Experian backs FY expectations as Q1 revenues jump

13th Jul 2023 07:52

(Sharecast News) - Credit-checking firm Experian backed its full-year expectations on Thursday as it posted a jump in first-quarter revenues.

In the three months to the end of June, group organic revenue growth was 5%, with revenue in North America up 4%, while the UK and Ireland saw a 1% uptick.

As far as the US is concerned, Experian said favourable contributions from Clarity, buy-now-pay-later clients, Experian Ascend and business credit offset weaker volume trends linked to traditional consumer credit origination activity, as well as in mortgage.

In the UK and Ireland, meanwhile, Experian said that despite weaker lending volumes, all major B2B business units delivered growth, sustained by further new business wins and new product initiatives.

The company noted that lenders are "generally cautious" and have repriced and reduced credit supply in some categories. However, client appetite for solutions which support affordability assessment and portfolio analysis has trended positively, helping to mitigate this trend, it said.

Chief executive Brian Cassin said: "We delivered good growth in Q1, in line with our expectations. Total revenue growth at actual exchange rates was 5% and also at constant exchange rates. Organic revenue growth was 5%.

"Our growth expectations for the full year are unchanged reflecting the strength and diversity of our business. We continue to expect organic revenue growth of between 4-6% and modest margin accretion, all at constant exchange rates and on an ongoing basis."