Experian has recorded a rise in profits in the first half of the year, with the world’s largest credit data firm hitting profits of $928m (£746m) in the six months to September 2023.

Reutershas reported that the firm also benefited from its fast-growing Latin American presence as it lifted its benchmark earnings before interest and tax in the six months to the end of September from $873m (£701.8m).

The group recorded 5% organic revenue growth in both Q1 and Q2 of their financial year, with consumer services recording a 6% increase in revenue, now serving 178 million members, an increase of 21 million year-on-year.

Shares in the firm increased 5.5% to 2,830 pence this morning, according to Reuters, making it the top gainer on London’s blue-chip index after its results.

Chief executive officer at Experian, Brian Cassin, said: "We delivered good growth in H1. We grew in every region and across both B2B and consumer services. Our growth is due to the breadth of our portfolio, contributions from new products and ongoing new customer wins. Overall, we are successfully executing our strategy for growth and this continues to help us to navigate the macroeconomic environment well.

"Revenue growth was in line with our expectations, up 6% at actual exchange rates from ongoing activities and 5% at constant exchange rates, with organic revenue growth of 5%. Benchmark EBIT margin expansion was up 20 basis points at constant currency, and we delivered benchmark earnings per share up 8%.

"For FY24, we continue to expect organic revenue growth in the range of 4% to 6% and modest margin accretion, all at constant exchange rates and on an ongoing basis."

Investment director at AJ Bell, Russ Mould, added: "Credit data services outfit Experian’s first half numbers are particularly pleasing when you consider the disappointment served up by its sector peer TransUnion last month.

"It demonstrates the benefits of Experian’s more diversified model – the ability to translate a 5% increase in revenue to a near 50% increase in pre-tax profit is impressive and testament to just what an efficient and profitable operation this is.

"Ultimately data plays an increasingly critical role in the global economy and that is not something which is likely to change in the short, medium or long term. As long as Experian can continue to execute properly its prospects look pretty strong."

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