Fidelity sells out of You Gov

25th Jan 2010 18:17

Institutional investor Fidelity has sold its stake in online market research firm You Gov. BlackRock has taken its stake above 5%, while JO Hambro added 4m shares to its holding taking it to 10.6%. Financial adviser T Rowe Price bought 1.2m shares taking its stake to 6.06%. You Gov fell into loss in the year to July 2009 after revenues failed to grow as fast as expected. The cost base was out of sync with those revenues. Cost cutting will help You Gov return to profit this year, although trading in Scandinavia remains poor. Analysts forecast underlying profits of at least £4m in 2009-10. That is still below the peak in 2006-07. The main improvement will be in the second half.