Experian Plc Ord

Thank you for standing by. Welcome to the Experience First Quarter Trading Update webcast and conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, please press star 1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 and 1 again. Please be advised that today's conference is being recorded. I would now like to turn the conference over to your first speaker, Mr. Brian Cassin, Chief Executive Officer. Please go ahead, sir.

Thank you very much. Hello, everybody, and welcome to our Q1 Trading Update call. I'm here as usual, Lloyd, who will take you through the trading performance after my opening remarks. We've had a strong start to FY26. Q1 organic revenue growth was 8%. Continuing our positive trend from Q4, recent acquisitions have added to this to take the total group revenue growth 12% at both constants and actual rates. The acquisitions we completed last year have all performed well in the quarter and we're on track with their integrations. Organic revenue growth was 9% in North America, 5% in Latin America, 1% in the UK and I, and 7% in EMEA Asia Pacific. By segment, B2B organic revenue goes with 8%, with good contributions from both financial services and verticals. Globally, consumer services delivered 6% growth, rising to 13%, excluding the one-off impact of prior year data breach services contribution. Turning to the Q1 regional highlights, starting with North America, where we had a really good first quarter and made a lot of strategic progress. Regional organic revenue growth is 9%, which includes a strong B2B performance of 12%. Across financial services, we saw 15% organic revenue growth. This is broad-based across business lines and included client wins and modest improvement in the underlying market. Clarity services, analytics growth, and further Ascend expansion all contributed positively, as did mortgage. And we expect new products such as cash flow analytics and new modules to descend platforms to support sustained growth. Vertical's growth was 8%. This was led by automotive, which signed a new milestone, new strategic partnership in the quarter, which broadens our auto check vehicle history presence across dealer ecosystem. And by health, in part driven by strong market adoption of patient access curator and our strong new business bookings performance last year. We're also encouraged by underlying performance and marketing services. Audigent has made an excellent start and is expanding the use of Experian audiences across digital marketing channels. We had a strong underlying quarter in consumer services where the 3% headline organic growth number was 11% excluding data breach. Membership, marketplace, and partner solutions excluding breach all contributed favorably. Membership has benefited from our increased focus on financial health And we saw particular strength in Marketplace, supported by broader lender engagement and expanded partnerships, with more lenders onboarded and major lenders now launching custom models on our Activate platform. And our EVA AI chatbot has also helped to serve stronger customer demand with more personalized credit card offers. In Latin America, we delivered mid-single-digit organic revenue growth of 5%. Rising rates and high levels of consumer indebtedness have dampened the operating environment for B2B in Brazil, and year-on-year revenues are flat at constant FX. Q1 saw further progress across fraud prevention, analytics, and B2B software, where we continue to broaden our proposition for clients. We've acted quickly to integrate ClearSale, and we're excited by the prospects to broaden our propositions as we integrate the ClearSale fraud suites and our SME business also performed very well. Our new product execution roadmap also continues to be strong, including new payroll loan applications to take advantage of this emerging market opportunity. Consumer Services delivered another strong quarter with 24% organic revenue growth on expanded membership and increased revenue diversification. We onboarded new lending partners into our credit marketplace, and have introduced new features to support debt consolidation within our LIMP and NOME platform. In an environment where consumer defaults have reached record levels, LIMP and NOME helps us to support consumer financial health, which we'll continue to focus on through our fairs and with new feature introductions. The UK&I delivered organic revenue growth of 1%. B2B was down 2%. The consumer services delivered another strong performance, up 11%. The trend in financial services is still subdued against the soft macroeconomic backdrop, but we continue to make good new business and strategic progress with a number of clients now live on the Ascend platform. UK consumer services made excellent progress with Q1 growth of 11%. We've made very good progress overall with new feature introductions for our membership. marketplace where our panel continues to grow well with increased pre-approved and exclusive offers on our panel, leading us to outperform the overall lending market. In EMEA Asia Pacific, we had another good quarter with organic revenue growth of 7%, and we're making good progress to expand revenue from new product introductions, and the integration of the acquisition of Illion continues to perform well and is on track. And with that, I'm going to hand it over to Lloyd.

