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Imla reports a pre-tax profit after loss in 2011

The Intermediary Mortgage Lenders Association made a £30,361 pre-tax profit in the 12 months to 30 June 2012 following a round of cost cutting, after suffering a £12,549 loss the year before.

The trade body cut its costs by 25 per cent from £82,973 at 30 June 2011 to £61,492 at the end of June, while revenue from subscriptions increased 36.6 per cent from £45,000 to £61,500.

Net assets increased 25 per cent from £110,839 in June 2011 to £138,605 in June this year and cash reserves increased from £159,632 to £176,179.

The trade body’s accounts say: “With increased membership and further control of costs, Imla has moved back to a financial surplus in 2011/12.”

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