Financial firm IFG reports £400,000 loss as exceptional items hit bottom line
IFG Group reported a profit loss of £0.4m for the year ending December 2017, compared with a £6.4m profit in 2016.
The Dublin-based financial services firm faced substantially increased exceptional costs of £8.8m, from £1.7m the previous year, largely due to a focus on a number of legacy matters.
The group, which offers financial solutions through James Hay and Saunderson House, said that its operating profit increased 5pc year-on-year to £10.5m due to repricing in James Hay and a focus on cost management
Revenue from both UK-based units combined remained steady, a reported £78.4m compared with £78.5m in 2016.
IFG said that total assets under administration and advice at the end of the year rose 5pc to £30.6bn.
The Group also noted that it would consider the disposal of its Saunderson House arm if accelerated shareholder value can be achieved.
Assets under administration in James Hay increased by 15pc in 2017 to £25.5bn, and rose by 11pc to £5.1bn in Saunderson House
Some 5,800 new self-invested personal pensions were created in James Hay in 2017, while Saunderson House won 247 new clients.
"We have made substantive progress in improving our businesses, increasing assets under administration and advice, growing the client base, expanding our product offering and enhancing our capability," Chief Executive John Cotter said.
"The changes to our pricing models and the improving interest rate environment, mean we are well positioned to deliver sustainable growth and improved financial performance.
"We are committed to bringing closure to legacy issues, which may continue to impact financial performance, in order to return to paying a progressive dividend and delivering increasing value to our shareholders".