IM Group boss Lord Edmiston gets £76m dividend in 2017, seeking acquisitions

The boss of Subaru and Isuzu importer IM Group, Lord Edmiston, banked a £76m interim dividend in 2017 as the company reported pre-tax profits down -11.7% to £60.5m on turnover down -8% to £576.7m.

The IM Group (formerly International Motors) operates across three divisions, property, finance and motor importing and distribution.

In annual results filed at Companies House it said its Isuzu UK business was a key driver of the motors business, which saw operating profit decline -18.8% to £22m on turnover down -4.4% to £413.4m.

“The directors are pleased with the performance of the group in 2017. The primary driver of the year’s result is the performance of Subaru Nordic AB and Isuzu UK.

“These results are supported by the stability of aftersales profits in IM Parts and Service and profit from our associate International Motors Finance,” it said.

IM Group said it was in the market for acquisitions when the opportunites arose.

“The group is in a healthy financial position with net assets of £627.7m and is seeking to expand its activities through the development of existing business and acquisitions.

“The directors consider it important for the group to retain its cash and short term resources to finance such opportunities when they arise.

On the economy it said: “2017 has a seen a great deal of uncertainty in the economy following the EU referendum vote resulting in Britain’s decision to leave the European Union.

“This has led to uncertainty in the foreign exchange markets that have been a risk factor for the group during the year.”

It said the uncertainty continued in 2018 but with high levels of cash reserves it was in a good position to continue to trade profitably.

The group made £30.3m charitable donations during the year and political donations of £200,000 to the Conservative Party.

The previous year it made £1m donation to Brexit campaigns in the lead up to the EU referendum