Credit checking firm Experian PLC (LON:EXPN) posted a 1% rise in 2019 pre-tax profit as revenue growth offset higher costs.
Pre-tax profit rose to US$957mln in the year to the end of March from US$950mln last year.
Revenue increased 6% to US$4.8bn with organic revenue up 9%, led by strong demand in North America and the Asia Pacific and European, Middle East and Africa regions.
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Consumer services organic revenue edged up 6% while business to business gained 9%.
Finance costs rose by US$99mln, due to an increase in non-cash foreign exchange revaluations on Brazilian real intra-group funding of US$25mln and fair value losses on derivatives.
Experian recommended a total dividend of 46.5 cents, up 4% on the previous year.
“Full-year 2020 is expected to deliver further strong performance, with organic revenue growth in the 6-8% range, benchmark EBIT growth at or above revenue growth and strong progress in benchmark earnings per share,” said chief executive Brian Cassin.
Shares dropped 1.8% to 2,169p in morning trading.
Steve Clayton, manager of the Hargreaves Lansdown Select UK Growth Shares fund, which holds a 4.3% stake in Experian, said the results were hard to fault.
“Underlying organic revenue and earnings per share growth of 9% is better than most businesses will manage in the current environment and the outlook for more of the same is encouraging,” he said.
“The shares had already risen about 15% this year and today’s price move (the shares have opened about 1% lower in early trading) is all about travelling and arriving. “