Bibby Line Group recorded an
increase in turnover of 5.3% in the year to 31 December 2009. Sales
at the parent company of Bibby Financial Services and Bibby Leasing
were £1.089bn (€1.3bn), up from £1.034bn in the year to 31 December
2008.
Operating profit decreased by 40.8%
to £28m in 2009, down from £47.3m in 2008. An exceptional foreign
exchange loss of £9.3m in 2008 took that year’s operating profit
down to £38.1m, or a drop in real terms of 26.5% in 2009.
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Bibby Leasing’s turnover fell by
13.4% to £5.52m, and operating profit decreased by 53.9% to £1.23m
in the year to 31 December 2009.
Pre-tax profit declined by 1.44% to
£755m. Profit after tax at the leasing arm rose 1% compared to
2008, thanks to lower interest and tax payments. Its balance sheet
saw an increase of 6.7% in net assets to £8.7m in 2009, while its
profit and loss reserve was up 10.2% to £5.9m.
Bibby Financial Services (BFS)
enjoyed a more stable year. In July, it acquired the client
portfolio of Aston Rothbury Factors, an Essex-based company which
had gone into administration after its incumbent funder withdrew
funding lines.
BFS saw an increase in new business
of 24% in 2009 and a 16% increase in its total client base.
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By GlobalDataBFS chief executive David Robertson
said: “We have negotiated our way through some of the most
harrowing trading conditions of the last half century and emerged
in very good shape.”
Turnover at BFS dropped marginally to £114.99m, down from
£115.8m in 2008. Profit was £13.9m, a decrease from £14.9m in
2008.
