Bibby Line Group - News Update

Liverpool family firm Bibby Line Group endured a frustrating 2009 despite increasing turnover by £55m.

In its latest annual accounts filed at Companies House late last week, the shipping to supermarkets group disclosed that attempts to grow the business through acquisition had foundered, though it delivered a “satisfactory” trading performance across its existing operations. Bibby generated sales of more than £2,000-a-minute for the first time as turnover rose by 5% to £1.09bn in 2009.

However, pre-tax profit before exceptional items sank by 32% to £21.8m. Bibby was founded in 1807. Chief executive Sir Michael Bibby is the sixth generation of the family to run it. The group’s interests now include around 1,550 Costcutter stores, distribution, invoice factoring and offshore oil and gas services.

Sir Michael said: “2009 was a very challenging year for Bibby Line Group as we had the appetite to acquire other businesses and secure major new contracts but very few of the many opportunities we reviewed were concluded. “With hindsight, this may prove to be a good thing for us. In many markets, we are still seeing asset prices and business values falling while we have increased our cash, reduced our debt and completed our major capital programmes.”

Sir Michael and his sister, Jennifer, and their immediate families own 88% of the Duke Street-based group, which paid dividends of £2.17m.