Experian’s better-than-expected Q1 FY20/21 performance (-2% yoy on an organic basis) shows the resilience of the business model (with various countercyclical products) and the sustained demand in its key geographies (the US and Brazil). In Q2 FY20/21, management expects to deliver broadly similar results (flat to -5% yoy), but with an improved contribution from the laggard regions (the UK and EMEA / Asia Pacific). At the same time, it is likely to remain tight on cost management.