| Item | 2015 result (£m) | 2014 result (£m) | % rise |
|---|---|---|---|
| Pretax earnings | 103.2 | 42.5 | 242 |
| Portfolio value | 811 | 675 | 20 |
| Turnover | 164 | 30 |
Midlands-based private property company IM Properties has doubled its annual profits to record pretax earnings of £103.2m for 2015.
In its year-end results announced today, IMP saw pretax earnings soar by 242% from £42.5m in the previous year.
The record figure was achieved on turnover up 30% to £164m, and although the business – headed up by Lord Edmiston – made significant investments in land and development projects during the year, it ended the trading period with significant cash reserves and access to extensive credit lines.
Managing director Tim Wooldridge said IMP also increased the value of its investment portfolio, which includes projects under construction, by 20% – from £675m to £811m.
Whilst IMP had a record performance in the last financial year, Wooldridge anticipates a more gradual growth in the coming year with natural short-term uncertainty stemming from Brexit.
“We have enjoyed an exceptional year and are well equipped to deal with any market volatility. The sale of a £200m industrial portfolio to a Malaysian pension fund earlier this year, has deepened our war chest and whilst we have already made a series of acquisitions this year, we have the resources to take advantage of opportunities as and when they arise.”
Wooldridge added: “If you benchmark us against other property companies in the industry we are doing extremely well, achieving a 27% return on investment during the trading period, which is another record high.
“Clearly there is uncertainty across the property market at present and we will have to see how it all unfolds over the coming weeks. We are confident that the strong fundamentals underpinning the UK economy will prevail in the medium term.”
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