6th Nov 2013 07:34
DUBLIN (Alliance News) - Information services firm Experian PLC reported Wednesday a surge in first-half pre-tax profit on the absence of prior year's charge for financing fair value remeasurements, and higher sales.
Separately, Experian announced that it has signed a definitive agreement to acquire US-based Passport Health Communications, Inc., a privately held data and software provider, for $850 million.
The deal is subject to Hart-Scott-Rodino regulatory approval in the US and other customary closing conditions. The purchase price is payable in full at closing, which will be funded from Experian's existing committed bank facilities.
For the first half, pre-tax profit surged to $480 million from $73 million last year. Benchmark profit before tax, which excluded items, was $573 million, compared to last year's $560 million.
Profit from continuing operations was $336 million or 34.2 US cents per share, compared to a loss of $42 million or 7.6 US cents per share a year ago. Benchmark basic earnings per share were 42.5 US cents, compared to 38.8 US cents a year ago. Total revenue from continuing activities grew 3% to $2.34 billion from $2.29 billion last year. Total and organic revenue from continuing activities up 6% at constant exchange rates. The company experienced organic revenue growth across all regions and business lines.
Further, the company announced a first interim dividend of 11.5 US cents per share, up 7%, to be paid on January 31, 2014 to shareholders on the register at the close of business on January 3.
Looking ahead, Chief Executive Officer Don Robert said, "For the second half, we expect organic revenue growth to be in a similar range as in the first half, and for the full year, we continue to expect modest margin improvement (at constant currency) and to convert at least 90% of EBIT into operating cash."
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