One of Nottinghamshire's biggest firms has launched a transformation programme to 'enhance' its performance after bosses admitted it had underperformed over the last 12 months.
Information services firm Experian, which is headquartered at the NG2 Business Park, reported 'weakness' in its overall profitability for the year to March 31, 2020.
The profit for the UK arm of the company stood at £32 million for the 12-month period, described as satisfactory by directors, but it is some way off the £97 million profit reported in 2019.
A statement signed off by the board on the company's full accounts reads: "The UK had a challenging year and underperformed our expectations, with weakness in both revenue performance in B2B (business to business services) and in profitability overall.
"We have launched a transformation programmed to enhance the performance of the business."
The accounts have been released on the Companies House website and also show the firm recorded a turnover of £576 million for the year to March 31, against £598 million in the previous year.
No further details were released in the accounts as to what the transformation programme would include.
However, in Experian's global annual report, released earlier this year, Jose Luiz Rossi, managing director of UK and Ireland, said: "We have made progress in some areas and are pleased that our free consumer platform now has 7.5 million members who can benefit from financial education, credit monitoring and credit-matching services.
"As elsewhere in Experian, we are committed to using our data expertise and analytics to help the vulnerable and support our communities during the Covid-19 crisis."
The pandemic is seen as one of the major risks currently facing the company in the long term and work has taken place throughout 2020 to address these.
The accounting period ended just after the country went into lockdown to curb the spread of coronavirus.
However, the annual report added earlier this year: "With the Covid-19 pandemic, there is increasing likelihood of a global recession, the severity and duration of which is uncertain.
"We have put in place a global response group and are closely monitoring our infrastructure and processes to manage our commitments to clients, consumers and regulators."
