Steady trade puts IFG in line to meet expectations
Published 20/05/2010 | 05:00
Financial services group IFG is on target to meet consensus earnings forecasts for 2010 as trading for the first four months of the year was in line with expectations, according to an interim management statement from the company yesterday.
IFG, which provides trustee and investment services, said that its UK division, which accounted for 32pc of the group's €17.9m adjusted operating profit last year, is likely to become its largest unit in terms of profits this year, accounting for about 50pc of the figure. Its international arm, excluding the UK, had generated 65pc of profits last year.
The company said that 2009 was marked by a lack of transaction activity in its international division but that there were "some early signs" its clients were beginning to regroup.
The company said in a statement that: "While the effects of this are not immediate we are confident that the business will resume the growth levels it traditionally enjoyed from 2011."
It added that both its business divisions in the UK -- Pensioneer and Trustee, as well as Financial Advisory -- had a good start to the year and that business flows were "healthy".
The Irish unit has secured some new client wins, but the group expects the arm to provide a neutral contribution in the full-year.
Current consensus earnings per share forecasts for IFG range between 15 cent and 19 cent. The company has predicted an EPS figure of between 18 cent and 20 cent.
Shares in IFG closed at €1.17 up 2.6pc.