Bibby Line profits surge as asylum seeker barge boosts marine division

Bibby Line, the family-owned business at the centre of fierce debate over the Bibby Stockholm asylum ship, has reported a surge in profits after its marine division rebounded sharply in the past year. The much-discussed Bibby Stockholm, controversially used to house asylum seekers off Portland in Dorset, proved to be a significant contributor to the company’s bottom line in the financial year ending 2024.

The vessel, contracted by the Conservative government, was at the forefront of political and public scrutiny as it became symbolic of Britain’s response to the migrant housing crisis. Reports of challenging living conditions, mental health concerns among inhabitants, and a suspected case of legionella on board fuelled heated arguments. Complaints regarding a lack of consultation with local residents added to the controversy. Eventually, the government ceased its contract with the Bibby Stockholm in late 2024, although Bibby Line is currently exploring new opportunities for redeploying the vessel as indicated in recent corporate filings.

The result for Bibby Line’s marine business was a dramatic turnaround, with operations swinging from a £4 million loss in 2023 to a £4 million profit in 2024. The group’s overall pre-tax profits climbed more than 60 percent to £12.8 million, up from £7.8 million in the previous year. Group revenues also rose 7.5 percent to £268 million, benefiting from strong fleet deployment. While the marine division made notable gains, the financial services arm experienced a slight dip, with profits sliding by £1 million to £11 million. The infrastructure arm, Garic, saw profits drop to £2 million, representing a halving compared with the earlier period.

Sir Michael Bibby, whose family controls 92 percent of the company, took the opportunity in regulatory filings to express concerns about the broader economic climate for large family businesses under Labour policies. He pointed to increased business costs from higher minimum wages, additional national insurance contributions and the removal of inheritance tax reliefs, creating what he described as a challenging environment.

Despite these headwinds, Bibby highlighted the company’s ongoing pursuit of environmentally sustainable growth, distancing the firm from anti-environmental stances in US politics. Bibby Line remains invested in zero-emission ambitions for the maritime sector, backing the development of an electric-commissioning service operation vessel that is expected to compete with diesel-powered alternatives over time once energy savings are fully demonstrated. The company’s strategy now aims to accelerate the expansion of a fleet of similar vessels to cement its leadership in this area.

Bibby Line’s results underscore both the financial impact of government contracts and the shifting priorities within British family businesses navigating regulatory and political changes while pursuing sustainability goals.