin%FY23FY

328、20FY21FY22FY1918.5m13.540.5p18.1p21.7p23.7pFY23FY20FY21FY22FY1915.0p69.0m31.3m45.1m69.7mFY23FY20FY21FY22FY1930.8m59%69%62%63%FY23FY20FY21FY22FY1967%47485459454,3523,2313,5474,066Number of clientsAverage revenue per client 000FY23FY20FY21FY22FY193,0141 Defined in the explanation of non-IFRS measures

329、on page 46.DefinitionRevenue is recognised in accordance with IFRS 15,to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or servicesDefinitionOperating profit excluding

330、separately reported items,such as acquisition-related costs.Adjusted operating profit margin1 is expressed as apercentage of revenueDefinition Adjusted profit after tax attributable to owners of the parent1 divided by the weighted average number of sharesDefinition Profit before tax adjusted for fin

331、ance income/costs,deferred consideration,non-cash items and change in workingcapitalDefinition Proportion of panellists who were active 12 months prior to the month cited who are still active in the month citedDefinition Number of clients that provided revenue.Average revenue per client is revenue f

332、or the period divided by the number ofclientsPerformanceQuantifies the revenue generated from our operations to ensure we are growing our businessPerformanceMonitors our operating cost levels to ensure we are benefitting from operational leverage as our business growsPerformance Measures our ability

333、 to generate shareholder returns from our operationsPerformance Indicates the level of cash generated from the ongoing commercial activities of the businessPerformance Measures the health of the panel by quantifying how well we are retaining engaged usersPerformance Monitors the ability of our sales team to bring in new clients while continuing to up-sell and cross-sell to existing clientsTargetDo