Tuesday 19 September 2017

IFG has strong year in 'challenging conditions'

FINANCIAL services group IFG said its operations in this country had a strong year in 2012, writes Charlie Weston.

It said it had new business wins, and assets under management showed growth. The group said it had delivered a "solid financial performance" despite challenging market conditions.

Last year, IFG corporate pensions achieved 51 new corporate clients and a 30pc increase in funds under management to €725m.

It said it was well positioned to take advantage of market developments in the pension area and the change from defined- benefit to defined-contribution-type pensions.

Revenues for the year fell slightly to £76.2m (€90.12m) from £77.3m (€91.43m).

In an interim update, the group said that its financial position had been strengthened by disposing of their international business in 2012 for £70m (€82.79m). It said it expected its balance sheet to be further strengthened by further concentration on their core businesses.

A total of £30m (€35.48m) was returned to shareholders, while IFG's dividend increased 10pc to 4.84c per share from 4.40c per share in 2011.

Irish Independent

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