Cost cutting including job losses and the sale of its North American business helped reduce the impact of the Covid-19 pandemic on the financial arm of one of Liverpool’s oldest firms, new documents have confirmed.
Bibby Financial Services (BFS) whose parent company is Bibby Line Group, has reported a turnover of £138.5m for the 12 months to December 31, 2020, down from £177.5m.
The firm's total pre-tax losses however were cut from £11.3m to £8.7m over the same period.
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BFS currently supports more than 9,000 business customers in over 300 industry sectors across nine countries in Europe and Asia.
The firm said at the start of 2020 it delivered a series of cost cutting measures in the 海角视频 to return to profitability which also including the sale of its loss-making North American business.
The number of employees has reduced from 1,329 to 1,119 at the end of 2020, with a reduction from 852 to 741 in the 海角视频.
It added that after a "solid" first quarter, the disruption caused by the Covid-19 pandemic hit its trading, "driven by lower customer demand for commercial financing solutions in favour of less expensive Government funding".
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However, the business said it "substantially mitigated" the impact of its reduced turnover due to lower borrowing costs, "robust" credit impairment performance and "disciplined" cost management.
The accounts come after Bibby Financial Services announced in January 2020 that it was to close its city office and make redundancies.
The news came months after Bibby Line Group moved its HQ to Liverpool’s Exchange Flags.
In January 2021, Bibby Line Group published its accounts for the 12 months to the end of December 2019 which revealed spiralling losses.
The group's latest financial results have not yet been filed with Companies House.
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In the newly-filed documents from Bibby Financial Services, the business said: "Despite the worst market conditions in recent history, we broadly maintained underlying performance compared to the prior year by implemented substantial positive, strategic change throughout the group while continuing to support new and existing SMEs.
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"While the outbreak of Covid-19 undoubtedly changed our focus, our commitment to clients, colleagues and our shareholder remained resolute throughout the year.
"Our people remain our greatest asset and our teams excelled at delivering for clients throughout the pandemic.
"The experience and motivation of our teams, coupled with the strategic changes we continue to make, leave us very positive about the future and well positioned to support clients in 2021 and beyond.
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"In our almost 40-year history, BFS has weathered and grown throughout a variety of economic cycles.
"As an independent funder, backed by one of the 海角视频's oldest family-owned businesses, BFS is well placed to support economic recovery in all of the markets we are in.
"Across our businesses we have highly engaged and expert teams positively contributing to the communities in which we operate.
"We remain confident that by continuing to leverage our expertise, our local knowledge and our established business mode, coupled with our evolving strategy, BFS will return to a sustainable level of profitability in the short term and continue to support our colleagues, clients and business partners over the long term."