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Imla swings back into profit following cost cutting measures

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.

At 30 June, Imla owed £123,054 to creditors falling within the next 12 months but was owed £85,480 from debtors.

Subscriptions aside, the main source of Imla’s income came from its annual dinner, which made the trade body £29,177 this year, after expenses. This is an increase from the £23,935 made last year.

Imla now has 21 members and says it plans to recruit further in the coming year.

Paragon Mortgages managing director John Heron recently stepped down as chairman of the trade body with Barclays managing director of intermediaries David Finlay becoming the first Imla chairman to hail from a mainstream retail bank.

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. Imla remains a member focused business-to-business trade body with a cost efficient operation.

“At the same time, Imla does not stand back from raising issues where it feels the industry as a whole needs to take a stance and Imla remained active on this front during the year. Not least given the backcloth of distrust in financial services, Imla will continue to work hard to provide a balanced view of the case for choice and advice in the mortgage market.”

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