Coface Reports Solid First Half

Coface, the Paris-based provider of receivables management, trade receivables finance (factoring) and business insurance services, reported last week revenues of $1.0 billion in the first half of 2007, a rise of 8.3 percent from the same period a year ago. Operating income was $180.8 million, an increase of nearly 17 percent from the first half of 2006.

The firm’s credit management services line that provides company information and receivables management totaled $127.1 million, up more than 21 percent.

The factoring division revenues of $46.6 million, an increase of nearly 33 percent, drove operating income up 20 percent to $16.9 million. Factoring generally refers to businesses converting accounts receivables into immediate funds.

Coface has offices in 64 countries, opening offices in Luxembourg, Serbia, Morocco and the Emirates in the first half of 2007.

The factoring division has offices in 12 countries including Poland, Austria, the U.S., and its newest office in Canada. Gordon Singer, formerly senior vice president with GMAC-Canada, is leading the division called Coface Credit Management Canada Co. Coface opened its U.S. factoring operation in May.

Coface’s North American operations are based in East Windsor, N.J.