Credit reporting and data analytics company Veda Group has released its first full-year financial report since listing on the Australian Securities Exchange last December, producing a performance exceeding its prospectus forecasts.The company made a profit of A$22.7 million for the 12 months to June. After adjusting for $25.7 million of expenses associated with its initial public offering, non-recurring management fees and fees associated with refinancing the company, the pro-forma net profit was $68.9 million.This compares with the prospectus forecast of $63.9 million. Revenue of $302 million was ahead of the prospectus forecast of $290 million. Revenue was up 12.4 per cent on the previous corresponding period. Expenses rose 7.1 per cent to $173 million.All four of the company's business divisions contributed to earnings growth. The biggest division, commercial risk and information services, which includes the commercial credit bureau, credit monitoring and business data services, increased revenue by 13 per cent. This division accounted for 42 per cent of total revenue.The other big division, consumer risk and identity, which includes the consumer credit bureau, fraud detection and identity validation services and credit scoring, increased revenue by 11 per cent. This division contributed 33 per cent of total revenue.The B2C division, which includes VedaScore, Secure Sentinel, carhistory.com.au, the National Tenancy Database and the marketing service Inivio, increased revenue by ten per cent.The international division, which is predominantly New Zealand but also includes licensing arrangements and equity interests in Malaysia, Singapore, Cambodia and Saudi Arabia, increased revenue by 18 per cent.Veda's main business goal over the past few years has been to diversify the company's revenue beyond credit originators accessing bureau data.The company's chief executive, Nerida Caesar, said it was doing this by expanding the range of its services beyond credit origination to include management and collection. It was also diversifying its customer base to include lawyers and accountants, utilities, non-traditional financial services companies and government.The introduction of comprehensive credit reporting in March has given the company an opportunity to provide analytics and compliance services to customers preparing to use the comprehensive system.Veda is playing a bigger role in the receivables management business, assisting customers manage overdue accounts by giving them customer risk ratings.Last October it launched VedaScore, which gives consumers access to their credit scores, analysis of how those scores have been determined and an anti-fraud monitor.Veda has joined the electronic conveyancing exchange Pexa as a sponsor, which means it will provide services to conveyancers and financial institutions wanting access to the exchange.It has launched a service called Knowledge Based Authentication, which allows a client to verify a customer's identity using information that only the client, the customer and Veda hold. It is designed as an anti-fraud measure.It is also growing by acquisition. Over the past couple of years it has bought the credit assessment company Corporate Scorecard, the marketing services company Datalicious, superannuation audit business ITM and the New Zealand marketing services company KMS.Over the past three years Veda's revenue has grown by about $93 million. Selling existing products to a