Bibby Financial Services has today announced an 84% growth in pre-tax profits to £34.3m, following a 25% growth in new business year-on-year in 2010.
With a client base of more than 5,000 factoring £5.8bn debts around the world, all of the company’s 13 global businesses have been trading profitably. In addition, the acquisition of Kopparberg Finans based in Sweden and Aston Rothbury in the UK has supported its growth ambitions.
Looking to the East, the Hong Kong office has strengthened its position supporting trade between the emerging Chinese economy, the USA and Europe and is now spearheaded by new chief executive for the Asia-Pacific region, Ian Watson.
As well as supporting a record number of clients around the globe with tailor-made invoice finance solutions designed to meet the needs of clients from a wide variety of industries, Bibby Financial Services has seen significant growth at home.
The UK business now provides cash flow funding for nearly 3,800 businesses, handling annual client turnover of more than £3.9 billion and advancing in the region of £321 million. Profit figures for the UK now stand at £27.2 million and one in seven new deals in the domestic market are landed by Bibby Financial Services as it continues to outperform industry rivals year-on-year, resulting in an increased domestic market share in the past 12 months from 8.1% to 9.2%.
Accolades for the company in 2010 included Best Factor and Discounter 2010 at the NACFB awards and a highly coveted position within The Sunday Times Top 100 Best Companies to Work For’ which global chief executive David Robertson highlights as a benchmark to celebrate the expertise of staff at Bibby Financial Services, and their dedication to serving local businesses across the world.
Robertson comments: “Our success comes as a result of our clients experiencing growth following on from the recession, the continual expansion of our client portfolio and the increased contribution from our global offices after initial investment in these areas. We are immensely proud to have provided nearly £6bn in cash flow support to businesses across the globe. It is reflective of the value of our offer that so many businesses are making invoice finance their first port of call for businesses looking for a more secure and flexible form of funding.
”The support that invoice finance provides to businesses is of even greater value in the current climate. Having made a number of operational improvements over the last 12 months, we have not lost sight of our ambition to become the world’s largest independent factoring company, or our determination to continuously strengthen our offering for our clients. The provision of fast, confident and informed decisions giving businesses access to the funding they need to both operate and grow successfully is paramount in both today and tomorrow’s ambiguous markets.”
