Experian delivers strong sales performance
Credit reporting company Experian saw sales increase by a third in the past three months up to June 30, raising its annual revenue forecast.
The Ireland-based firm now expects to see total revenue growth for the full year range between 13 and 15 per cent, with organic revenue growth making up 9 to 11 per cent.
Chief executive office Brian Cassin said, “We delivered a strong performance in Q1 through a combination of successful delivery of our innovation-led strategy and faster than expected recovery as economies emerge from the COVID-19 pandemic.”
Read more: FCA threatens action against retail banks for poor financial crime controls
The quarterly trading update saw a 28 per cent increase at constant exchange rates compared to 31 per cent at actual exchange rates. Organic sales figures showed a 22 percent increase.
The company states all regions managed to produce growth over the three months.
Experian say North America’s profits were ‘driven by good progress on strategic initiatives, bureau volume recovery across B2B and significant strength in Consumer Services,’ making up for 65 per cent of the company’s total sales.
Whilst the pandemic took a toll on the UK and Ireland sectors, business has ‘retuned firmly to growth’ with total sales up 35 per cent. The credit firm also saw free memberships reach 10m and a return in transaction volumes.
Stock prices in London also went up on Thursday by 5 per cent.
Latin America saw customer services levels more than double in size, generating a 107 per cent of organic revenue growth. The company say their B2B businesses ‘showed good recovery’ from the pandemic despite most of the continent still seeing the effects of COVID-19.
Experian will release results for the first half ending September 30.
Read more: Britain carves out exemption for gold clearing banks