Thanks, Brian, and morning, everyone. As you've seen, we started the year well and in line with the trends we saw at the end of last year, with organic revenue growth of 8% or 9% excluding data breach services revenue. North America continued its recent momentum, driven by strong double-digit growth in financial services. Excluding the expected headwind from low data breach services activity, North America consumer services also grew double digits, driven by strong marketplace performance. Both the UK and Ireland and Latin America delivered resilient growth against challenging macro conditions, with each showing notable strength in consumer services and, in particular, in marketplace services. For the group, B2B globally grew by 8%, whilst B2C grew very well at 6% or 13%, excluding the data breach services. And recent acquisitions contributed 4% of inorganic growth, while exchange rates were neutral in the quarter, leading to total growth at constant and actual exchange rates of 12% for the quarter. Turning to the performance by region, beginning with North America, where we delivered strong organic revenue growth of 9%, with 12% in B2B and 3% growth in consumer services, or 11% ex data breach. Within B2B, overall, North America financial services grew very strongly, up 15%. And financial services excluding mortgage profiles grew 10% in the quarter, predominantly driven by clarity, our Ascend analytics solutions, positive revenue phasing in the quarter, and some improvement in underlying client activity. Mortgage profile revenue, which represents about 3% of group revenue, grew 46%. on a modest volume decline in the quarter. Elsewhere, verticals grew 8%. Automotive had another strong quarter, growing 13%, driven by credit and our value recovery products. Health continued to grow well, up 8%, with our patient access and claims products progressing well. In consumer services, premium membership grew mid-single digits, and our marketplace continued recent momentum with Very strong growth across both credit cards and personal loans. Partner solutions, excluding the expected breach slowdown, also grew well. Moving on to Latin America, where total revenue was up 17% at constant currency with a strong contribution from annual acquisitions. Organically, as expected, LATAM improved sequentially to grow 5% organically due to great progress in consumer services, which grew 24%. whilst B2B revenue was in line with the prior year. In B2B, growth was consistent with last quarter. We saw good growth in high-priority areas such as SME and our software solutions, though persistently high interest rates continued to impact client activity. Consumer services had another strong quarter supported by new partners, while in PNOME also continued its trend of double-digit growth. Turning to the UK and Ireland, which grew modestly at 1% organically, B2B was 2% lower, with financial services in line with the prior year and a decline in verticals revenue. The flat financial services revenue reflected this ongoing subdued macroeconomic environment. Consumer services delivered a strong 11% revenue growth, driven by strength in our marketplace. And continued new feature enhancements and strength in our lender panel drove acceleration compared to the prior quarter. And finally, in the Near Asia Pacific, which grew 36% in currency thanks to a strong contribution from Illion acquisition, which is progressing very well. Organically, growth was consistent with recent trends at 7%, with good progress across most markets through a combination of strong performance across Australia, New Zealand, India, and the Southern Europe markets. And turning to our full year expectations, which are unchanged from those we discussed just a few weeks ago in May. And with that, I'll hand you back to Brian.

Thanks, Lloyd. So in summary, we're very pleased with our Q1 performance, with lots of progress across the business. Still a long way to go in FY26, but we're very encouraged by a strong start. Now with that, let me open up the line for questions. If I can ask, just to give everybody a fair chance to ask their questions, could you please limit yourself to two questions each? Operator, over to you.

Thank you, sir. As a reminder to ask a question, please press star 1 and 1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1 and 1 again. Once again, please press star 1 and 1 for any question. Thank you.

We are now going to proceed with our first question. The first questions come from the line of Ryan Flight from Jefferies.

Please ask your question. Your line is opened.

Hey, good morning. Ryan Flight from Jefferies here and two from me, if I may. The first one, seemingly you've got marketplace strength across the board. I wondered if you could comment on current lending appetite, what's new and the current mood of lenders. And then number two, just on new verticals, health and then particularly autos. Historically, I've thought about this business as kind of mid to high single-digit organic revenue growth, pretty steady businesses. But the past two quarters have obviously been particularly strong. So, I mean, a pretty difficult question, but is this a new normal of growth in those businesses? Thank you.

