Coface records a good start to the year with a net income of €56.4m
Xavier Durand, Coface CEO, commented:
“Our first-quarter results reflect our continued strong operating performance and an exceptional environment, where the number of bankruptcies has declined. We anticipate that bankruptcies will increase again once the health crisis is over and special measures to support the economy are phased out.
In the context of a vigorous economic rebound, but one that is varying widely by sector and by region, we are supporting our clients' business recovery. This is reflected in a 2.7% increase in our exposures during the first quarter, while our preventive actions are back to pre-crisis levels. At the same time, we continue to cooperate with governments to support the withdrawal of governmental schemes, under which we paid €15m in the first quarter.
Finally, we are continuing to implement our strategic plan and to strengthen our operational efficiency and the quality of service we provide to our customers with the appointment of a Group Operations Director."
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