Bibby Line Group returns to profit following key disposals linked to realignment
Liverpool-based shipping to financial services business, Bibby Line Group, has reported a strong return to profit following the strategic realignment of the group’s portfolio over the past financial year.
Accounts filed at Companies House show that in the year to December 31, 2021, the group made a net profit of £35.5m, compared with a net loss of £29.9m in 2020, with improved performance across each of its core businesses.
The 2021 turnover of £260m is a huge reduction on the £833m revenues of 2020, reflecting the successful sales of Bibby Distribution and Costcutter as part of the group’s strategic realignment, resulting in a strong and stable business that is now delivering growth.
In 2021, the group also committed to a set of bold sustainability goals through the launch of its Project Compass programme including net zero total carbon emissions by 2040, 1,000 colleague days given to the community every year, top quartile colleague engagement scores and leading customer satisfaction NPS scores of >60.
Group managing director, Jonathan Lewis, said: “The last few years have been tough for many businesses, Bibby included.
“As shown by these results, however, we emerge leaner, stronger, more profitable and better capitalised to compete more effectively, provide exceptional customer service and invest in growth.”
He added: “Through these tough years, Bibby has continued to have a positive impact on society on a global basis, such as providing vessels to support COVID relief efforts, financing small and medium-sized businesses to survive and thrive, and supporting the continued energy transition away from fossil fuels.
“In today’s uncertain economic climate, it is more important than ever that we continue to build the sustainability and resilience of our business through Project Compass with our guiding vision of being ‘A family business, known for creating a better future together’.
“We are grateful to all colleagues, customers, suppliers and partners who contributed to these results and our broader impact.”