Earnings rocket at Bibby’s lending arm

ASSET-based lender Bibby Financial Services has reported an 84% leap in pre-tax profits to £34.3m.

The Liverpool-based business, which provides invoice finance to 3,800 firms in the UK, said the figure for 2010 was helped by a 25% growth in new business.

In a statement Bibby said its global business had traded profitably and growth had been aided by the acquisitions of Sweden’s Kopparberg Finans and Essex-based Aston Rothbury.

Bibby said its UK market share grew from 8.1% to 9.2% during the year with £27.2m of profits coming from domestic business.

Chief executive David Robertson said: “Our success comes as a result of our clients experiencing growth following on from the recession, the continual expansion of our client portfolio and the increased contribution from our global offices after initial investment in these areas.

“We are immensely proud to have provided nearly £6bn in cashflow support to businesses across the globe.

“It is reflective of the value of our offer that so many businesses are making invoice finance their first port of call for businesses looking for a more secure and flexible form of funding.”