Bibby Financial Services Posts Record Profits

CHICAGO--(BUSINESS WIRE)--While 2008 saw banks tighten their lending criteria and business failures increasing significantly, U.K.-based Bibby Financial Services, a leading independent global invoice financing company, said it reported a record pre-tax trading profit of $30.8 million (£20.5 million) for 2008 – an increase of 24% from 2007. In addition, it reported a year-on-year increase in its client base of 21%. This is the highest ever number of businesses it has supported in its history, providing firms across a variety of industry sectors with cash flow solutions. The North American business units based in Chicago, Atlanta, Dallas, Houston, Los Angeles, Nashville, Phoenix, Sacramento, Toronto and West Palm Beach were a significant reason for the growth leading to these exceptional results, the Company said.

In 2008 Bibby Financial Services continued to grow both organically and through the acquisition of several businesses including Arbuthnot Commercial Finance and Siemens Financial Services, both of which are based in the UK. In the United States it opened its full service office in Houston and its specialist Export and Trade finance office in Atlanta. New, full service factoring businesses were also established in New Delhi, India, Poznan, Poland and Dusseldorf, Germany.

David Robertson, global CEO of Bibby Financial Services Ltd said, “Despite the uncertainty within the financial markets, and the economy, we continue to be optimistic about the future. 2008 saw the successful negotiation of a $510 million (£340 million) main finance facility for the UK and Ireland and the renegotiation of a facility serving the Americas region. Aside from our expansion plans, the quality of our service levels have remained consistently high, with over three-quarters of our clients stating that they would definitely recommend us to another business. This provides us with the confidence to continue to develop our strategic initiatives, while also being in a position to consider any opportunities that might arise over the coming year.”

Stewart Chesters, the North American CEO of Bibby Financial Services Ltd, said, “Since the second half of 2008 small businesses have been tested with hard economic conditions and limited availability of credit. Our goal is to help our clients find financing solutions that work for them during these difficult conditions. Businesses have been particularly interested in our unique specialist services such as Export Finance and Purchase Order Finance that supplement our flexible receivables finance programs, as well as additional services we provide to the trucking and temporary staffing sectors,” he added. “As we are part of The Bibby Line Group which has over 200 years of history, we know that businesses need flexible working capital solutions that allow them to leverage business opportunities when they appear. This approach has enabled us to achieve our strong results in 2008 and it will enable us to build further on them in the future.”

Notes to Editors

Bibby Financial Services is a worldwide market leading specialist of business cash flow solutions to small and medium-sized enterprises. Its product portfolio includes receivable finance, factoring, export finance, purchase order finance and specialist solutions for staffing and trucking sectors. Its North American offices are located in Atlanta, Chicago, Dallas, Houston, Los Angeles, Nashville, Phoenix, Sacramento, Toronto, and West Palm Beach, as well as 27 other countries around the world. Bibby Financial Services is a subsidiary of The Bibby Line Group, a 200 year-old privately held company based in the United Kingdom, that provides business-to business services to a variety of industries including shipping, distribution, offshore oil field services, financial services, retail and employment law.

For more information on Bibby Financial Services, visit: www.bibbyusa.com, www.bibbycanada.ca, www.bibbyfinancialservices.com

For more information on The Bibby Line Group of Companies, visit: www.bibbygroup.co.uk