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TOP NEWS: Experian sees annual revenue growth despite drop in profit

17th May 2023 10:23

(Alliance News) - Experian PLC on Wednesday said growth across all regions drove its yearly revenue, but higher costs dragged down its profit.

The Dublin-based consumer credit checker said revenue for the year ended March 30 was USD6.6 million, up 4.8% from USD6.3 million in financial 2022.

Experian said all four regions contributed to revenue performance, with 7% organic revenue growth in North America and 5% in the UK & Ireland. Organic revenue growth for Europe, the Middle East & Africa, as well as Asia Pacific was 3%.

Pretax profit was down 14% to USD1.2 million from USD1.4 million. Amortisation and depreciation charges were up 2.4% to USD674 million from USD658 million a year prior.

Experian declared a second interim dividend of 37.75 US cents, up 5.6% from 35.75 cents. This brings its full-year dividend for 2023 to 54.75 cents, up 5.8% from 51.75 cents in 2022.

Looking ahead, Experian anticipates another year of growth due to "portfolio resilience" and expects to deliver organic revenue growth in the range of 4% to 6%.

Chief Executive Officer Brian Cassin said: "We delivered very strong results in 2023, reflecting a combination of new business wins, new products and expansion into higher growth markets. We saw growth in every region, in many cases outperforming our underlying markets substantially."

Shares in Experian were down 4.7% at 2,612.00 pence each in London on Wednesday morning.

By Sabrina Penty; Alliance News reporter

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