17th Jan 2020 07:57
(Alliance News) - Credit checking agency Experian on Friday retained its guidance for its full financial year, following "good" revenue growth in the third quarter.
Experian said that for the three months to the end of December, total revenue growth was 7%, or 9% at constant exchange rates. Organic revenue growth at constant exchange rates was 7% year-on-year.
Geographically, Experian's quarterly performance was driven mainly by its business in the Americas, with revenue from North America rising by 11% from acquisition contributions including AllClear ID and MyHealthDirect.
Meanwhile, revenue growth in Latin America was 11%, buoyed by a robust performance in Brazil and a first time contribution from Sentinel Peru, the company said.
However, revenue from the UK & Ireland declined by 3%, as longer sales cycles and the deferring of decision making by clients for software implementations led to a weaker performance for the Decisioning business.
Experian's EMEA & Asia Pacific business saw a decline in revenue of 1%, also dragged down by lower Decisioning results, through the phasing of contract wins between quarterly periods, and stronger prior comparables.
"Overall the performance was in line with our expectations and our guidance for the full year is unchanged," said Chief Executive Officer Brian Cassin.
Experian - which is headquartered in Dublin - will publish its annual results to the end of March on May 20.
Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: called up 19 points at 7,628.81
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Hang Seng: up 0.3% at 28,965.81
Nikkei 225: closed up 0.5% at 24,041.26
DJIA: closed up 267.42 points, 0.9%, at 29,297.64
S&P 500: closed up 0.8% at 3,316.81
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GBP: flat at USD1.3078 (USD1.3070)
EUR: flat at USD1.1136 (USD1.1135)
Gold: firm at USD1,555.10 per ounce (USD1,550.05)
Oil (Brent): soft at USD64.72 a barrel (USD64.90)
(changes since previous London equities close)
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ECONOMICS AND GENERAL
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Friday's Key Economic Events still to come
0930 GMT UK monthly retail sales figures
1000 CET EU euro area balance of payments
1100 CET EU harmonised CPI
1100 CET EU construction output
0830 EST US housing starts and building permits
0915 EST US industrial production & capacity utilization
1000 EST US University of Michigan survey of consumers
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China's economy weakened to its slowest pace in three decades in 2019 as weaker domestic demand and trade tensions with the US took their toll, official data showed. The world's second-largest economy grew by 6.1% last year, its worst performance since 1990, according to the National Bureau of Statistics. The figure matches an AFP analyst forecast and is within Beijing's official target of 6.0-6.5%. But last year's growth was down from 6.6% in 2018. While China's economy had been gradually losing steam over the first three quarters, growth stabilised at 6.0% in the last three months of 2019 – the same pace as in the third quarter, according to the National Bureau of Statistics.
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BROKER RATING CHANGES
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GOLDMAN SACHS STARTS TUI WITH 'SELL' - PRICE TARGET 9.50 EUR
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GOLDMAN SACHS RAISES LAND SECURITIES TO 'BUY' ('NEUTRAL') - TARGET 1080 (957) PENCE
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GOLDMAN SACHS RAISES BRITISH LAND CO TO 'BUY' ('NEUTRAL') - TARGET 661 (606) PENCE
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COMPANIES - FTSE 100
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Miner Rio Tinto reported a mixed production result for 2019, with Pilbara iron ore shipments slipping. In 2019, Pilbara iron ore shipments of 327 million tonnes were down 3% on 2018, hit by weather and operational challenges in the first half of the year at the Western Australia mine. This was, though, in line with the Anglo-Australian miner's guidance for output between 320 million to 330 million tonnes. Looking ahead, Rio Tinto expects Pilbara iron ore shipments around 300 million to 343 million tonnes in 2020. Aluminium production of 3.2 million tonnes was 2% lower than 2018, and mined copper production of 577,000 tonnes was down 5%. Rio Tinto Chief Executive Jean-Sebastien Jacques said: "We finished the year with good momentum, particularly in our Pilbara iron ore operations and in bauxite, despite having experienced some operational challenges in 2019."
