Bibby Line Group improves revenues and profits for third consecutive year
Liverpool-based Bibby Line Group has revealed an improved financial performance for a third consecutive year, as detailed in accounts filed at Companies House this week.
The shipping and marine operations company, which was founded in 1807, continues to perform against its growth plan, it said, while showcasing resilience and strength across its portfolio of businesses.
For the fiscal year ending December 31, 2023, the group reported a profit before tax of £7.8m, a significant increase from £3.8m in 2022. The group also achieved a higher turnover of £241m, compared with £205m in the previous year.
The group’s improved performance was driven primarily through positive results in its Financial Services subsidiary which achieved a 19% growth in turnover to £178.8m (2022: £150.5m), resulting in improved pre-tax profitability of £12.1m (2022: £9.5m).
Garic – the group’s infrastructure business – reported a nine per cent revenue growth to £40.8m (2022: £37.4m), reflecting new customer penetration. Profit before tax slightly declined from £4.3m in 2022 to £4.2m in 2023, as the business continued to invest in innovative sustainable assets.
Its Marine subsidiary experienced a 24% revenue increase, from £17m in 2022 to £21m in 2023 and reduced its loss before tax from £6.2m in 2022 to £4m in 2023, despite lower-than-expected utilisation and a £2m negative financial exchange impact versus the prior year.
Jonathan Lewis, Bibby Line Group CEO said: “Against a backdrop of global uncertainty, I’m pleased to report that 2023 was another positive year for our group of businesses, resulting in an improved trading result, while also driving greater long term value creation and resilience.
“While we are proud of this strong performance, we are more excited and focused on the opportunities ahead.”
He added: “Our commitment to our company values drives us to continually push boundaries and strive for even greater success in the future, and we are confident that our businesses are well positioned for success in their markets.
“Bibby Financial Services is positioned to capture future growth in the SME finance market leveraging investment into making ourselves more customer-centric through a series of major platform upgrades and customer service improvements.
“Garic has continued to invest in best-in-class welfare and renewable power assets, underpinning its revitalised brand as an expert in sustainable site set-up solutions.
“And our marine business is now delivering a series of long term charters, while also leading the ground breaking drive to deliver the world’s first zero-emission Commissioning Service Operations Vessel.”
In April this year, Bibby Marine entered into a shipbuilding contract to build the world’s first truly zero-emission electric Commissioning Service Operation Vessel (eCSOV).
After a tendering process involving a variety of yards in the UK and overseas, Gondan Shipbuilders, in Spain, was selected by Bibby Marine.
