International SME funder, Bibby Financial Services (BFS) reports it has seen global client turnover grow by almost a third year-on-year as SMEs around the world start to recover from the Covid-19 pandemic.
Client turnover, or debts factored, increased by 32% from £1.8 billion in Q2 2020, to £2.4 billion in the second quarter of 2021. This resilient performance also continued in the first half of 2021 as restrictions lifted following winter lockdowns with monthly client turnover growing by 30%, from £0.7 billion in January to £0.9 billion in June.
Jonathan Andrew, global chief executive of BFS said: “In recent months we’ve seen strong growth in SME turnover reflecting increased activity amongst businesses around the world. Across all of our markets, customers are telling us that sales volumes are starting to bounce back as restrictions have lifted throughout the first half of the year, and this reflects a significant economic boost for SMEs and their supply chains.
“While the pandemic is not yet over, SMEs are undoubtedly more optimistic than they were at the beginning of the year and many businesses are now looking for sources of flexible funding to facilitate growth.”
In Q2, BFS announced a £300m Pandemic Recovery fund to help support the UK’s economic recovery. Available through BFS’s invoice finance products, the fund can be accessed by new and existing SME clients.
Andrew commented: “We’ve been on our own journey since the start of the pandemic, with a new leadership team in place and a refreshed strategy, which has enabled us to become more agile and efficient. At its core, BFS 4.0 focuses on our journey to become a leading international provider of working capital solutions for SMEs with a digital, omni-channel delivery and operational platform.
“We’re now more customer-centric and focused on building genuine partnership and collaboration, and this shift is undoubtedly bearing fruit in our performance.
“Around the world, we have high levels of customer satisfaction, engaged colleagues and innovative products, and it’s a hugely exciting time for the business. With our new strategy driving us forward and funding available, we’re well placed and ready to help more SMEs grow and thrive as the global economy continues to recover.”
BFS operates in nine countries throughout Europe and in Asia. It is part of the Bibby Line Group, one of the UK’s oldest family-owned businesses.