Annual revenue at one of the oldest businesses in Liverpool – Bibby Line Group – falls from £260m to £205 – but pre-tax profit almost trebles. Tony McDonough reports

Bibby Line Group (BLG) is reporting a fall in revenue for the year to December 31, 2022, but says profit has almost trebled from £1.3m to £3.8m.

BLG is one of Liverpool’s oldest businesses. It was established as a shipping company in Liverpool in 1807. Based at Exchange Flags in the city centre it is now a diverse International business.

Still owned by the Bibby family, it employs around 1,300 in multiple countries across financial services, marine and infrastructure support.

In recent weeks it has founded itself caught up in the controversy over Government treatment of asylum seekers. The company has supplied an accommodation barge – Bibby Stockholm – for the housing of 500 migrants.

Earlier this week LBN revealed that its Bibby Marine division was leading a consortium that had secured £20m from the Government to build a pioneering net zero offshore support vessel.

After sustaining a loss during the pandemic, BLG has now reported a pre-tax profit for the second consecutive year. Revenue for the 12-month period fell from £260m in 2021 to £205m.

Its impoved profit performance was driven primarily through positive results delivered by the group’s financial services subsidiary. Following a restructuring and investment, the division is seeing increased demand for its working capital finance for SMEs.

Garic, BLG equipment and plant hire business, had another good year, following a strong 2021. However, delays and project cancellations within the global infrastructure market negatively impacted Bibby Marine’s results.

Group chief executive Jonathan Lewis 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.

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“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.”