AM Online

Record growth in training leads to IMI financial turnaround

Efforts to reverse the skills shortages in the retail motor industry have received a boost with an increase in the number of colleges joining the approved centre network of the Institute of the Motor Industry. The number of new candidates undertaking training has led to record annual growth of more than 60% in the IMI's National Vocational Qualifications business.

The number of organisations now accredited to the institute's network stands at its highest level since the IMI became an awarding body in 1993. There are 222 approved centres, all of which are approved by the IMI to deliver training in respect of N/SVQs and other nationally recognised qualifications. This represents an increase of 11% year on year.

This growth contributed to the institute's overall surplus of nearly £270,000 for the 2000/01 financial year, following a loss in the previous year, its annual accounts released today show.

Peter Creasey, the institute's chief executive, said: “This has been a challenging yet incredibly rewarding year for the IMI. Total income increased by more than 9% whilst expenditure was reduced by more than 9%, all of which was a significant factor in building the institute's reserves up to historic levels and a testament to the dedicated efforts of the institute's 40 staff. Furthermore, this was achieved at no extra cost to our members, with fees remaining static.” “Major projects during the year included the introduction of a state-of-the-art on-line testing system for trainee technicians, a new student category of membership, a legal referral service, and a personal advice and tracking facility for assisting members with continuing professional development. Building on this solid foundation by working closely with the industry to further enhance the value of membership remains the focus of the Institute.”

If you are not a registered user your comment will go to AM for approval before publishing. To avoid this requirement please register or login.

Login to comment


No comments have been made yet.