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

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

© Reuters. 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 (LON:) 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 (OTC:)’s biggest market, North America, was 9% for the third quarter. The company vies for market share with U.S. companies Transunion and Equifax (NYSE:).

“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.

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