Pre-tax profit has more than doubled at property investment group IM Properties, driven by a significant development pipeline.
In the year to 31 December 2014, it posted pre-tax profits of £33.2m, while net assets increased to £379m from £324m in the previous year. At its year end, the total value of IM's investment portfolio stood at £577m, a boost of £120m from the beginning of 2014.
The group now has £122m worth of property under construction, with further growth expected in the remainder of 2015.
IM’s finance director Adrian Clarke said:
"These results demonstrate the success of the strategy that we initiated in 2012, which enabled us to focus on the development of our asset pipeline across 2014.
"We are operating to a core strategy that will ultimately provide us with greater liquidity and increased resilience of capital values, supported by the ongoing diversification of our business where the stable base and cash generation from our investment portfolio allows the commercial development team to focus on medium and long-term projects which will ultimately provide higher returns."
Source: Insider Media