9M-2020 Financial Results: Strong balance sheet and positive operational KPIs
As we continue to navigate an uncertain economic context, this successful quarter will allow us to better weather the challenges ahead. :
Some key highlights:
- Client retention and new business are at record levels
- Positive net production of €36.9 million
- Coface reports €28.5m net income for this third quarter
- Improved net cost ratio reflects continued cost controls
Xavier Durand, Coface’s Chief Executive Officer, commented:
“The coronavirus pandemic continues to create a high level of uncertainty across the global economy. In this context, Coface’s teams have continued to work closely with their clients to help them navigate this uncertain environment. Coface recorded very good operating results in the third quarter, again demonstrating its resilience and the relevance of its Build to Lead strategic plan.
During the quarter, Coface signed its second acquisition in recent years, and welcomed our new teams at Coface GK in Norway. As previously announced, this integration has resulted in a positive purchase gap of €8.9m.
Strengthened by good operating ratios and a solid balance sheet, Coface is launching a share buyback programme, for a maximum amount of €15 million.”
For more detailed information, please download the Press Release below