Experian 1Q Total Revenue Rose; Backs Fiscal Year 2024 Guidance

By Anthony O. Goriainoff

Experian said Thursday that revenue for the first quarter of fiscal 2024 rose and was in line with the board's expectations, and backed its guidance for the year.

The London-listed consumer-credit reporting agency said total revenue at constant exchange rates for the three months ended June 3 rose 5% when compared with the year-earlier period, with organic revenue also increasing 5%.

In the U.K. and Ireland, which make up 12% of group revenue, total revenue at actual exchange rates rose 1%. The company said organic revenue in the consumer services division fell 2% and reflected the impact of supply contraction in its credit marketplace as well as lower premium subscription revenue.

North America--which makes up 67% of group revenue--delivered growth of 4%, while Latin America--which makes up 15% of revenue--delivered 12% growth. EMEA/Asia grew 5%, making up 6% of group revenue.

"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% to 6% and modest margin accretion, all at constant exchange rates and on an ongoing basis," Chief Executive Brian Cassin said.

Write to Anthony O. Goriainoff at [e-mail]

(END) Dow Jones Newswires

July 13, 2023 02:34 ET (06:34 GMT)

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