Experian on track, warns of currency headwinds
Credit services company Experian said full-year expectations were unchanged, but warned of currency headwinds in an update.
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The FTSE 100 firm said first quarter group organic revenue growth was 3% at constant exchange rates, but at actual exchange rates total revenue was down 6%.
Experian said the difference related to foreign exchange movements against the US dollar.
“Following recent movements in exchange rates, we now expect a foreign exchange headwind on earnings before interest and tax for the full year of approximately 7%, if current rates prevail,” the company said in a statement.
Chief executive officer Brian Cassin said the company was making good progress in turning around consumer services, and its Experian.com brand had reported a 20% rise in revenue for the quarter.
“We saw good progress in software and analytics, fraud and identity management, consumer and business information and continued improvement in Brazil. In North America, we've seen strength in Credit Services helped by growing contributions from healthcare and automotive,” Cassin added.