Revenues plunge at Experian as spending and lending drops
Experian, the Nottingham-based information services company, has seen revenues for its first quarter fall sharply on the back of the Covid-19 pandemic.
Brain Cassin, chief executive at Experian, called the company’s performance for the 13 weeks to June 30 “resilient”, but the firm’s turnover fell by 15% in the UK and Ireland over the period.
Cassin said the company won’t be providing any guidance for the year-ending March 31 2020.
In the UK and Ireland, Experian was hit by a downturn in credit reference volumes, the shutdown in the automotive market and a delay in client purchasing decisions.
Cassin said: “While the COVID-19 health crisis continues to weigh on people and economies everywhere, Experian has been very resilient. We delivered growth in North America and Brazil during Q1, which helped offset weaker conditions elsewhere, and as a result total revenue was down just (1)% at constant exchange rates, with organic revenue down (2)%. At actual exchange rates total revenue declined by (5)% due to the weakness of the Brazilian Real relative to the US dollar.
“The COVID-19 crisis has shown the critical importance of data in responding to the huge challenges created by the pandemic and of finding a route to recovery. Through this challenging period, Experian has been working to support governments, hospitals, businesses and charities, and we will continue to provide data and other services to governments and frontline organisations to help get economies back on their feet.
“There continues to be a range of outcomes and a level of uncertainty around the extent or re-imposition of lockdowns, government action to support economies and the shape of economic recovery. We therefore do not intend to provide guidance for the year ending 31 March 2021.”