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18 Experian Annual Report 2008
Organic growth Acquired growth EBIT
Interactive
Comprises CreditExpert (online
credit reports, scores and monitoring
services sold direct to consumers)
and PriceGrabber (comparison
shopping)
Interactive delivered an excellent
performance, with revenue up 95%
over the year at constant exchange
rates. CreditExpert continues to build
on its strong market-leading position
with further growth in membership
and delivery of higher volumes of
credit reports. There was also good
progress in the provision of credit
monitoring and identity protection
services for third parties, similar to
the strategy established in the North
America market. PriceGrabber UK
has been a successful start-up for
Experian, although still small.
Financial review
Revenue from continuing activities
was US$965m, up 8% at constant
exchange rates. Organic revenue
growth was 3%. The contribution to
revenue growth from acquisitions
during the period was 5%.
EBIT from continuing activities was
US$226m, flat at constant exchange
rates. The EBIT margin was 23.4%
(2007: 25.1%). The lower margin
reflects the negative organic revenue
trend in Marketing Services and
adverse acquisition mix.
Organic1
2008 2007 Growth1 growth
12 months to 31 March US$m US$m % %
Revenue
– Credit Services 293 266 4 1
– Decision Analytics 247 215 8 –
– Marketing Services 356 329 2 (3)
– Interactive 68 33 95 95
Total – continuing activities 965 843 8 3
Discontinuing activities2 59 64 n/a
Total UK and Ireland 1,024 907 6
EBIT – continuing activities 226 212 –
Discontinuing activities2 7 24 n/a
Total UK and Ireland 232 236 (7)
EBIT margin3 23.4% 25.1%
Organic revenue growth
8%
11%
7%
7%
3%08
07
06
05
04
Organic growth is defined as year-on-year revenue growth
at constant exchange rates, excluding acquisitions until the
date of their anniversary
2006, 2007 and 2008 exclude UK account processing
Total revenue growth
22%
Total growth is defined as year-on-year revenue growth at
constant exchange rates
2006, 2007 and 2008 exclude UK account processing
Organic growth Acquired growth
17%
16%
14%
8%
08
07
06
05
04
EBIT (US$m) and margin
23.4%
25.1%
26.4%
27.3%
26.5%
EBIT excludes discontinuing activities
EBIT margin is for continuing activities only
08 226
07 212
06 179
05 180
04 130
UK and Ireland continued
1 Growth at constant exchange rates
2 Discontinuing activities include UK account processing
3 EBIT margin is for continuing activities only