Business

Friday 22 August 2014

Dublin-based financial services firm IFG pays down debt

Sarah McCabe

Published 29/08/2013 | 09:28

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IFG chief executive Mark Bourke.

LOSSES have narrowed at the loss-making Irish division of financial services group IFG.

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The Booterstown-based company saw Irish revenues jump by a quarter. It made a £611,000 (€461,000) operating loss in the first half of the year in Ireland, down from a £1.8m loss in the same period a year before.

The pensions specialist attributed this “improved performance” to 26 new client wins in its Irish corporate pensions division and a 14pc increase in funds under management.

Its non-core Irish businesses actually recorded a small profit following a recovery in the general broking market

Results from its British operation evidenced a trend in the opposite direction. Operating profit fell to €5.6m from €6.5m in 2012.

But the company’s total half year results were still healthy, with total sales up 5pc £39.9m.

IFG has maintained an interim dividend of 1.65c

"Operationally, the core businesses  have delivered a  good first half  result and new business momentum continues.  Strategically, we have clear direction. Financially, we  have a  strong and  flexible balance  sheet allowing  further investment. The group is in good  shape and  we are building  a platform for substantial growth over the medium term" said IFG chief executive Mark Bourke.

The company, which has dual listings in Dublin and London, saw it share price rise 1.5pc to €1.37 in early trading this morning.

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