Right. Thank you. Just a comment on the marketplace. I think not that long since we spoke to you about the four-year results, I think at that time we said we hadn't really seen very much of a difference in the marketplace. People, I think, had felt that they were pretty well positioned and in a strong position, obviously looking and waiting to see what may happen economically as we go through FY26. I think in the passage of time, I think the U.S. economy continues to be strong. We still see very good metrics across that economy in particular. And I think what we started to see is people getting a bit more confidence in that market. and none of the sort of worst-case scenarios seem to have materialized from a GDP perspective. There's still quite a lot of caution around, but people are getting slightly more on their front foot. I wouldn't characterize that as a very significant change, but we do call it a modest improvement, but it is an improvement, and you can see that in the numbers. And then on the health and auto, yeah, I mean, I think the health business has actually been performing at that level for quite some time. We've had some very strong growth for many years now, so I think there's a lot of things driving that, new product introductions, patient access curator we referenced in the script has been a really great product addition to us. So we continue to see very good dynamics in that market. Also, as a sort of similar position, I think that the growth rate can bob around a little bit. We've had a few very strong quarters, but really we've got a very strong track record of very, very good growth in that business for a very long time. You know, the last few quarters we've seen in particular good volume growth, some good client wins. We referenced the new strategic partnership that we've just signed. That isn't in the auto numbers yet. It's just been signed, but that's going to underpin growth as we get into the back half of this year. So I think the outlook is good. We feel pretty confident about it. Not entirely sure if we'll sort of do a very, you know, mid-teens growth rates in those verticals every quarter, but I think that they're well positioned and they're strong growers.

Thank you.

We are now going to proceed with our next question. The next question comes from the line of Simona Sali from Bank of America. Please ask your question.

Yes, good morning and thanks for taking my question. I also have two So first of all, for Latin America, organic revenue growth sequentially improved in Q1, but what makes you confident that you can continue improving sequentially considering still muted growth lending volumes and also higher comps in Q2 and Q3, and therefore what you are guiding effectively for the rest of the fiscal year? Also, secondly, If we look at the recent news flow around the use of Vantage Force Core for U.S. mortgages, so what are the implications for Experian and the overall credit bureau sector, and could that also potentially impact other segments you operate in? Thank you.

Great. Thanks, Simone. Lloyd, do you want to take the Latin American?

Yeah, well, hi, Simone. We said that the full year, I think Latin we expected for the full year to be somewhere between mid and high single-year. Obviously, we started Q1 in that range. I think whilst we're not expecting a very starkly different economic environment, we're making good progress with a lot of our new product introductions. And the acquisitions that we've been making there I think will contribute really positively to growth. So I think we expect to be in that mid to high single-digit range, probably a little bit firmer through the rest of the year than where we started. So that's probably the backdrop. And as you can see, consumer services continues to go there from strength to strength, which is really positive.

And then coming back to your second question on mortgage, obviously there have been some public pronouncements recently, and I think they're referencing some changes which may take place. And if we look at those recent announcements, it appears there's kind of two elements to it. First, it does appear that we're moving to a regime where lenders may have a choice in the use of credit scores. And secondly, it also appears there's going to be no changes to the 3B requirement in mortgage. Now, we haven't seen any policy changes yet. But if those two elements are confirmed, it does have the potential to be positive for Experian given our JV ownership advantage. I would say also, however, this is a longer-term question because ultimately it does depend on the pace of market adoption. And as we know, there's a lot of work that would need to be done to facilitate any market change. So we're assimilating all of that and working through what the implications may be.

We are now going to proceed with our next question.

And the questions come from the line of Suhasini Varanasi from Goldman Sachs. Please ask your question.

Hi, good morning. Thank you for taking my question. It's just one main one, to be honest. The growth in the quarter has been 9% excluding data breach. Can you discuss your expectations for the next quarter and the key moving parts that will get you there? And given the strong start to the year, are there upside risks to your guidance effectively? Thank you.

So 8% organic growth in Q1. I think as we look ahead to Q2, the big moving parts are, first of all, we think mortgage is slightly weaker. So we did 46% revenue growth in Q1. We think that's probably mid-20s in the second quarter. And we start to get into the period in the prior year where we started to see expectations of rate recovery and a slightly higher volume. So mortgage will be a little bit weaker. We've got a very strong in this first quarter financial services growth. Some of that is underlying, as Brian mentioned. Some of that's a bit of positive revenue phasing, some one-off incomes, which doesn't sustain into Q2. So those together knock about a 1% lower growth into Q2. But we obviously end the lapping of the strong data breach services, which add 1%. So you take all of that together, Q2 looks a lot like Q1, I think. Clearly, as we move into the second half, different economic scenarios come into play. So I think we'll see how that progresses and then review our guidance when we talk to you at the half year. But clearly, we've had a good start to the year.

Thank you.

We are now going to proceed with our next question.

And the questions come from the line of Anne-Lise Vermeulen from Morgan Stanley. Please ask your question.

