Record Results for Solihull's IM Properties as it delivers profits of £119M
Solihull based IM Properties one of the UK’s largest privately owned property companies, has achieved its best results performance in its 35-year history.
Profit before tax for the year-end December 2021 was a record £119m, up from £28m in 2020.
The figures reflect a strong business performance overall with all divisions meeting or exceeding their targets as IM Properties looked to reposition the company’s assets, to focus on growth of its commercial division.
Tim Wooldridge managing director of IM Properties said the results were a credit to the whole team during challenging times, reflecting the strength of its people and strategy.
“It’s a great boost and underlines how everyone pulled together to get deals over the line as we pushed forward with significant investment during the pandemic to ensure we could deliver ambitious new sustainable schemes such as Mercia Park and Peddimore.”
Mercia Park at junction 11, M42 has delivered 2.94 million sq ft for Jaguar Land Rover and Peddimore in Birmingham is set to deliver 2.7 million sq ft.
Tim added: “Cash generated from our core investment portfolio has been used to build a significant commercial landbank capable of supplying the market with 20 million sq ft of manufacturing and logistics space.
“Our focus on large scale development which deliver medium to long term returns enables us to work strategically with occupiers to meet their requirements.
“The nature of large-scale development will always mean, however, that results will fluctuate according to the lifecycle of schemes, although we have consistently achieved above industry averages on total returns on capital.
“The results put us in a strong position to move forward our Sustainable Futures framework focused on People, Planet and Place and on our journey to net zero.
“Mercia Park will be delivered as Net Zero in Construction and for units under our control at Peddimore we are looking to achieve Net Zero in Construction and Net Zero Ready.
“As climate change targets become more critical, clearly operating a more sustainable business model is not just about what’s good for business but what’s the right thing to do too.
“We’re a family founded business with a strong history of philanthropy and we’re keen to demonstrate delivering large scale development can be done sustainably, hand-in-hand with communities through early engagement to deliver jobs and value, both social and economic, where it is needed most.”