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Sage Group said Blair Crump will step down from his board role of executive director on February 25, but will remain as president until his retirement March 31. The FTSE 100-listed technology firm also said Non-Executive Director Soni Jiandani will resign from her role, effective from February 25. She joined the company in February 2017. "Blair has played an integral part in the leadership of the business. His commercial insights have added further depth to our board discussions. We thank him for his contribution," said Chair Donald Brydon.
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British Airways emits up to 45% more CO2 per passenger compared with rival airlines on identical routes, according to new research. The UK flag carrier, part of International Consolidated Airlines Group, has the worst carbon emissions performance on four out of six routes analysed for Which? Travel, the magazine said. British Airways described the inquiry as "shoddy", claiming the figures are outdated and inaccurate. But Which? Travel insisted it was standing by the data, which was provided by carbon analytics firm Flyzen. Which? Travel noted that flag carriers such as British Airways tend to use older fleets of wide-bodied aircraft, which use more fuel. They also carry more passengers in premium cabins, which results in lower capacities and an increased carbon footprint per person.
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COMPANIES - FTSE 250
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Sports betting and gaming firm GVC said 2019 earnings before interest, tax, depreciation and amortisation will be at the higher end of the guided range of GBP670 million to GBP680 million. GVC achieved "strong" 2019 online net gaming revenue growth of 13%, while UK retail remained ahead of guidance as like-for-like net gaming revenue fell 12%. European retail net gaming revenue was up 4%. GVC's overall net gaming revenue for the year was 2% higher than the year before. Chief Executive Kenneth Alexander said it was an "excellent" performance in 2019, with momentum in the third quarter continuing into the fourth.
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Insurer Hastings reported "elevated" claims in the fourth-quarter, meaning its annual loss ratio, before a change in the Ogden rate last July, will be between 81% and 82% and adjusted operating profit will be GBP110 million. This compares to a loss ratio in 2018 of 75%, and adjusted operating profit of GBP190.6 million. However, Hastings said the firm remains in a "strong" capital position. Annual customer policies were broadly flat over the second-half, Hastings noted.
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Meat producer Cranswick said adjusted pretax profit for its year ending March is set to beat market expectations. In November, Cranswick reported "robust" performance, and it said this continued over the key festive period. Revenue growth was "positive" across all of the company's four product categories, while export sales have been "exceptionally" strong.
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COMPANIES - OTHER MAIN MARKET AND AIM
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Devro, which makes collagen products such as sausage casings, said 2019 edible collagen volumes were flat. Second-half volume growth was 1%, lower than expected. The company now sees annual underlying operating profit between GBP39 million and GBP40 million, due to the lower volumes, a less favourable geographical mix, and a smaller than expected foreign exchange benefit due to a stronger pound. In 2018, Devro delivered an underlying operating profit of GBP40.0 million, meaning no growth is likely.
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Mr Kipling cake maker Premier Foods reported a "strong" third-quarter ended December. Sales were 2.6% higher year-on-year, with the UK rising 3.6%. The UK business, the company said, has continued to outperform the market and has delivered a tenth consecutive quarter of sales growth. However, the international business had a "disappointing" quarter, with sales falling by 17%. Premier Foods reiterated full-year profit guidance, and said it is on track to meet its leverage targets.
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COMPANIES - INTERNATIONAL
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Adecco Group said it has appointed Pearson Chief Financial Officer Coram Williams as its next finance boss. He will succeed Hans Ploos van Amstel mid-year, the Swiss human resources firm said. The CFO transition takes place as the group prepares to "conclude its existing strategic cycle" in 2020, and launch its next strategic cycle in 2021, with Williams at the finance helm, Adecco said. Educational publisher Pearson had reported the departure of Williams on Thursday, saying at that time he was leaving to take up a similar role at an undisclosed company based in Europe.
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Friday's Shareholder Meetings
JPMorgan Japanese Investment Trust
IXICO
Character Group
Futura Medical
Kazera Global
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By Tom Waite; [email protected]
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