Pollster YouGov (YOU:AIM) ticks 1.6% higher to 193.5p after issuing an upbeat pre-close trading statement.

The market research group expects trading for the year to 31 July to be slightly ahead of expectations after achieving another year of double-digit revenue growth.

YouGov says its growing data products and services are responsible for the increased revenue, which is in line with its strategy.

Numis has raised its forecasts by 7% and 6% for July 2016 and 2017 respectively, and ups its recommendation from ‘add’ to ‘buy’.

It also raises its price target to 218p and notes strong momentum in the firm’s data products and data services by BrandIndex and Omnibus, which continued in the second half.

Revenue from the US and Middle East markets have grown, with further benefits gained from currency movements.

Numis says YouGov generated 70% of revenues and approximately half of profits outside of the UK, a proportion it expects to increase in the future.

YouGov says its balance sheet is strong and its net cash balance at 31 July was £15 million, ahead of Numis’ forecast of £13.6 million.

Issue Date: 08 Aug 2016