Plain sailing for Bibby Line
Bibby Line Group has reported a 46 per cent rise on operating profit for the year to 31 December 2010 to £40.8m. The Liverpool shipping and business services company posted a six per cent rise in turnover to £1.16bn.
The company said its success was largely driven by its financial services, logistics and retail services businesses.
Bibby Financial Services increased profit from £18.8m to £35m, led by international expansion, while Bibby Distribution grew profit by 21 per cent to £7m, which it attributed to acquisitions and improved efficiency.
Costcutter, the York-headquartered budget retailer in which Bibby owns a 51 per cent stake, reported a 57 per cent increase in pre-tax profit to £4.4m against sales of £633m in the period.
However, Bibby's marine business suffered from "challenging trading conditions with reduced global customer demand", the company said.
Simon Sherrard, chairman of Bibby Line Group, said: "We continued our strategy of investing in our core businesses during the year. Our exposure to a diverse range of sectors and international territories enables the group to capitalise on opportunities and offsets any downturns in cyclical markets.
"This long-term strategy led to a significant increase in the group's sales and profit performance during 2010 and trading during the first five months of the current year has been encouraging."
Other highlights for the year included buying the Bibby Sapphire diving support vessel and an order for a new 57,000 dwt bulk carrier from China. The company also opened a new financial services office in Hong Kong, acquired a factoring business in Sweden and opened training centres in Manila and Delhi.
www.bibbygroup.co.uk
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