The Retail Motor Industry Federation is “on track” to be profitable in 2010, according to the chief executive in its annual report published today.
Rob Foulston, marking his first anniversary in the post, said that one of the hardest periods ever in the retail motor trade had seen the organisation increase turnover to £11,745,000 (2008 £8,114,000; 2007 £2,378,000) and reduced its loss before tax on ordinary activities from £473,000 to £101,000.
He said, adding back £270,000 one-off exceptional restructuring costs meant the RMI was profitable “at this level”.
In a statement, Foulston said: “I mentioned last year my objective was to return the RMI to bottom line profitability by 2010 and believe that given 2009’s financial performance, we are no well on track to achieve that objective during the course of 2010”.
RMI’s ReMIT training subsidiary made a pre-tax profit of £536,000, contributing £192,000 to the overall after-tax performance of the organisation.
During 2009 the RMI acquired the Motor Vehicle Repairer’s Association. It is forecast to make a significant profit contribution this year.
The RMI is also enjoying its "best ever" member retention rate this year and membership is almost 1,000 higher than in 2009. Membership is also growing more quickly than in previous years with particular increases in RMI Petrol and RMI Independent Garages.