Experian steadies the ship thanks to growth in Brazil

Experian, the credit rating and data business with information on 40 million consumers in the UK and 220 million in the US, is starting to see signs of stability in some of its main markets hit by the credit crunch.

It achieved 2% organic growth in revenues in the last three months of its financial year to the end of March, which matched the growth in the third quarter following a rapid slowdown in the first half.

"That 2% is pretty significant," said chief executive Don Roberts, "given the environment in which our clients are having so many difficulties. Things will remain tough for at least the next couple of quarters...so I would not be so daring as to call the turn yet."

Experian has been hit by banks and lenders calling for fewer credit checks as they offer fewer mortgages and loans on either side of the Atlantic. On the other hand, work for call centres and local authorities keen to verify customers' data more accurately in the current environment has increased.

With North America and the UK and Ireland coming up with just 1% organic growth in the second half Brazil (up 40%) and eastern Europe and Asia Pacific (up 6%) provided most of the expansion. Experian said it was on target to make City forecasts of earnings between $935 million (£475 million) and $965 million for the year up from $825 million last year.

In January Experian warned it could shed hundreds of jobs from its 8000-strong workforce here and in the US. So far it has cut 100 posts in the UK with another 200 moved offshore to cheaper countries.

The sale process for Pricegrabber, the price comparison website, announced six weeks ago continues.

Experian shares began trading at 560p in October 2006 but from the start of the credit crunch the price began to slide. Today the shares rose 26p to 382p.