One-off headwinds dampen Experian's Q1, but outlook upbeat

11th Jul 2014 07:49

Credit-checking group Experian said that organic revenues were unchanged in the first quarter after a number of "one-off headwinds", though it expected a return to normal levels of growth later on in the year.Total revenues grew by 4% in the three months to June 30th, flattered slightly by positive currency movements. Growth was 3% at constant exchange rates but flat on an organic basis.Experian's largest division, North America, accounts for around half of group revenues and grew sales by 5% (actual exchange rates) during the period, while UK and Ireland increased sales by 16% and the Europe, Middle East, Africa and Asia Pacific regions improved turnover by 4%.However, revenues in Latin America dropped by 11%, reflecting a "subdued trading environment" in Brazil during the World Cup, as previously highlighted by the group."These factors masked strengthening performance in North America Credit Services, where the environment for both consumer and business lending is improving, as it is in the UK, where we saw growth across all areas," said Chief Executive Don Robert."Looking ahead, while we continue to expect growth in the first half to be constrained by the one-off headwinds we expect a return to more normal levels of organic revenue growth as the second half of the year progresses," he said.BC