Profits fall after a ‘difficult’ year for Bibby Line Group
BIBBY LINE Group, the diverse Liverpool-based company with interests spanning shipping, retail, financial services and haulage, has reported a fall in profits despite a 8.7% rise in turnover to £1.4bn.
The long-standing, family-owned group said operating profits had fallen by around a third to £46.4m in 2012 after a record year in 2011 when it made £63.8m.
Managing Director Sir Michael Bibby was bullish as he said 2012 could be seen as “a stepping stone to greater things”. The group invested moren than £100m in its assets and businesses against a backdrop of more difficult trading conditions across many of its markets.
Bibby Offshore, which operates North Sea dive supportvessels, recorded the strongest performance with turnover growth of 39% to £210m and pre-tax profits more than trebling to £17.3m.
Bibby Distribution increased sales by 3% to £255m after renewing nine major contracts and securing a significantnew business win from a major supermarket chain in the final quarter.
In its retail business, which includes the Costcutter chain of 1,700 convenience stores and off licences, sales were up 3% to £674m in line with expectations. It acquired 45 Rhythm & Booze off-licences and recruited 233 additional franchisee-operated stores.
Bibby Financial Services, which provides debt factoring to SMEs across international markets, increased its revenues by 5% to £169m, financing debts and transactions with a total value of £7.89bn.
Sir Michael Bibby said: “Although 2012 was a difficult year with reduced profitability, in part due to market conditions and our investment in developing long term value, the hard work of our businesses is already bearing fruit in 2013.
“Bibby Offshore continues to build a very strong pipeline of orders, Bibby Maritime has seen an upturn in coastel charters, Bibby Distribution has secured two large new contracts and our ship management business has been awarded the full management of six offshore vessels from BP.
“We expect to see improved performance across the group in the current year.”
