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Experian revenue beats target; expects fourth-quarter growth to ease - Metro US

Experian revenue beats target; expects fourth-quarter growth to ease

FILE PHOTO: The corporate logo of information services company Experian is seen at the opening of its data lab in San Diego

(Reuters) – Experian Plc posted third-quarter revenue growth that exceeded its previous target on Tuesday, as the world’s largest credit data firm benefited from strong U.S. mortgage volumes while flagging a slowdown in the current quarter.

Record low interest rates in the United States to reboot the economy hit by the COVID-19 pandemic have supported a jump in home sales.

The FTSE-listed company, which runs credit score checks for individuals and companies who seek to take out loans, said organic revenue jumped 7% for the three months ended Dec. 31, much higher than its previous target of 3%-5%.

It guided to a 3%-5% growth for the final quarter, against a strong 10% growth in January-March 2020.

Shares were up 1.1% at 2,710 pence by 0717 GMT.

Growth in Experian’s biggest market, North America, was 9% for the third quarter. The company vies for market share with U.S. companies Transunion and Equifax.

“Experian is performing very well, even in the exceptional circumstances created by the pandemic, and we expect to deliver a strong performance for this financial year,” Chief Executive Officer Brian Cassin said.

(Reporting by Muvija M and Aby Jose Koilparambil in Bengaluru; Editing by Rashmi Aich)

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