Profits rise at Bibby finance arm as new chief appointed.
BIBBY Financial Services has reported an 84% increase in annual profits and appointed a new chief executive.
The invoice finance arm of Liverpool-based Bibby Line Group will be headed by Simon Featherstone when current global chief executive David Robertson retires at the end of 2011.
Mr Featherstone is currently managing director at Lloyds TSB Commercial Finance and heads a 1,100-strong team across the UK, US and Europe. He will join Bibby in September.
Bibby Financial Services has 44 offices in 13 countries, including Australia, America, Hong Kong and Europe and Mr Featherstone's experience will underpin the group's aspirations for continued global expansion. Managing director Sir Michael Bibby said: " The Bibby Line Group board and I are extremely proud of the success Bibby Financial Services has achieved and believe this appointment complements and bolsters the global executive team and will help continue the positive momentum which is so apparent in this business."
Meanwhile, pre-tax profits for the division soared by 84% in 2010 to pounds 34.3m after a 25% increase in new business year-on-year.
It now boasts a client base of more than 5,000, factoring pounds 5.8bn debts around the world.
The UK business provides cash flow funding for almost 3,800 companies, handling annual client turnover of more than pounds 3.9bn and advancing approximately pounds 321m.
Profit levels for the UK were pounds 27.2m, built on an increase in its domestic market share over the past year from 8.1% to 9.2%.
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|Publication:||Daily Post (Liverpool, England)|
|Date:||May 10, 2011|
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