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Profit drop at IM Properties

Private property group boosted by rise in assets as it focuses on development pipeline and high quality sites

Adrian Clarke, IM Properties

Private development and investment group IM Properties has posted a £6 million drop in profit but been boosted by a rise in its assets.

The Coleshill-based firm said pre-tax profit for the year to 31 December 2013 was £16.6 million while net assets rose from £296 million to £323 million and rental income by 11.1 per cent to £37.7 million.

There was also an increase in the value of properties under construction, up £27 million to £47 million and an overall uplift in capital values of £3.5 million.

It said the £6 million dip in pre-tax profit was due to completion of its strategy to reallocate resources to build its development pipeline and rebalance its portfolio towards high quality prime and institutional grade properties.

This included the acquisition of key assets such as Solihull's Mell Square shopping centre which it acquired last summer.

It said it was continuing to divest its European portfolio with the disposal of its one million sq ft distribution centre let to BWM and a portfolio of four further distribution units around Germany.

The company, which is owned by West Midlands entrepreneur Lord Edmiston, has also increased its presence in the United States, with the construction of a further three Mariano's supermarkets in Chicago adding to its existing stock.

Finance director Adrian Clarke said: "Our growth strategy is absolutely on target and these results are as we expected, with a number of key investments and acquisitions now completed.

"This is a clear demonstration that we have taken advantage of a window in the development cycle and we are confident that the investment that we have made here will bring us significant benefits in the coming years."

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