Results round-up

Information services group Experian grew total and organic revenue 5% at constant exchange rates in the year to 31 March, it reported on Wednesday, to $4.55bn, with total revenue from continuing activities sitting at $4.48bn.

At actual exchange rates, however, revenue dipped 4%, with the company citing foreign exchange headwinds throughout much of its preliminary results.

The FTSE 100 firm posted EBIT from continuing activities of $1.2bn, up 5% at constant exchange rates but down 6% at actual exchange rates, with total EBIT of $1.21bn.

Its EBIT margin from continuing activities remained stable at constant exchange rates, though the impact of foreign exchange reduced the margin by 60 basis points to 26.7%.

Experian’s benchmark profit before tax totalled $1.14bn for the year, with benchmark earnings per share of 89.1 cents.

The company posted a cash flow conversion of 105%, with net debt decreasing by $194m and net debt-to-EBITDA ratios remaining steady at 1.9x.

After cutting first-half losses as revenues rose more than expected, travel group Tui Group revealed plans to sell UK sailing and outdoor holidays unit Specialist Group.

Revenues in six months to March 31 of €6.79bn rose 2.7% on last year and beat analyst forecasts of €6.61bn, helped by a strong uplift in hotels and cruises that offset declines in the core tour operator business, where the UK and Northern Europe were broadly flat.

Continued challenging trading conditions in Germany, compounded by lower demand for North Africa and Turkey meant its central region deteriorated versus the prior year but management said they expected corrective actions to improve profitability, including investment in marketing and online, would deliver benefit in the second half.

Improved sales plus a further €15m in post-merger synergies helped to shrink losses before interest, tax, debt and amortisation (EBITDA) by 16% to €236.9m.

Tui also reiterated its expectation of generating at least 10% underlying EBITA growth for the full year.

Underlying loss per share came in at €0.5, a 1% improvement from the €0.55 a year ago.

With €0.93bn of cash in the bank, net debt stood at €1.58bn on 31 March, excluding cash in the soon-to-be-disposed Hotelbeds.

As announced on 28 April, Hotelbeds is being sold for €1.2bn and the deal is expected to be completed by the end of September.

Specialist Group is also now being sold as management sees "limited linkage" to the new business model and limited ability to scale within the group, though some parts of the business will be kept before marketing of the sale begins in the autumn.