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Creditsafe Annual Results

Creditsafe Annual Results

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Creditsafe Group grows revenues by 23% and headcount by 25%

Cardiff-based business credit reference expert grows US operation and consolidates position as world’s most-used supplier of on-line business credit reports.

25 March 2015, Cardiff UK – Creditsafe Group, the world’s most-used provider of company credit reports, today announced that it has delivered exceptionally strong financial results for 2014 across its global operations.

Group Highlights

  • Revenues grew to €96 million (£70.8 million) from €78 million (£57.5 million) in line with forecasts - driven by organic growth in demand for services as well as the successful development of new operations in the USA and Italy
  • Operating profits grew from €17.7 million (£13.1 million) in 2013 to €23.8 million (£17.6 million) in 2014
  • Client numbers grew to 80,000 during the last financial year, consolidating Creditsafe as the world’s most-used provider of company credit reports
  • Global headcount grew from 800 in 2013 to 1,000 by the end of 2014
  • Creditsafe UK was rated number 33 in the 2015 Sunday Times “Top 100 Best Companies to Work For” listing - the 4th year running it has been included
  • Aiming for significant further international growth in 2015
  • Doubled the size of its Group Service Centre in Cardiff Bay

Commenting on the results, Creditsafe Group CEO, Cato Syversen said:
“2014 was another successful year for Creditsafe as we continued to grow our global operations organically in terms of headcount, profit and revenues. It has been particularly pleasing to see significant growth in the USA, where we opened an additional facility in Phoenix and grew our original team in Allentown, Pennsylvania to 150 people. In addition our new operation in Italy celebrated its first birthday and is already proving to be our most successful country launch ever; we’ve delivered over 500,000 credit reports to more than 3,000 subscription customers across Italy in a little over 18 months. This continues to show that our unique culture and approach to selling company credit reports can be exported successfully to other countries and we intend to maintain global expansion over the coming years.
“Recognising that this growth is only possible because of the quality of our people, we have announced a series of programmes designed to focus on employee engagement and to help everyone on the team reach their full potential. These include a new range of structured management training schemes across the group. We also have exciting plans for new products and services in the year ahead, including a clear focus on including new data sources in our credit reports. Finally, to support our continued growth we have doubled the size of our Group Service Centre by taking the whole second floor of the Caspian Point One building in Cardiff Bay.”

Creditsafe’s market position

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.

In 2015 and beyond 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 more effectively share intelligence on companies’ real world payment performance and improve exposure of late payment. This is increasingly important in an environment when there is continued regulatory pressure on the availability of filed financial data. 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 and support economic growth.

Financial

Creditsafe Group’s revenue for the year grew to €96 million (£70.8 million) from €78 million (57.5 million) in line with expectations and continuing its 26% CAGR since 2010. This growth was driven partly by a focus on higher end customers and reports and by new operations in countries such as the USA.


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