Credit reporting firm Experian experienced a growth in revenue during the first three months of 2022 despite a decline in consumer confidence in the UK and north America.
The world’s largest credit data firm reiterated its bid for full year targets as it announced 14 per cent group revenue growth in the UK and Ireland, showing residence against the backdrop of a cost of living crisis.
While overall demand for credit reports and scores is rising as the global economy emerges from the pandemic, according to Reuters, the company now has to battle a fall in consumer spending across Experian’s main markets in Europe and the US.
It reported organic growth of five per cent overall in the UK, and seven per cent in north America. The biggest increase was in Latin America, at 18 per cent, driven by a surge in its consumer services.
“We grew strongly in Q1, in line with our expectations, underpinned by our portfolio diversity and growth initiatives”, said Brian Cassin, Chief Executive Officer, commented.
“Our expectations for the full year are unchanged. We expect organic revenue growth in the range of 7-9 per cent, total revenue growth in the range of 8-10 per cent and modest margin accretion, all at constant exchange rates.”