Financial services drive up profits at Bibby
Liverpool-headquartered shipping to financial services business, Bibby Line Group has reported an improved financial performance for a second consecutive year, largely due to its asset-based lending arm Bibby Financial Services.
In accounts due to be filed at Companies House, the year to 31 December 2022 is expected to show profit before tax of £3.8m (2021: £1.3m), and a turnover of £205m (2021: £260m).
Bibby Financial Services has been through a period of restructuring and investment, and is seeing increased demand for its working capital solutions for small and medium sized businesses.
Construction services division Garic had another good year in plant hire, following a strong 2021, however delays and project cancellations within the global infrastructure market negatively impacted Bibby Marine’s results.
Earlier this week Bibby Marine and consortium partners secured funding from the Zero Emission Vessel Infrastructure (ZEVI) competition, an initiative to build the world’s first zero-emission electric Service Operation Vessel (eSOV).
Bibby Marine has led a consortium of Port of Aberdeen, Offshore Renewable Energy (ORE) Catapult, Kongsberg, DNV, Shell and Liverpool John Moores University and the award will match fund any investment.
Jonathan Lewis, chief executive, said: “Our efforts to drive forward the decarbonisation of the North Sea have been recognised by the UK Government, as we lead the ground-breaking drive to deliver the world’s first zero emission Service Operations Vessel.”
“We do this while also continuing to build the resilience of the group through Project Compass – our long-term sustainability programme, launched just over 18 months ago and now fully embedded within the business.”
On the results Lewis said: “Following a period of financial losses, change and restructuring, we can look forward not just with optimism, but confidence too. This confidence is underpinned by three strong businesses, each with a clear purpose to provide solutions to our clients’ challenges.
“Bibby Financial Services continues to invest substantial amounts to ensure it captures the future growth expected in the SME finance market, as well as expanding within the marine and construction finance sectors. Garic is providing more temporary power solutions as part of its proposition to provide comprehensive sustainable site set up solutions, and our marine business is now delivering a series of long-term charters agreed during the year.”