£26m
The Retail Motor Industry Federation (RMIF) has gone from a loss in
2006 to a profit in 2007, thanks to the sale of its ReMIT training
business in May 2006.
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While the 2006 accounts showed that the federation had lost
£870,000, the sale of ReMIT to Carter & Carter for £25.5m
boosted the 2007 results to a retained profit of £25.6m.
The sale allowed the RMIF to plug a hole in its pension scheme.
Finance director Kevin Waterman said: “There has been a material
improvement in our cash and reserves. From a deficit of £5.6m in
2004 we have made some significant contributions into the fund
following the ReMIT sale and are confident that the next tri-annual
review will report a significant surplus on the scheme.”
The RMIF has undergone major changes over the course of this year,
with the restructuring of its management team and an overhaul of
its framework.
Chairman of the RMIF, Alec Murray said: “The federation has
made rapid strides financially and operationally in 2007 and this
has helped provide us with a solid position as we look to grow the
federation.
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By GlobalData “Many new members are joining as a result of our ability to
deliver to our customers improved services and products.”
Focus in 2008 will be on improving specific business areas,
Murray added, pointing to the acquisition of BigOil.net – a website
providing data on oil prices for petrol retailers and others – as a
sign of the RMIF’s commitment to providing “value” to its
members.
