Corporate Partner Coface issue press release on results for first half of 2014
Press Release – 29 July 2014
Growth and profitability in line with guidance.
The consolidated turnover of the Group increased by +1.8% on a like-for-like basis and was virtually stable (-0.3%) at current Group structure and exchange rates. This performance was driven by sales rebound started in 2013: the production of new contracts was up (+14% compared with the first half of 2013) and the contract retention rate remained high (92.3%), in all regions.
Coface continued to implement its strategy of innovation. After EasyLiner (dedicated to SMEs) and CofaServe (Coface service solutions integrated into the clients’ IT information systems), launched in the first quarter, came PolicyMaster and CashMaster (two new services which simplify day-to-day management of contracts and access to bank financing).
Jean-Marc Pillu, Chief Executive Officer of the Group stated: “These results are in line with the guidance announced during Coface’s introduction onto the stock market a month ago. During the second half of the year we will continue our commercial impetus, supported by our strategy of innovation and geographical expansion, as well as our effective risk management. We are confident in Coface’s ability to continue to deliver its performance objectives.”
For full press release, please click here.