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Experian forecasts revenues at top end of guidance despite weaker H1 profits

StockMarketWire.com

Information services company Experian said Tuesday first-half profits slipped following increased foreign exchange losses from a weaker Brazilian real, though the company reassured investors that full-year revenue would be at the top end of guidance.

For the six months ended 30 September, profit before tax fell 5% to $470m a year earlier, and revenues grew 7% to $2.36bn.

Profit before tax was weighed down by an increase in foreign exchange losses on Brazilian real intra-Group funding of US$43m, as the Brazilian real weakened by 18% relative to the US dollar compared with the prior year, the company said.

The interim dividend was up 4% to $0.14 a share.

While the company said it expected to deliver results in-line with expectations, it estimated that full-year earnings (EBIT) would suffer a 5% hit from a weaker Brazilian real compared to the 4% headwind estimated at the first-quarter. 'We have started the year well, with first-half organic revenue growth of 8% as we expand our data assets, introduce new global products and gain momentum in Consumer Services,' said Brian Cassin, Chief Executive Officer.

'We now expect full-year organic revenue growth in line with the first half, and at the top of our previous guidance range. While foreign exchange translation remains a headwind, we expect EBIT growth at or above revenue growth and strong progress in Benchmark earnings per share, all at constant currency.' Story provided by StockMarketWire.com