City briefs: Experian; Watches of Switzerland

Experian, the business information services giant with a major presence in Nottingham, has posted revenue growth of 7% for the year ending 31 March – but profits have fallen by 19%.

The company posted global revenues of £5.3bn, but its surplus dropped to £940m.

Brian Cassin, chief executive officer, said: “We delivered very strong results in FY23, reflecting a combination of new business wins, new products and expansion into higher growth markets. We saw growth in every region, in many cases outperforming our underlying markets substantially. Total revenue growth from ongoing activities was 6% at actual exchange rates and 8% at constant exchange rates, and organic revenue growth was 7%. Benchmark EBIT margin expansion was at the top end of our expectations, helping us to deliver Benchmark earnings per share up 9%.

“For the year ahead, we anticipate another year of growth due to the breadth and the resilience of our portfolio, and significant structural growth opportunities. Despite the uncertain economic climate, we expect to deliver organic revenue growth in the range of 4% to 6% and modest margin accretion, all at constant exchange rates and on an ongoing basis.”

Leicester-based luxury watch retailer, Watches of Switzerland, has reported a big hike in revenue for its full-year 2023 results.

Turnover was up by 25% to £1.54bn, with EBIT expected to come in between £163m and £167m.

Brian Duffy, chief executive officer, said: “FY23 was another record year of revenue and profitability, with revenue growth of 25% at reported rates (+19% at constant currency) and continued EBIT margin expansion. Although, as expected, the second half of FY23 saw a more challenging trading environment, demand remains strong and continues to exceed supply, with client registration lists continuing to grow. I would like to thank all my colleagues for their continued hard work and dedication.”