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Bibby Line Group Increases Turnover to £1.4BN

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Bibby Line Group Increases Turnover to £1.4BN
01 July 2013

Liverpool headquartered Bibby Line Group grew revenues by 8.7% to £1,408m (2011: £1,295m) in the year to 31st December 2012.

The diversified group - which has a wide portfolio of interests spanning retail, shipping, marine services, logistics and financial services - reported a fall in operating profits to £46.4m (2011: £63.8m) after a record year in 2011.

In a year described by Managing Director Sir Michael Bibby as "a stepping stone to greater things", the Group invested over £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 support vessels, 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 significant new business win from a major supermarket chain in the final quarter. Paul Kavanagh was recruited from Peel Ports Group as new Chief Operating Officer and the business restructured into four new market facing divisions to further develop its sector focus.

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, Managing Director of Bibby Line Group, 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."

Bibby Line Group, which recently ranked 32nd in The Sunday Times BDO Top Track 100 league table of Britain's largest private companies, also continued its commitment to charities and good causes. During 2012, including the Group's match-funding, £1.2m was raised by the Group employees for over 500 charitable causes around the world, bringing the total raised since the launch of its 'Giving Something Back' programme in 2007 to over £5.5m.

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