Bibby Line Group reports improved performance, driven primarily through strong Financial Services subsidiary results

Bibby Line Group has reported an improved financial performance for a second consecutive year, as detailed in accounts filed at Companies House this week, as the company continues to perform in line with its strategic growth trajectory.

In the year to 31 December 2022 the group reported a profit before tax from ordinary activities of £3.8m (2021: £1.3m from continuing activities), and a turnover of £205m (2021: £260m).

The improved performance was driven primarily through positive results delivered by the group’s Financial Services subsidiary which, following a period of restructuring and investment, is seeing increased demand for its working capital solutions for small and medium sized businesses.

Garic had another good year, following a strong 2021, however delays and project cancellations within the global infrastructure market negatively impacted Bibby Marine’s results.

Jonathan Lewis, Group CEO, 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.

“We’re also delighted that 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.”

Read more about Bibby Line Group in The 2022/2023 Annual Review.