Hi, good morning, Brian. Good morning, Lloyd. Two questions from me as well, please. So firstly, in U.S. financial services, you talked about a modest improvement in underlying client activity or sentiment. Was that driven by any particular category of customer or lender? Was that more among larger lenders, for example, or was it relatively broad-based? And then secondly, just coming back to autos, I think at the full year you spoke about a bit of pull forward of demand for autos in Q4. It sounds like autos has remained relatively robust, but could you perhaps talk about autos in Q1 versus Q4 and whether you've seen any reverse of that? Thank you.

Yeah. Hi, Annalise. So auto in Q4, just to remind everybody, we had very strong growth at 16%. That softened a little bit to 13%, so I think that reflects some of that activity that was around some of the announcements that we had at that time, but still a strong growth into Q1. We think we're going to have a good year in auto this year. As you know, we've been broadening out the auto business as we've really diversified our revenue streams across that sector beyond credit. So I think our expectations for auto are pretty good. And then on financial services, I think as Brian mentioned earlier, I think over the last six months we've seen stable to modestly improving conditions. I think as we've come into this year, conditions have been a little bit better than we thought. I think it's obviously on a modest trend, but unemployment remains low. I think you're seeing some of the economic scenarios that have been laid out not necessarily coming to pass in the near term, and some lenders being a bit more front-footed. That's not necessarily across the board. You see, I think, some of that in fintech, some in some of our larger clients as well. So it's, I think, hopeful as we go into the rest of the year.

Thanks, Claire. Thank you.

We are now going to proceed with our next question. And the questions come from the line of Andrew Ripper from Panmure Liberum. Please ask your question.

Hi, morning, everybody, and well done on such a good first quarter. A couple of questions from me on the US. In terms of the growth drives, you mentioned sort of generic comments of new products. Just wondering what you're referring to there. And then on clarity, you've called it out a few times, actually, in the last sort of couple of years. Can you give us a sense of the order of magnitude of clarity now? How big is it relative to the North American business. And then finally, I just wanted to ask in terms of the comment about the modestly improved underlying client activity, I don't know whether you could reference that as against the consumer credit data numbers we've seen coming out of the Fed, which seem a little bit choppy. They seem to be quite strong in April, but then May particularly revolving credit data seem to drop back again. do you see something similar in terms of sort of the monthly evolution of sort of trading in North America, or should we just look at the quarter in entirety, just thinking about the go forward in terms of that underlying activity point? Thanks.

Yeah, hi, Andrew. Just on, I think it's sort of a similar question on the underlying outlook. I mean, we are, as you said, we've seen some modest improvements. I think you've got to look at the quarter outlook in its entirety. As Lloyd said, it's not every category, but we have seen that come through a little bit on the volumes in the Bureau. So again, it's modest improvements, but it's slightly better than when we reported to you six or seven weeks ago. And to be honest, I think it kind of reflects, as we said, just the absence of anything really bad happening in the economy. And at the time that we reported, we were only a few weeks from the introduction of the tariffs, and there was a lot of uncertainty around. And I don't think that people really understood how that was all going to work out. I think there's a bit more confidence about that now, but there's also still remains quite a lot of uncertainty. So I think that's why it's difficult to look much beyond sort of a quarter out on that. But we sit here today in a slightly better position than we did back in May, and I think that's a good position to be in. We don't break out the clarity numbers. Yeah, we don't.

And I mean, just as a reminder, clarity is our short-term lending bureau. And we found a lot of demand for the data and the insights and attributes around that data across our largest and most complex clients. So we've increasingly developed new Scores, new attributes, new products around that data set that are very interesting to some of our larger clients. So we're calling that out. It's been a driver of underlying growth, as you say, for the last few quarters, actually. But we don't disclose the size separately.

Sure. And just the sort of generic comment on new products, which you led with in terms of the key contributors to North American growth. Was there anything in particular you're referring to there?

Yeah, I think the continuous strength and ascend. We've had very, very strong engagement from clients across all of the new areas of the development of that platform. and continue to make great strides with it. So that's probably the one I would call out. But the innovation that we have is very broad. So there's lots of products in the pipe that are driving that.

Great. Thanks a lot, guys.

Thanks.

We are now going to proceed with our next question. And the questions come from the line of Andy Grobler from BNP Paribas Exams. Please ask your question.

