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Date: Wednesday 15 Oct 2008

LONDON (ShareCast) - Quicker growth in the second quarter helped lift half year revenues by 13% at credit checking firm Experian, which also said it had dumped plans to sell its price comparison website PriceGrabber.

Organic growth of 3% year-on-year was helped by a 5% improvement in the second three month period following a measly 1% rise in the first quarter.

But organic revenue fell 5% at the US credit services division in what were described as challenging conditions for financial services. It blamed “depressed conditions within mortgage and pre-screen”.

Meanwhile, the potential sale of its PriceGrabber business, first mulled in February, has been shelved "in light of the current funding environment for potential buyers".

Experian, which paid around $500m for PriceGrabber less than three years ago, said the unit's North American business had seen a slowdown in recent trading in line with the trend in consumer spending in the US.

“Our markets are in the midst of significant change, which we expect to last for some time,” said chief executive Don Robert. “We remain vigilant on costs and are focused on driving profit growth.”

The firm also announced the sale of its transaction processing activities in France to Advent International and Doc@Post for €203m, on a debt and cash free basis. The deal is expected to complete before the end of 2008.

Experian said the €150m net proceeds from the sale will be used to pay off debt.

Figures for the six months to 30 September 2008 are due on 19 November.

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