Bibby Financial Services Ireland (BFSI) has today announced 28% growth in pre-tax profits in 2012, following a year of record levels of funding across the globe. Much of the company’s growth in the last 12 months has been driven by an exponential rise in export services, with turnover from these services alone more than doubling.

The company which has grown significantly amongst Irish SMEs over the past seven years due to its flexible financial offering, has lent €725M (£620million) to almost 7,000 businesses across the globe.

The growth of BFS Ireland is reflective of the stature and personnel development of key members of the local team that are helping to grow the business on a global basis. The real opportunities that exist to further grow the business within the European marketplace will see a major role for Graham Byrne who leaves his position as Managing Director of the Irish operation to become Chief Commercial Officer for BFS Europe where he will work with the newly appointed CEO for Europe, Simon Davies.

Through expanding its global operations in Poland and opening its first office in Singapore, BFS now has 46 offices in 15 countries throughout Europe, the Americas and Asia-Pacific.  In the face of on-going economic adversity in Europe, Bibby Financial Services also posted strong global pre-tax profits of €39M (£33.4M).

Graham has been with the company for nine years and moves from Managing Director of Bibby Financial Services’ Ireland to take on the newly created role. He will work in close partnership with Bibby Financial Services’ European managing directors to drive business strategy, product innovation, client satisfaction, sales and marketing across the region.

Bibby Financial Services recognises that in countries across western and central Europe SMEs are still being starved of credit. By expanding its pan-European business development team the organisation will be better placed to serve both its existing client base and new customers.    

Commenting on the results, Graham Byrne said, “Over the past 12 months we have witnessed a strong growth in demand for our invoice finance and export finance facilities, which is testament to the increasing demand from Irish SMEs for alternative forms of finance.

“More and more businesses are finding effective support in invoice finance, which is providing them with adequate and flexible funding, not only for survival, but for expansion and growth. However there needs to be increased awareness about the raft of alternatives to bank funding that are available to help businesses grow and expand and our expert teams can provide a variety of funding solutions and advice through our offices in Europe, North America and Asia Pacific. 

“Business confidence among SMEs is also starting to show signs of improvement and we know from our own client base there is real appetite for growth among the sector. If SMEs are to remain at the driving force for Ireland’s economic recovery then more work needs to be done to help them survive and play their part in building a knowledge based economy.  At BFS we are continuing to support the SME sector by helping to alleviate the difficulties faced with access to finance by providing flexible finance solutions and tailored funding packages.”

Bibby Financial Services growth in the last 12 months has also been driven by the performance of its North America business – client numbers have risen by 21 per cent while profits increased by 30 per cent to €5.5 million (£4.7M).

Commenting on the company’s global growth Simon Featherstone, Global Chief Executive of BFS, says: “The most important development of the last 12 months is the fact we have started a journey to increase investment in our business and infrastructure with the aim of improving our long-term proposition, while continuing to meet the needs of our clients.

“Since 2007, the number of small and medium-sized businesses in Europe using our facilities has increased by a massive 246 per cent, which clearly demonstrates that bank lending is increasingly failing to deliver the funding and support required by the SME community.”

In Hong Kong, BFS received a Capital Merits Award for Factoring Services, while the company continued to be recognised as first-class employer with the Sunday Times ranking it in its ‘Top 100 Companies to Work For’ list for the second year in a row.

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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.