Hi, good morning. Two from me as well, if I may. Firstly, just on Vantage School, you talked about it a little earlier. Could you just help us with the scale of that existing business, how it feeds through the P&L, and also pricing on that relative to FICO schools? And then secondly, just in terms of competition, one of your larger competitors is adding employment and income data to their scores. Have you seen any impact from that in terms of market share and demand, and what are your expectations through the next few quarters from that?

Thank you. Andy, hi. I think we've had that question on adding the flag. We haven't seen any impact from that. That's a relatively new product. I think we need to see how that plays out. We've also highlighted that. there are lots of things that go on to credit reports and people can compete in different ways. So we'll just see how that evolves over time. We don't break out the VantageScore numbers, but as you know, mortgage market is essentially, well, is all FICO. VantageScore has some revenues in the other segments of the market in places like auto, unsecured loans, and so on and so forth. But Its market share is low. Obviously, FICO is the big player there. In terms of pricing, I think, Lloyd, do you want to comment on that?

Yeah, we don't comment on relative pricing. I mean, clearly we'll see how the guidance around the regulations change, and then we'll determine our go-to-market pricing accordingly.

Okay, thank you.

We are now going to proceed with our next question. And the questions come from the line of James Rose from Barclays. Please ask your question.

Hi there. Just one left for me. And it's coming back to clarity, actually, because you have called that out for a number of quarters. We sort of hypothetically, if lending were to carry on recovering and there was a bit less of a focus on subprime, perhaps, Are clarity revenues sticky, or do they come down? I mean, is this somewhat of a counter-cyclical revenue stream? How do you think about that going forward?

Well, I think, look, I think one of the things you're seeing with clarity is that there's a, you know, I think there's just a large population which is underserved from mainstream credit providers. And yes, that may change a little bit if credit policies get relaxed, but If you look back over a decade or so, that population has actually become relatively larger. So I don't think that we see any fundamental change. I think actually one of the big, perhaps, surprises is how strong clarity has performed over the last few years, and I think that reflects the continued underlying market conditions and actually the ability of those lenders in that segment to continue to access good customers. So I think we feel pretty good overall about that segment.

I think also, James, what I'd add is the way you referenced the question was really in relation to volume. There's a wealth of value in the data inside the Clarity Bureau. And of course, we've been innovating on top of that with attributes, with trendy data, with analytics. packaging that up and bundling it with other products. So the value that we're extracting from that rich data is increasing. So it's not just a volume plan. Of course, that's what we do across the rest of our business. So we're seeing a lot of good growth there, which I think over the long run will be sticky. That's very helpful. Thank you.

We are now going to proceed with our next question. And the questions come from the line of Arthur Truslove from CT. Please ask your question.

Thank you very much and good morning. So a couple of questions for me on mortgage, actually. So in Q1, you obviously grew mortgage revenue by 46% on a modest volume decline. That obviously follows 66% in the fourth quarter, again, a more modest volume decline. I guess FICO does its pricing on the 1st of January, so I was just wondering why that gap has closed and why you're expecting it to close further between revenue and volume, given that FICO pricing comes in on the 1st of January. I guess kind of whether that's to do with the comps or something else. The second question around mortgage volume. So as I understand it, the Mortgage Bankers Association is showing reasonable data year over year on volumes as we speak today. If I understand correctly, you're expecting volumes to be down in the second quarter. So I just wondered why that was really. Thank you.

Yeah, so Arthur, if you go back to calendar Q1, our Q4, we said that we obviously had the strong increasing pricing from FICO that we passed through. We also had some grandfathered contracts that over time, some of those come through in quite a lumpy way. So price contributed more in Q1. So some of that grandfathering contribution reduced as we moved into our Q1. When you go to Q2, we expect volume to be down year on year. So we've got modest volume decline in Q1. We think it'll be double digit declines in Q2. If you go back to last year, over the summer, as we started to get some of the rate reducing cycle, you saw a bit of increasing activity in mortgage. So as we lap that, I think volumes will be down. I think when you look at commentary on volumes for the year. I think there's a lot of commonality. I think the Mortgage Bankers Association is probably an outlier there versus commentary from some of our peers, which I think also say volumes will be down in the second quarter. So that's really the difference.

Great. Thank you.

As a final reminder to ask a question, please press star 1 and 1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1 and 1 again. We are now going to proceed with our next question. And the questions come from the line of Simon Clinch from Redburn Atlantic. Please ask your question.

