Experian reported that its revenue for Q1 (fiscal 2021) in the UK and Ireland both total and organic revenue, at constant exchange rates, were down (15)%.
B2B organic revenue declined (15)%, with contraction in credit reference volumes due to clients tightening credit policies and a significant reduction in lending levels. Peak volume declines were seen in April, with some recovery off the lows in May and June as lockdowns started to ease and as some lenders resumed activity. We also experienced delays in client purchasing decisions for software, a near total shutdown in the automotive market, and marketing data revenue was also impacted as advertisers cut back on marketing spend.
Consumer Services organic revenue declined (18)%. Credit monitoring subscription revenue was initially impacted by reduced consumer demand but has recovered over the balance of the quarter and our lead generation business was affected by the reduction of credit supply in the market. Consumer
engagement levels have continued to grow however, especially as consumer appetite for credit increases, and we now have eight million free UK consumer memberships.
BIIA Editorial Comment: This should not come as a surprise as recent reports from the UK indicate that business volumes in the financial services sector declined at the quickest rate on record, according to the latest CBI/PwC Financial Services Survey.