Credit reporting firm Experian reported a strong full year this morning with revenue up 17 per cent at $6.3bn.
Operating profit was also up 19 per cent at $1.6bn, with growth in Latin America, North America and UK and Ireland.
Its consumer services business has grown at 22 per cent and now has 134m members, with the UK boasting 1.5m new users.
Brian Cassin, Chief Executive Officer, called the year ending March 2022 a “very good year” for the firm.
“Experian’s mission to help people improve their financial health is more important now than ever, with many households facing the challenge of rising inflation.
Indeed despite the uncertain economic outlook, the company looks to post revenue growth in the range of 7-9 per cent for the coming year and a modest margin improvement.
“We take great pride in our ability to make a positive difference to people’s lives by making it easier, cheaper and faster for people and organisations to access financial services, and I would like to thank my Experian colleagues for their hard work and dedication in delivering on this mission”, Cassin explained.
Steve Clayton, Hargreaves Lansdown Select fund manager, who holds Experian in his portfolio said: ““Experian has had a great year, pure and simple. The group stands in a position of strength and is making good progress in building its consumer-facing proposition into a more and more substantial enterprise. Their b2b operations are enjoying strong demand, helping corporates to make decisions about the best prospects for lending and how to structure their marketing campaigns. Going forward though, both consumers and corporates are likely to find the going get tougher.”
“Some may argue that the forward guidance from the company is a little lower than some analysts might have been hoping for. From where we sit this is more about the macro frame the company are operating in. Everyone can see that the outlook is getting weaker, with inflation gnawing away at consumers spending power. Chinese growth is being held back by its ongoing fight against Covid and Russia has thrown a particularly ugly cat amongst the pigeons in Europe”, Clayton added.