Experian Q1 revenues grow, COO steps down

Credit reporting company Experian shares traded lower on Tuesday after the announcement of its chief operating officer's departure offset news that revenues had grown in the three months ended 30 June.

Experian said Q1 revenues were up 8% at constant exchange rates, with North American and Latin American revenues up 8%, EMEA and Asian revenues 7% higher and UK and Ireland revenues growing 3%.

For the year as a whole, Experian anticipates top-line revenues to rise 6-8%, while margins were seen improving by as much as half a percentage point.

"We delivered good growth in Q1, consistent with our expectations," said chief executive, Brian Cassin. "Our growth expectations for the full year are unchanged."

Experian also revealed that chief operating officer Craig Boundy would step down from the group after 13 years in order to take up the chief executive role over at cybersecurity specialist McAfee Corp in August.

As of 0910 BST, Experian shares were down 2.20% at 3,560.00p.

Reporting by Iain Gilbert at Sharecast.com