UK credit agency Experian 1H profit rises 15 pct

British credit agency Experian PLC said Wednesday its net profit rose 15 percent in the first half on strong growth in Latin America and a successful cost savings program.

The company said net profit for the six months through Sept. 30 was $258 million, up from $224 million a year earlier.

Over the same period, revenue rose 11 percent to $2 billion.

Experian's Latin American division delivered the strongest performance, with revenue at constant exchange rates more than doubling to $263 million. This growth offset flat revenue in the company's more developed markets of North America, Britain and Ireland.

The credit agency said it was also helped by a cost savings plan, which it expects will save the company $70 million during the current financial year.

"Experian performed well in the first half, delivering good revenue, profit and cash performances, even though market conditions were exceptionally challenging," said Chairman John Peace.

Shares rose 7.4 percent to close at 329.25 pence ($4.97) on the London Stock Exchange.

"Given the unprecedented global financial events during September and October," said Tony Shepard, an analyst at Charles Stanley Stockbrokers, Experian's results are "quite reassuring."

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