Bibby Financial Services Group, the independent invoice finance provider, has today announced an 84% growth in pre-tax profits to £34.3m, following a 25% growth in new business year-on-year in 2010.
The company, which has seen increased popularity for its services amongst Irish SME’s since the establishment of its Dublin office in 2006, has a client base of more than 5,000 and over £5.8bn debts factored around the world.
The results show that all of the company’s global businesses have been trading profitably from 13 countries, incorporating over 40 regional offices, across Europe, the Americas, Australia and Asia. The Ireland office has experienced a record breaking six-fold increase in profits with turnover up 56% for its tailor made invoice finance solutions.
In addition, Bibby Financial Services (BFS) Ireland has witnessed a jump in Irish SME’s opting for its export invoice finance offering to fund overseas activity with a 109% export turnover increase in the last year alone.
With offices across the globe, BFS offers a comprehensive service for Irish exporters. With the recent opening of its Hong Kong office, a crucial emerging market for Irish exporters, BFS has strengthened its position supporting trade between the emerging Chinese economy, the USA and Europe.
Graham Byrne, Director Bibby Financial Services Ireland, commented: “We have witnessed a strong growth in demand for our invoice finance and export invoice finance facilities with Irish SME’s seeking alternative finance solutions to meet their requirements. At Bibby Financial Services we offer flexible packages funding both domestic and overseas activity.
“We are finding that Irish SME’s are looking for flexible finance solutions to operate their businesses in a climate where late payment and access to credit remains challenging. We offer packages tailored to our clients’ needs and we are particularly pleased with the increased demand in our export invoice finance offering over the last year given the retraction of the domestic market. Export activity offers much opportunity for Irish SME’s and we are delighted to back them in their pursuit of overseas activity and in breaking into the key emerging markets.
“On a global level, BFS have over €6bn in cash flow to support global trade and Irish SME’s have access to €50M of this. It is reflective of the value of our offer that so many Irish businesses are making invoice finance their first port of call for businesses looking for a more secure and flexible form of funding. The provision of fast, confident and informed decision-making gives businesses access to the funding they need to operate and grow successfully is paramount in both today and tomorrow’s ambiguous markets.”
Posted on 11 May 2011