Creditsafe Group, who’s double digit quarterly revenue growth figures surprised its peer group, has delivered exceptionally strong financial results for 2013 in markets that have otherwise seen only limited growth.
Revenues grew to €78 million from €62 million in line with forecasts – driven by organic growth in demand for services as well as the successful launch and development of new operations in the US and Italy. Operating profits grew from €13.7 million in 2012 to €17.7 million in 2013
Client numbers grew to 70,000 during the last financial year, helping to make Creditsafe one of the world’s most-used provider of company credit reports. Global headcount grew from 700 in 2012 to 800 by the end of 2013.
Creditsafe UK was rated number 23 in the 2013 Sunday Times “Top 100 Best Companies to Work For” listing.
Commenting on the results, Creditsafe Group CEO, Cato Syversen said: “We are extremely pleased with our results for the last financial year. We are delighted to see yet more continued growth in both revenues and profits, as a result of both our strategy for organic growth and expansion through opening new operations across the world.
We have developed a unique culture and approach to selling company credit reports in the UK that we have exported successfully to other countries including France, Germany, the Netherlands, Sweden, Ireland, Belgium, Italy and the USA.
In addition our subscription customers remain loyal and we are not only seeing retention rates well over 90% but also customers making use of the “freedom access” approach we offer. As a result they can use more and more reports thereby protecting their businesses against the threat of bad debt. By enabling day to day trade credit, which far outweighs bank lending as a source of finance to business, we are helping to nurture economic recovery. We have ambitious plans to continue our global expansion over the next few years.”
Creditsafe has been at the forefront of a range of new developments within the credit referencing market, particularly in relation to driving increased usage of business intelligence solutions across an entire enterprise and not just within the credit control function.
The group is aiming for significant further growth to break €100 million group turnover mark in 2014. Creditsafe aims to further focus on continual improvements in data quality, consolidating and widening international coverage, developing ever-more sophisticated integrated solutions for larger customers and building the world’s best trade payment data exchange programme. This will enable more businesses to better share intelligence on companies’ real world payment performance and improve exposure of late payment. Creditsafe also intends to invest further in high quality data analytics and in providing its customers with broader bespoke analytical services.
In addition Creditsafe continues to be engaged at a UK and European level to campaign to protect and widen access to public data to further improve business decision-making tools.