US Edition Instead, it has managed to grow revenues in the first half by 13pc, 3pc of which was organic. Better still, growth is accelerating.
Next half will be better still as the comparators get easier.
Experian has always claimed to be a through-the-cycle business. Until now the claim has been untested. So far, though, the theory is holding. Its counter-cyclical divisions are offsetting stagnation elsewhere.
Banks are calling on Experian to help with loan recovery and manage their bad borrowers, while customers are paying to keep track of their credit profiles to fight identity fraud and improve their chances of securing a loan.
Following the collapse in mortgage lending, Experian’s credit-services division in the UK and Ireland reported a 4pc fall in sales in the first-half, with an even larger decline in the US.
In the UK, the decline was offset by 8pc organic growth in “decision analytics”. In English, that means Experian’s wealth of data is now being used to work out who’s facing hard times and how the banks can best manage loan recovery to minimise their loss.
At the same time, the Latin American business is growing rapidly – up 22pc organically – as Brazil’s economy prospers and more people seek credit. Asia posted 8pc organic growth. The company has already aggressively stripped excess cost out, so it pared back for the downturn.
Experian shares were hit yesterday as the sale of its non-core PriceGrabber US price comparison website was pulled after bidders failed to secure the funds, though the transaction services business in France was offloaded for €203m (£158m). For the moment, PriceGrabber is not on the block but if buyers return there is little doubt it will be sold.
Questor recommended selling at 395¼p. Trading on 9 times 2009 earnings and yielding 3.9pc, it’s now on more attractive metrics.
In a market where few stocks appear attractive, Experian is showing some defensive qualities. Buy.