Boss of credit-checking provider Experian says growth will slow as global economic pressure sets in
The boss of Experian, the international information services company that helps people “improve their financial health”, said revenue growth will slow as global economic pressure sets in.
Brian Cassin, managing director of the UK-headquartered company in Nottingham, said he hoped this could play an important role in helping households cope with rising prices.
Its services include providing credit scores and credit reports to individuals, while its business support includes marketing and credit services and fraud and identification services.
In its global financial report for the year to March 31, published today, Experian said total revenue was nearly $6.3 billion (£5.05 billion), down from 5, $34 billion a year ago.
Pre-tax profits rose 34% to $1.45bn (£1.66bn).
The company said it now provides free consumer credit services to 134 million customers worldwide, up 22% year-on-year. This included 11 million new members in the US, an additional 12 million in Brazil and 1.5 million in the UK.
The company – which employs 20,600 people in 43 countries – is currently investing in insurance services in the United States. It also launched a new Experian Go service in America to help people with no credit history build their credit score, which has already attracted 40,000 customers.
Its UK operation is based in the Sir John Peace Building, Experian Way, NG2 Business Park, Nottingham.
Mr. Cassin said: “We had a very good year with total revenue growth of 17% at real and constant exchange rates, and organic revenue growth of 12%.
“We made significant progress in consumer services, which are transforming the shape of our business, and we also significantly advanced a series of strategic initiatives in business-to-business commerce.
“Experian’s mission to help people improve their financial health is more important than ever as many households face the challenge of rising inflation.
“We are very proud of our ability to make a positive difference in people’s lives by making access to financial services easier, cheaper and faster for people and organisations, and I would like to thank my colleagues at Experian for their hard work and dedication to delivering on this mission.
“For the coming year, we expect organic revenue growth in the range of 7-9%, with a slight improvement in the margin at constant exchange rates, supported by continued investments in the execution of our strategy.
“While we closely monitor global macroeconomic trends, we are confident in our strong track record of robust and resilient performance.”