Experian on track to hit targets

Experian, the credit checking group, has booked an increase in sales for its first quarter, putting it on track to meet its full-year goals.

The firm posted a 9 per cent hike in its total revenue for the three months to the end of June, at actual exchange rates.

In the UK and Ireland, revenues lifted 11 per cent, and in North America they were up by 13 per cent.

Revenues slipped 7 per cent in Latin America at actual exchange rates, and rose by 4 per cent on a constant currency basis.

The group said its growth in Brazil had been hit by weaker economic activity, as well as recent strike action.

Chief executive Brian Cassin told investors: “We have started the year well, in line with our expectations.

“Our performance continues to reflect a range of new product introductions across a number of areas, and for the year ahead, at constant currency, our guidance is unchanged.”

Last year, Experian gained customers following a data breach at rival Equifax. Almost 700,000 UK consumers had personal information accessed in the cyber attack at Equifax, including partial credit card details, phone numbers, and driver’s licence numbers.

Experian said it had experienced a spike in enrolments after the breach.

Steve Clayton, manager of the HL Select UK Growth Shares fund at Hargreaves Lansdown, which has a holding in Experian, said: “Experian is at the heart of the data economy, and in today’s digital economy, data is ever more critical.

“Experian serves the decision-makers in banks, lenders and retailers, allowing them to make confident decisions about who to offer credit to and at what price, or provides key insights into how to raise the effectiveness of marketing strategies.

“Experian’s data and analysis add real value to clients.”