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(Sharecast News) - Experian posted a decline in first half profits despite organic sales growth in the Americas, as the novel coronavirus pandemic hammered other regions.
Company chief, Brian Cassin, said: "While COVID-19 has significantly impacted the macroeconomic environment, it has also catalysed trends which play to Experian's strengths.
"Innovation is our bedrock and has driven success for us in the marketplace. Once the crisis abates, we believe we will be strongly positioned to take advantage of the secular growth trends and we are excited by the opportunities we see ahead."
For the six months ending on 30 September, and at constant currencies, the global information services giant reported a 3% rise in statutory revenues to $2.49bn, against a 0.33% dip in actual terms.
Statutory profits before tax declined 5% to $458m for a 6% drop in earnings per share to 36.7 US cents.
However, at fixed exchange rates, organic revenues recovered from a 2% fall over the three months to March, growing at a 5% clip over the second quarter.
Experian said that topline growth in North and Latin America, of 7% and 5%, respectively, helped to offset weakness in other geographies hit by Covid-19, with sales in Europe and Asia Pacific down by 18% and those in the UK and Ireland by 12%.
By business segments, Consumer services revenue clocked in with the fastest pace of growth for the half, of 13% in organic terms.
B2B sales on the other hand were down by 2%.
Cassin highlighted what he said was the "standout" in Consumer Services, with the group now having almost 100m free consumer memberships.
For the third quarter, management guided towards total organic revenue growth of 3-5%.
Leverage at period end stood at 2.2 times Benchmark earnings before interest, taxes, depreciation and amortisation against the company's target for 2.0-2.5 times.
The first interim payout was kept at 14.5 US cents.
-- More to follow --
31 May 2024 09:15
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