Liverpool-headquartered Bibby Line Group has hailed the "substantial improvement" in its finances in 2020 despite the costs the firm racked up to make it "more profitable and agile for the future".
The group has said its annual report and accounts, which are yet to be published on Companies House, show a pre-exceptional operating loss of £6.4m for the year to December 31, 2020.
The firm, which traces its history to 1807 and is best known for its shipping activities, said the total is a "substantial improvement" on the loss of £24.7m it reported in the prior 12 months.
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It added that despite the "substantial exceptional costs" incurred in 2020 to make the group "more profitable and agile for the future", overall losses were reduced from £29.7m to £26.6m before tax.
Last year also saw the group finish a "strategic realignment" of its portfolio with the sale of Bibby Distribution and Costcutter, with the latter receiving regulatory approval in February 2021.
The group also introduced a new management team during the period with Jonathan Lewis being promoted to group managing director and Sir Michael Bibby becoming group chairman.
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The new figures come after the group's financial arm reported its performance for the same period last week.
A statement issued by the group said: "The significant improvement in the group’s performance came in the face of the economic uncertainty caused by the pandemic, and the strategic decisions made in 2020 have ensured a strong liquidity position entering in 2021.
"With a further improved business outlook this year, the group has already seen profitable trading in the first half of 2021."
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Mr Lewis said: "Actions taken over the last two years, including the strategic realignment of the portfolio and the hard work put in by colleagues across the group have allowed us to continue providing excellent customer service and trade successfully through the pandemic. The group is now in a much improved and stabilised position and is trading profitably.
"Already we are seeing the benefits of that work, particularly in leading invoice and asset finance provider Bibby Financial Services, which has recently seen global client turnover grow by almost a third year-on-year, and is overhauling its systems to deliver a more customer-centric experience.
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"Garic, a long time a leader in delivering environmentally friendly welfare solutions, is now focusing even further on sustainability to maintain its edge.
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"Plus our Marine business is emerging as a leader within the low and zero carbon maritime space, and has recently acquired a new accommodation vessel, the Bibby Pioneer, part of our investment into our core businesses made possible by the 2020 group restructuring.
"With an improved business outlook and strong liquidity, and committed colleagues throughout the business, the strategic changes we have made have left the group well placed for future growth and profitability."