Organic growth slows at Experian

20th May 2009 07:18

Credit checking firm Experian saw revenue and profit growth last year despite exceptionally difficult market conditions.Revenue rose to $3,873m in the year to 31 March 2009 from $3,789m a year earlier. Revenue from continuing activities was up 8% at constant exchange rates, while organic revenue growth was 3%, indicating a slowdown in organic growth since its last trading update in mid-April, when organic growth was 4%.The group said it expects little organic growth in the first half of the current financial year.Profit before tax improved to $578m from $521m. Benchmark profit before tax, which excludes certain items, rose 8% to $843m.Net debt was reduced by $0.6bn over the course of the year to $2.1bn.A final dividend of $0.1325 has been declared, giving a full-year dividend of $0.20.‘There is more stability today in US and UK financial services than over the past 12 months, but this has yet to translate into significant change in client behaviour, and the near-term economic outlook remains weak,’ said Don Robert, Experian’s chief executive officer.‘For the year as a whole our objective is again to broadly maintain margins, grow profits at constant currency and deliver strong cash flow conversion,’ Robert added.