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YouGov continues to deliver growth well ahead of the market as investment in its scalable Data Products and Services pays back in profits and in cash. Organic top-line progress of 8% was boosted to 14% by currency movements, while operating margins ticked up 1% point to 11%. Profiles is gaining traction both standalone and in combination with BrandIndex and is being launched across more geographies. We have edged our FY17e and FY18e figures ahead 2-3% and there may be more scope in FY18e if current momentum is maintained. This underpins the premium on which YouGov trades to other quoted market research stocks.

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