Experian leaves annual view unchanged after first quarter revenue rise
Experian PLC on Thursday left its full-year view unchanged, after reporting first-quarter growth largely across the board, though it noted some pressure in the North America Consumer Services offering and "subdued" credit card activity.
Experian shares fell 4.8% to 2,580.00 pence each in London on Thursday morning, the worst FTSE 100 performer. Shares are down by around 35% over the past 12 months.
The Dublin-based provider of consumer credit score checking, fraud detection and credit application processing services said revenue in the first quarter to June 30 increased 10%, or 8% at constant currency.
On an organic basis at constant currency, it advanced 7%.
"Our full-year expectations are unchanged. We continue to execute well, supported by our trusted data assets, scaled platforms and growing AI-enabled opportunities," Chief Executive Officer Brian Cassin said.
Experian in May predicted total revenue growth of 8% to 11% and a rise of 6% to 8% on an organic basis.
By geography, total revenue rose 8% on-year in North America during the first quarter. It jumped 25% in Latin America, climbed 8% in the UK & Ireland and rose 5% in the company's Europe, Middle East, Africa & Asia Pacific segment.
North America represents 67% of Experian's revenue.
"Financial Services performed strongly, with growth driven by our Ascend analytics solutions, fraud prevention products, mortgage, and stable underlying client activity," Experian said on its North America trading. "Within Verticals, Automotive maintained good momentum, led by AutoCheck, which benefited from recent consumer marketplace wins, alongside continued growth in credit solutions.
"Health also performed well, driven by ongoing adoption of Patient Access Curator, our artificial intelligence-powered registration platform, and strong demand for our claims management products."
But Consumer Services' organic revenue fell 2% on-year in North America on an organic basis, "as anticipated". It follows the initial wind down of "two long-term mass data breach support contracts".
"Excluding data breach services, Consumer Services delivered 3% organic growth. Within Marketplace, growth was led by strong performance in personal loans and insurance. Credit card activity remained subdued, reflecting continued caution among certain lenders, broadly consistent with the trends observed last quarter.
"Subscription growth benefited from higher enrolments, supported by ongoing enhancements to the user experience, including the recent launch of earned wage access capabilities and a high-yield savings account offering," Experian added.
Experian releases results for the first half ending September 30 on November 18.
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