THE recession has led to more firms seeking cashflow solutions which in turn has boosted business at Bibby Financial Services (BFS).

In 2008, the company enjoyed a 24% rise in pre-tax profits to £20.5m, while its client base grew by 21%. A lot of new business was drummed up in North America where it has bases in Chicago, Atlanta, Dallas, Houston, Los Angeles, Nashville, Phoenix, Sacramento, Toronto and West Palm Beach.

Growth was both organic and through acquisitions, and during the year Arbuthnot Commercial Finance and Siemens Financial Services were taken over.

New, full service factoring businesses were also established in New Delhi, India, Poznan, Poland and Dusseldorf, Germany.

David Robertson, chief executive, of BFS, said: “Despite the uncertainty within the financial markets and the economy, we continue to be optimistic about the future. Last year saw the successful negotiation of a £340m main finance facility for the UK and Ireland and the renegotiation of a facility serving the Americas region.

“Aside from our expansion plans, the quality of our service levels has remained consistently high, with over three-quarters of our clients stating that they would definitely recommend us to another business.

“This provides us with the confidence to continue to develop our strategic initiatives, while also being in a position to consider any opportunities that might arise over the coming year.

“Since the second half of 2008, small businesses have been tested with hard economic conditions and limited availability of credit.

“This approach has enabled us to achieve our strong results in 2008 and it will enable us to build further on them in the future.”

Bibby Financial Services is a worldwide market- leading specialist of business cash flow solutions to small and medium-sized enterprises.

BARRY TURNBULL