Experian Half-yearly financial report 2007: Highlights

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Highlights

Good first half progress
- good organic sales growth across all four regions
- investment to drive future growth and operating efficiency
- Serasa acquisition increases emerging markets exposure
Total sales growth of 16% to $1.9bn. Sales from continuing activities up 14% at constant exchange rates to $1.9bn, with 6% organic growth.
Total EBIT of $454m up 15%. Continuing EBIT up 12% at constant exchange rates.
EBIT margin from continuing activities, excluding FARES contribution, maintained at 21.9% during period of investment.
Profit before tax of $285m. Benchmark profit before tax of $396m.
Basic EPS of 22.2 cents. Benchmark EPS of 29.5 cents.
First interim dividend increased by 18% to 6.5 cents per share.
Net debt of $3.0bn after funding acquisitions of $1.7bn, mainly Serasa and Hitwise.

	Sales		Profit
Six months ended 30 September	2007	2006	2007	2006
	$m	$m	$m	$m
North America1	1,020	963	290	272
Latin America1,2	102	2	24	(2)
UK and Ireland	471	401	126	110
EMEA/Asia Pacific	318	263	34	29
Sub total	1,911	1,629	474	408
Central activities	-	-	(27)	(21)
Continuing activities	1,911	1,629	447	387
Discontinuing activities3	36	45	7	9
Total	1,947	1,674	454	396
Net interest4			(58)	(74)
Benchmark PBT			396	322

Exceptional items			(2)	(151)
Amortisation of acquisition intangibles			(50)	(37)
Charges for demerger related equity incentive plans			(24)	-
Financing fair value remeasurements			(34)	(12)
Tax expense of associate			(1)	(2)
Profit before taxation			285	120
Taxation			(56)	(29)
Profit after taxation for continuing operations			229	91
Benchmark EPS (cents)			29.5	29.4
Basic EPS for continuing operations (cents)			22.2	10.6
Weighted average number of Ordinary shares (million)			1,008	856


	1	The segmental information presented in respect of the Americas for the six months ended 30 September 2006 is now further analysed to show North and Latin America as separate segments
	2	Profit includes $4m Serasa integration charge in six months ended 30 September 2007
	3	Discontinuing activities include MetaReward, UK account processing and Loyalty Solutions
	4	Pro forma net interest for 2006 would have been $30m in the six months ended 30 September 2006 assuming new capital structure in place on 1 April 2006, see Appendix 4

	See Appendix 1 for analysis of sales and EBIT by principal activity and Appendix 3 for reconciliation of sales and EBIT by geography

	See Appendix 2 for definition of non-GAAP measures

Roundings
Certain financial data have been rounded within this report. As a result of this rounding, the totals of data presented may vary slightly from the actual arithmetic totals of such data.

Certain statements made in this report are forward looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual events or results to differ materially from any expected future events or results referred to in these forward looking statements.