A year of good growth, with progress across all regions and business lines
Significant strategic progress across key growth initiatives
Strong starts to Passport Health Communications and 41st Parameter acquisitions
Kerry Williams to be appointed to the Board as Chief Operating Officer
At constant exchange rates, total revenue growth from continuing activities was 7%. Organic revenue growth was 5% (H1 6%, H2 5%). Total revenue from continuing activities up 4% at actual exchange rates. Total revenue of US$4.8bn (2013: US$4.7bn).
Total EBIT from continuing activities of US$1,309m, up 8% at constant exchange rates. Total EBIT of US$1,306m up 4% at actual exchange rates.
EBIT margin from continuing activities of 27.4%, up 30 basis points year-on-year.
Benchmark profit before tax of US$1,232m, up 4% at actual rates. Profit before tax from continuing operations of US$1,049m (2013: US$434m).
Benchmark EPS of 91.7 US cents, up 8% at actual rates. Basic EPS from continuing operations of 76.1 US cents (2013: 24.7 US cents).
Record year of cash flow, generating in excess of US$1bn of free cash flow. 101% conversion of EBIT into operating cash flow (2013: 94%), and growth in operating cash flow of 12%. Net debt of US$3,809m at 31 March 2014.
Second interim dividend of 26.00 US cents per ordinary share, to give full year dividend of 37.50 US cents per ordinary share, up 8%.
Don Robert, Chief Executive Officer, commented:
"Experian delivered another year of good progress with organic revenue growth across all four regions and business lines. Decision Analytics was a stand-out performer, as was UK Consumer Services, as we continue to reap benefits from investments made in earlier years. The two key acquisitions completed during the year, Passport Health and 41st Parameter, are performing well. With further margin improvements, we delivered good growth in earnings, and we had an outstanding cash outcome, again demonstrating the fundamental strength of our business model and our broad portfolio."
"Looking ahead, we have made significant investments which continue to strengthen our core business and which will sustain premium growth into the future. In the short term, we face a number of one-off headwinds, most notably a subdued trading environment in Brazil over the World Cup and the revenue impact of the changes we are driving in North American Consumer Services, which together will constrain growth in the first half. We expect a return to more normal levels of organic revenue growth as the second half of the year progresses. We expect at least to maintain margins for the year, to deliver growth in earnings per share and to exceed 90% cash flow conversion."