The Dublin-based company forecasts organic revenue growth of 7-9% for the year ending March 2023. Weak demand for its mortgage data due to weak consumer refinancing activity lowered its forecast for growth by 150 basis points, Experian said.

As global demand for credit reports and scores rises as the global economy recovers from the pandemic, consumer spending in Experian’s main markets – North America and the UK – has slowed due to rising prices of everything from fuel to food, Due to which the demand has reduced. credit data.

“While we closely follow global macroeconomic trends, we are confident of our strong track record,” Experian CEO Brian Cassin said in a statement.

Experian shares were down 3.4% at 2,579 pence at 1054 GMT, making it the weakest performer on the FTSE 100 index.

“Some might say the company’s guidance is slightly weaker than some analysts were expecting,” said Steve Clayton, fund manager at Hargreaves Lansdowne.

“It’s more about the macroeconomic framework in which society operates. Everyone can see the outlook is darkening, inflation eating away at consumers’ purchasing power.”

For the year ended March 31, Experian reported a 34% increase in annual profit before tax to $1.48 billion.

According to the company, Experian’s adjusted operating profit rose 19% to $1.65 billion, slightly below analysts’ average estimate of $1.67 billion.

Its consumer business, which provides individuals with their credit information and helps them file complaints about credit reports, saw a 22% increase in organic revenue.