Property developer posts “robust” profits
Solihull-based IM Properties,the investor developer, has posted a £32m profit before tax and charitable donations on a turnover of just over £300m for the year ending December 31 2022.
The results come on the back of last year’s “exceptional” results of £119m in profits, which were due, in part, to one large deal.
Tim Wooldridge, managing director of IM Properties said: “To have achieved these robust results against the backdrop of a market in freefall in Q4, following the Chancellor’s mini statement is once again testament to the strength and skills of our team.
“We came into the year in a strong position after exceptional results in 2021, having repositioned our portfolio to focus on sustainable investment and large-scale development. It’s a shift which paid off with several significant deals enabling us to forge ahead with ambitious plans to deliver 20 million sq ft of logistics space primarily located in the Midlands, with a gross development value of £2.75 billion.
“The resilient nature of our investment portfolio focussed on best-in-class assets weighted towards logistics and industrial with limited exposure to offices and retail has helped us to avoid the worst of the pain in 2022.”
Wooldridge added: “We’re also pushing into the South-East and underlining our commitment to our Sustainable Future’s strategy.
“We have used capital successfully generated from reducing our exposure to retail and offices to deploy into sustainable urban logistics with all on-going commercial projects targeting net zero in construction with a minimum EPC rating of A in line with our path to net zero.
“As part of this journey we’ve also completed Mercia Park on junction 11, M42 as our first net zero in construction commercial scheme, built in accordance with the UKGBC Net Zero Carbon Buildings framework.”
IM Properties’ fortunes are not confined to the UK alone. The company’s joint venture with Kensington Developments Partners in the United States, has seen further expansion across the Atlantic with three retail-led developments in Illinois completed in 2022. A further six development sites including residential as well as retail led development are ongoing across Illinois, Colorado, Kansas, and Minnesota, with another five sites under contract.
Its home building division, Spitfire Homes, has also repositioned itself to be aligned to IM Properties sustainable future’s framework, going gas free on all new properties, fitting air source heat pumps as standard. The firm says that Spitfire is now well placed to deliver on its plan of building 350 annual units and achieving pre-tax profits in excess of £10m. Last year, turnover was up to £74m from £63m in 2021, with a £4m profit before tax reported.
Wooldridge said: “The spirit in which we are investing is all about building for the future and creating best in class sustainable schemes, demonstrating the synergies of operating as a socially responsible business and achieving success.
“We’ve seen first-hand the profound impact community engagement has had for the company and its people, which this year promoted the launch of IM Properties Community Fund, in addition to our project-led funds which have so far given back £453,262.
“The funds have showcased the difference that can be made to grassroots organisations through our support and desire to impact socially and economically beyond the boundaries of our schemes.
“We’re now empowering our people to personally contribute to the areas and places they are passionate about through volunteering, underlining our key pillars of People, Planet and Place, which are informing our business decisions going forward.”
