(RTTNews) - correction from source: The company says "The 'Benchmark earnings (non-GAAP measure)' under the 'Earnings' section should have been stated as US$321m, instead of US$312m". Accordingly our revised story follows.

UK-based information services company Experian Plc (EXPN.L: News ) reported Wednesday a rise in first-half pre-tax profit, driven by lower one-time items and "excellent" cost efficiency progress, despite a decline in revenues. Meanwhile, net profit declined from last year, due to higher tax expenses. Further, the Dublin, Ireland-based company announced an interim dividend and also said it continues to expect modest organic revenue growth in the second half and remains on track to grow profits at constant currency for the year.

First-half pre-tax profit was $351 million, higher than last year's $318 million. The latest first-half results included total exceptional items of $46 million, mainly comprising restructuring costs and loss on disposal of the National Business Database in North America, compared to prior year's exceptional items of $33 million.

The results also included other non-GAAP measures, including amortization of acquisition intangibles, charge in respect of the demerger-related equity incentive plans, and financing fair value remeasurements, of $39 million, compared to $64 million a year ago.

First-half benchmark profit before tax, which excludes these items, was $437 million, up 5% from $416 million last year.

Group tax expense in the first half was $78 million, compared to prior year's $42 million.
On an after-tax basis, profit for the period fell to $265 million from $272 million a year ago. Profit attributable to owners of the company was $249 million or 24.1 cents per share, lower than $258 million or 25.2 cents per share a year ago.

Profit from continuing operations dropped to $273 million or 24.9 cents per share from last year's $276 million or 25.6 cents per share.

Benchmark earnings were $321 million, higher than $310 million a year ago. Benchmark earnings per share from continuing operations was 31.2 cents, up from 30.4 cents in the prior year. Expressed in GBP, Benchmark earnings per share climbed 26% year-over-year to 20.1 pence.

The company noted that the strong profit and margin performance was driven by excellent cost efficiency progress as well as positive operating leverage in Latin America. Also, FARES performed well in the period, helped by an increase in US mortgage refinancing activity.

To receive FREE breaking news email alerts for Experian Group and others in your portfolio

 1   2   3   Next Page