YouGov has reported strong full year revenue, slightly north of guidance, due to better-than-expected performance from its recently acquired Consumer Panel Services (CPS) arm.

As expected, revenue reached £335.3m in the year ended July 2024, up by 30 per cent year on year and outpacing guidance put forward in August, due to bumper research activity in July.

YouGov said this was thanks to “higher contribution” from CPS, a German research company that offers behavioural data on shoppers’ buying habits, which it bought in January in a deal worth €315m (£263m).

As a result, the London-listed company’s share price jumped by more than four per cent on Wednesday morning to around 461p per share.

However, profit margins slipped in the first half of the year due to weaker sales momentum and elevated technology costs. Operating profit rose by only one per cent to £49.6m.

Statutory operating profit plunged 75 per cent to £10.9m, and adjusted earnings per share fell by 29 per cent year on year as YouGov tackled increased costs from an acquisition-heavy year and structural shifts.

YouGov recently launched a cost-optimisation plan, estimated to save the company £20m annually by the end of the next financial year, through cuts to support functions and non-core regions.

Steve Hatch, chief executive, said: “The macroeconomic environment remained challenging across the wider market research industry and for YouGov, while internal execution also contributed to the challenges we faced.

“We acted quickly over the summer and I am confident that we have put the right initiatives in place as we focus on the execution of our long-term strategic plan,” he added.

Last week, the data firm’s shares jumped 13 per cent, as it reported revenue and operating profit ahead of full-year expectations in its unaudited results.

However the stock has plummeted by over 62 per cent year to date, especially after a profit warning in June.

Looking ahead, YouGov expects revenue momentum to pick up in the second and third quarters of 2025 as it launches new products and expects market improvements.