Warwickshire developer IM Properties recorded a drop in profits of £6m for the financial year ended December 2013. The firm, which is known for developing large-scale distribution and logistics facilities, made pre-tax profits of £16.6m.
The company noted that its dip in profits was due to the completion of its strategy to reallocate resources to its development pipeline. Another reason for the lower numbers was that IM Properties’was rebalancing its portfolio toward “high quality prime and institutional grade properties.”
IM’s net assets increased from £296m to £323m during the 12 month period. The firm’s rental income was also up by 11 per cent to £37.7m.
In addition, the value of properties under construction increased by £27m to £47m.
IM is focusing on acquiring properties in the United States at present. Three more Mariano’s supermarkets are currently under construction in Chicago to add to its existing holdings.
Adrian Clarke, the firm’s finance director, stated recently that the firm’s growth strategy is on target and that these results are exactly as expected now that a number of key investments and acquisitions have been completed.
IM Properties plans to continue to develop its portfolio of assets and build on its strong performance.
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