Bibby Financial Services announces 17% growth in pre-tax profits

Bibby Financial Services has today announced a 17 per cent growth in pre-tax profits to £41.2m (€50,167,577), following a year of strong growth across the globe.

With the opening of its New Zealand business and the strengthening of its Hong Kong operations, the independent invoice financier now has 46 offices in 14 countries across Europe, the Americas and Asia Pacific, with a 6,000-strong client base and £6bn of debts factored world-wide.

Contributing to the organisation’s success in 2011, Bibby Financial Services Ireland enjoyed a double digit trading profit increase of 11.4% since 2010. In addition BFS has witnessed an increase in Irish SMEs opting for its export invoice offering to fund overseas activity with export turnover increasing 28.14% from 2010.

Graham Byrne, Managing Director Bibby Financial Services Ireland, commented: “We have witnessed a wider acceptance of invoice finance as a flexible finance solution among Irish SMEs and a strong growth in demand for our invoice finance and export finance facilities. As exporting continues to increase among the SME sector, Irish exporters have even more opportunities to operate overseas with our expert teams providing a variety of funding solutions and advice through our offices in Europe, North America and Asia Pacific. 

“Our Ireland operations continue to grow from strength to strength with a number of personnel appointments underpinning our strong offerings to SMEs across the country. With business confidence among the SME sector at its highest in 5 years, we are continuing to support the sector with alternative finance solutions as they help drive forward our economic recovery.”

As the home of parent company Bibby Line Group, the UK remains Bibby Financial Services’ (BFS) predominant profit contributor, but its activities outside the UK generated a profit of £12.6 million in 2011 as a result of growth in income.  An increase in pre-tax profits of 93 per cent in Europe and North America during 2011 made a significant contribution to this success.

Simon Featherstone, Global Chief Executive of BFS, adds: “The 2011 results are certainly encouraging and we are delighted to see these coincide with record client satisfaction levels. Increasing from 90% in 2010 to 95% in 2011, clients attributed the company’s ability to deliver on its promises and investment in building strong relationships as key factors.

“Many global economies are still being seriously hampered by a lack of support from their respective Governments. Also, according to UHY, the international accounting and consultancy network, overall bank lending to businesses in the G8 nations is down 4 per cent since the start of the financial crisis in 2008. However, we’ve seized the opportunity to expand our international operations and provide invoice finance lead funding to small and medium-sized businesses across the globe who might otherwise have found access to working capital funding restricted.”

Bibby Financial Services (BFS) has enjoyed continued success in the Asia Pacific region during the past twelve months. The organisation has rapidly grown its business in Australia, securing its market position as the number two provider of invoice finance solutions in the country.  BFS’s presence in the region has also been reinforced with the opening of its office in New Zealand, further investment in its Hong Kong operations and additional sales offices across India.

In the UK, the business has continued to build on its market leading position, writing one in seven of all new invoice finance business contracts within the domestic market as well as being named one of the Sunday Times’ 100 Best Companies to Work For in 2011.

Looking ahead, Featherstone added: “With a solid set of results for 2011 and new additions to the leadership team with the appointment of Simon Davies, our new Global Trade Finance Director and a new chief executive for the UK, David Postings, we are in great shape for 2012 and beyond.

“Despite the World Trade Organisation predicting that global trade will be weaker this year than in 2011, it does expect exports to increase by 5.8 per cent in 2012. Bibby Financial Services is well placed to help businesses take advantage of this opportunity through continued access to invoice finance led funding solutions.

“As highlighted during a recent review of the global economic situation by the trade ministers of Brazil, Russia, India, China and South Africa (BRICS), there is an ongoing need to address investment to the SME community, an issue which BFS is committed to supporting in 2012.”

ENDS

For further information please contact Lyn Sheridan or Katrina Frazer at Aiken PR 048 90 663000

NOTES TO EDITORS

About Bibby Financial ServicesBibby Financial Services is a leading independent invoice finance specialist, providing funding to small and medium-sized businesses worldwide.  With 46 operations spanning Europe, the Americas and Asia-Pacific our local teams are ideally placed to provide clients with financial solutions that help them maximise business opportunities both in their domestic markets and when trading internationally. 

In 2011 and 2012 the company was awarded a place in the UK Sunday Times 100 Best Companies to Work For, based on workplace performance and best practice.

Bibby Financial Services is wholly owned by Bibby Line Group - a dynamic group of global companies with interests in shipping, marine services, logistics, financial services, offshore services and retailing. The company was founded by Liverpool entrepreneur John Bibby in 1807 and has its head office in Duke Street, Liverpool.