Experian Sees Lower Revenue Growth in Fiscal Year 2024 After In-Line Fiscal Year 2023

   By Elena Vardon 
 

Experian on Wednesday posted organic revenue and total revenue growth for fiscal 2023 in line with its guidance and said it sees lower growth for the year ahead.

The credit-reporting agency said organic revenue growth was 7% at constant currency for the year ended March 31 with contribution from all of its regions, at the lower end of its 7% to 9% growth expectations and below consensus' 7.3%. Total revenue growth at 8% at constant currency also bottomed the guided 8% to 10% range.

"Despite the uncertain economic climate, we expect to deliver organic revenue growth in the range of 4% to 6% and modest margin accretion, all at constant exchange rates and on an ongoing basis," Chief Executive Brian Cassin said regarding its outlook for fiscal 2024.

For fiscal 2023, it posted $1.17 billion in pretax profit, compared with $1.45 billion a year earlier. It attributed the drop to a non-cash charge from the impairment of goodwill, a decrease in net gain from associate disposals and an increase to the fair value of contingent consideration.

The FTSE 100 company said revenue for the year came in at $6.62 billion, up from $6.29 billion. Consensus compiled by the company had estimated $6.64 billion.

It declared a final dividend at 54.75 cents per share, below consensus' expected 56.6 cents payout but an increase from last year's 51.75 cents.

Write to Elena Vardon at [e-mail]

(END) Dow Jones Newswires

May 17, 2023 02:44 ET (06:44 GMT)

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