Experian (EXPN) is an information services company, providing data and analytical tools to clients, in order to help manage the risk and reward of commercial and financial decisions. EXPN is the global leader in its industry (2010/11 revenues: USD 4,214m) and is significantly larger than nearest peer Equifax (2010 revenues: USD 1,860m). Diverse geographical reach, broad capabilities and resilient business model are EXPN’s key strengths. Slow recovery in the US housing and commercial banking sectors remains an impediment to growth in EXPN's credit-related services segment (43% of 2010/11 revenues). However, EXPN is attempting to create stable growth through a shift in focus from financial services to telecom, utilities, healthcare and the public sectors. Operating margin improved 30 bps in 2010/11, reflecting cost efficiency initiatives. Free cash flow for 2010/11 was USD 792m and EXPN aims to use its strong cash flows to target acquisitions to retain competitive advantage. The key risks are data security and the effects of regulatory reforms in the financial sector.