Bibby Line Group returns to profit and primed for future growth
Liverpool-based Bibby Line Group has reported a strong return to profit following the strategic realignment of the Group’s portfolio.
Accounts filed at Companies House show that in the year to 31 December 2021 the Group made a net profit of £35.5m (2020: net loss of £25.9m), with improved performance across each of its core businesses.
2021 turnover of £260m (2020: £833m) reflects the successful sales of Bibby Distribution and Costcutter as part of the Group’s strategic realignment, resulting in a strong and stable business that is now delivering growth.
In 2021, the Group also committed to a set of bold sustainability goals through the launch of its Project Compass programme including net zero total carbon emissions by 2040, 1,000 colleague days given to the community every year, top quartile colleague engagement scores and leading customer satisfaction NPS scores of >60.
Jonathan Lewis, Group Managing Director, said “The last few years have been tough for many businesses, Bibby included. As shown by these results, however, we emerge leaner, stronger, more profitable and better capitalised to compete more effectively, provide exceptional customer service and invest in growth.
“Through these tough years, Bibby has continued to have a positive impact on society on a global basis, such as providing vessels to support Covid relief efforts, financing small and medium-sized businesses to survive and thrive, and supporting the continued energy transition away from fossil fuels.
“In today’s uncertain economic climate, it is more important than ever that we continue to build the sustainability and resilience of our business through Project Compass with our guiding vision of being ‘A family business, known for creating a better future together’.
“We are grateful to all colleagues, customers, suppliers and partners who contributed to these results and our broader impact.”