Hi. Good morning, everyone. So a couple of questions. First of all, Similar to the question around clarity earlier on, when we look at the growth in consumer services in Latin America driven by Limpinomi, clearly that seems to be benefiting from the high indebtedness, the struggling, I guess the challenges in that market. And I was just wondering if we were to see the economic tailwinds return for the B2B portion of it? Should we anticipate that consumer services growth starts to slow as the environment sort of normalizes, or is there a much stronger structural element there? And then my second question is just, I wanted to get some update on your thoughts around the M&A environment, the pipeline, and how, I guess, given the sort of uncertain macro environment ahead of us, if there's any changes going on in the context of the recent sort of improvement. Thanks.

Great. Well, on lymphoma, we don't see any potential drop-off in the growth of that product. You have structurally high indebtedness in Brazil. You have an enormous number of people who have debts on their file who will look to get them resolved. You also have a structural play, which is really a lot of the kind of debt collection activities in Brazil are digitizing. So there's still a tremendous amount of that activity, which is offline. We are the largest digital platform. We're becoming an incredibly powerful network effect there. So we continue to see the structural growth, signing new partners to actually partner with them to to resolve their debt collection capabilities on the platform. So we don't really see that. I think not in terms of the number of people who are in delinquency. That would take a long time to get resolved. And alongside that, you have a structural shift into how that market operates. And we're by far and away the best position, organization's best position to benefit from that going forward. You also have strong growth coming from other parts of the consumer services business. We saw very good growth in our marketplace business. you know, which we built, you know, it's been operational now for quite a few years, but obviously hasn't been a material contributor as we sort of went into a tougher economic environment in Brazil and there was kind of less credit being extended certainly into sort of below prime segments. But, you know, if you have more of a recovery in Brazil and therefore an extension of credit across that spectrum, we're going to be one of the biggest beneficiaries because there aren't that many places you can go where you can access large audiences. It's a tried and tested route we've done both in the US and the UK. We know what we're doing. We've built a platform. We've got a fantastic brand reputation and large audience. So we would expect that to be a material growth driver for us in the future as well. So I don't see any change to that. And then on your question on the M&A, nothing has really changed from when we spoke to you seven, eight weeks ago. It's still the same environment. We continue to have A lot of opportunities to look at, but whether any of those will sort of meet their criteria or be able to be executed sort of remains to be seen as we progress through the year.

And just one, Simon, just one familiar add-on on consumer services in LATAM. Of course, the long-term trend in Brazil and LATAM is increased credit penetration. It's underpenetrated in the consumer segment with credit, It's increasing. That's the secular growth driver that will help us monetize the audiences that we've created. And we think you take kind of individual months and quarters out of the agenda. This will be a very positive business for us to have in an economy that is increasing its credit penetration.

Great. Thank you very much.

We are now going to take our final question. And the questions come from the line of Simona Savali from Bank of America. Please ask your question.

Thank you very much. Just a couple of follow-up. First of all, on auto, you mentioned you have signed a new strategic partnership that are not in numbers yet. When should we expect to feed through numbers and if you can quantify the potential revenue impact? And then going back to health, you mentioned that it was growing 8% in Q1, which is a little bit softer compared to Q4. Is that an impact from cuts in Medicare, Dodge, and what is sustainable for the rest of 2026? Thank you.

Yeah, I think on the health one, the answer is no. Of those changes that were announced won't actually take, there won't be any impact from that for actually for a couple of years out yet. We wouldn't see any impact from that. I think the health number is just a quarter-on-quarter movement. It's sustained at a high single-digit growth rate for quite some time, so we don't see any change there. On the autos we referenced, there's no impact from that contract. Lloyd, any further detail you want to give us?

No. I think it's important to call that contract out because it's a new strategic partnership, and it's kind of a you know, a demonstration of how we continue to broaden and strengthen the network in auto. As we highlighted in some of the slides that we had at the full year, this is a business that's grown double digit for 20 years. The strength of our verticals is something that you'll increasingly see us talk about, and they're very broad-based businesses. On health, I think you've seen us win some market share there from competitors over the last 18 months, very strong finish the last year, but high single digits are a better guide for the year ahead.

Thank you. We have no further questions showing. I will now hand back to Mr. Kassin for closing remarks. Thank you.

Great. Well, thank you, everybody, for joining today and thank you for your questions. I hope you all have a good day and we look forward to speaking to you again in November for our half-year results. Thank you very much.

This concludes today's conference call. Thank you all for participating. You may now disconnect your lines. Thank you.