Invoice Finance provider reveals 84 per cent increase in profits

Bibby Financial Services, the invoice finance provider has revealed an 84% increase in pre-tax profits to £34.3m following a 25 per cent increase in new business during 2010.

The figures are impressive and are reflective of the growing market for invoice financing products; as the more traditional bank based lending lines continue to remain either elusive or uncompetitive.

The invoice finance company said it now has a client base of more than 5,000, factoring some £5.8bn worth of debts around the world and that all of its 13 businesses have traded profitably during the last financial period.

The UK business with its head office in Liverpool invoice finance Bibby now provides cash flow funding for nearly 3,800 businesses and profit figures for its UK operation currently stand at some £27.2m.

Chief executive David Robertson said: “Our success comes as a result of our clients experiencing growth following on from the recession, the continual expansion of our client portfolio and the increased contribution from our global offices after initial investment in these areas.

“We are immensely proud to have provided nearly £6bn in cash flow support to businesses across the globe. It is reflective of the value of our offer that so many businesses are making invoice finance their first port of call for businesses looking for a more secure and flexible form of funding.”

The Asset Based Finance Association (ABFA) recently announced total asset based lending has grown by 8% in the past year, with advances from members at the year end totalling £14.9bn and that Factoring and Invoice Discounting is now being used by over 42,000 UK companies.

Recent economic data stated that turnover from companies using invoice finance this quarter (Q1 2011) also showed a healthy rise of 12%, with annualised figures hitting a pre-recession record level of £212.2bn.

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