Bibby Financial Services, which supports SMEs across a range of industries in Ireland, has recorded a 24 per cent growth in new business year-on-year bringing its year-end total client base to 4,738 - an increase of 16 per cent on the previous year – and a Group profit of £19m.
With concerns across Ireland and the UK remaining strong and the Asia Pacific offices delivering a record-breaking performance, Bibby Financial Services has emerged from the recession commercially agile. Having triumphed over the adverse conditions of 2009, the invoice financier is now supporting a historically high number of small and medium-sized firms.
In addition to increasing its client numbers, Ireland and the UK ended a strong year whereby one in six new deals in the market was landed by Bibby Financial Services, continuing to outperform its industry rivals and resulting in an increased market share to 8.1 per cent during the course of the year. In Ireland, where the business first began operating in 2006 the company is experiencing strong and steady growth with the SME sector responsive to its invoice finance offering.
Graham Byrne, Spokesperson for Bibby Financial Services in Ireland, commented: “The SME sector plays a vital role in the Irish economy. Companies are choosing invoice finance as a viable way of funding their business and they are choosing Bibby Financial Services because we have strong credentials built over a 200 year history. We are rightly proud of our products and services which represent our responsive approach to our clients and passion for keeping the client at the heart of our business.
Bibby Financial Services has witnessed an enormous amount of growth in demand for invoice finance facilities across many sectors since the Dublin office opened almost five years ago. The company looks forward to the year ahead as it projects both an increase in its funding capacity to Irish SMEs and the further expansion of its Dublin based office which currently employs 18.
Bibby Financial Services global chief executive David Robertson commenting on the Group’s global performance said: “Certainly some of our regions have felt the impact of the downturn more than others, coupled with market place attrition and domestic banking failure. But I am very proud of the position we have achieved and the high level of customer service delivered to clients whether in domestic markets or trading cross borders. We will continue to progress our already strong position within the global invoice finance marketplace. We are also looking forward to the rest of 2010 and beyond in terms of driving increased market share, and our global aspiration to become the world’s largest independent invoice finance company.”
Internationally following on from a successful 2009 and continuing on a strategic path to sustainable global growth, Bibby Financial Services acquired FreightCheck LLC, an established transportation business based in Atlanta USA which sits alongside Bibby Financial Services existing Nashville-based Transportation Finance company.
Bibby Financial Services has also recently announced a commitment to further expand its presence in Asia-Pacific with the appointment of Ian Watson as chief executive in the region. With global growth in mind, Watson’s focus will be to capitalise on potential opportunities for small and medium-sized businesses presented by the weak Pound and increasing trade flows across the World.
The company was also awarded industry accolades as Best Factor and Discounter 2009 at the NACFB awards and Factor and Discounter of the Year at the Credit Today awards.