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IM Properties reports £22.6 million pre-tax profit

wantspacegotspace.co.uk - IM Properties reports £22.6 million pre-tax profitIM Properties, one of the UK’s largest privately-owned property investment and development businesses, has reported a strong set of financial results for 2012, with pre-tax profits at £22.6 million.

The Warwickshire firm’s results also show that net assets increased by nearly £10 million to £296.3 million while the market value of properties under construction rose by £100,000 to £8.4 million.

Effective asset management initiatives ensured occupancy levels were maintained at 95 per cent.
In addition, the company’s bespoke residential arm Spitfire Properties LLP, celebrated its second full year of trading by starting construction on four more developments at Little Aston, Solihull, Bath and Ascot while enjoying exceptional sales success on its existing schemes.

IM Properties is the award-winning developer behind North Warwickshire’s Birch Coppice Business Park, one of the region’s biggest employment success stories of recent years, as well as BMW’s new €28 million flagship logistics hub in Munich, Germany.

The company recently acquired premier Birmingham industrial park and development site The Hub and its rental portfolio boasts a number of landmark, institutional offices in Guildford and prime retail warehousing on Purley Way in Croydon.

While the company’s overall profits for 2012 are down £8 million on the previous year, the results reflect the company’s reallocation of resources required to grow the commercial and residential development aspects of the business, whilst maintaining a strong investment return at its core.

Tim Wooldridge, IM Properties’ Managing Director, said:  “These are very pleasing results considering the challenging economic climate and the greater emphasis that we have placed on building a development pipeline that will generate higher returns over future years. To aid this shift in focus we have had to fund new sites as well as invest in nine new members of staff, but we firmly believe that this approach will take advantage of a window in the development cycle and will secure our profitability levels in the long term.”

Posted by The Editor (wantspacegotspace) on 5th August 2013 (updated 19/08/2013)

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