The Irish Management Institute (IMI) has recorded a strong performance with a rise in pre-tax profits from £142,000 (€180,000) to £470,000 (€597,000) in the year to August 31st, 1998, according to the accounts just released.

The institute revalued its National Management Centre and this threw up a surplus of £8.3 million (€10.5 million). This has totally transformed its balance sheet. In the previous year, IMI's net assets amounted to only £2.5 million (€3.2 million). These have now been boosted to £11.2 million (€14.2 million).

Chief executive, Mr Barry Kenny, said the revaluation was in line with the institute's desire to reflect best accounting practice and "will facilitate decision making concerning the management of IMI's most valuable physical asset".

IMI's revenue increased from £8.3 million to £9.3 million. It enjoyed growth in all areas with the exception of investment returns, which fell marginally from £228,000 to £208,000.