Coface SA (XPAR:COFA)

€ 14.23 0.07 (0.49%) Market Cap: 2.13 Bil Enterprise Value: 3.27 Bil PE Ratio: 10.78 PB Ratio: 1.00 GF Score: 82/100

Half Year 2023 Coface SA Earnings Call Transcript

Aug 10, 2023 / 04:00PM GMT

Release Date Price: €13.36 (+0.15%)

Transcript

Xavier Pascal Durand

COFACE SA - CEO & Chairman of Management Board

Thank you, and welcome to all the people who've joined us today. It's a bit of an odd call in the middle of the summer. We appreciate your flexibility. We're delighted to present our First Half '23 Results.

You see from the headline, continued good performance from the company, EUR 128.8 million net profit in the first half, solvency at 192%. And when you go through the different items of the P&L, I think you see continued performance with turnover up 11.1%, all things equal, including 11.2% for TCI, which continues to be driven by client activity, pretty much the same trends you've seen in prior quarters.

Our client retention is still at a record -- historical record for the business, pricing is down as in the first quarter, but obviously recovering from last year. And we continue to see good momentum in our business information line of business, which is up almost 15% for the first half; factoring up 5%, so you will notice there a slowdown, it was double-digit in the first quarter and clearly slowed down

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