Business Irish

Thursday 12 December 2019

IFG hails a 'turnaround year' as revenue increases again

IFG chief executive Mark Bourke. Photo: Mark Condren.
IFG chief executive Mark Bourke. Photo: Mark Condren.

Colm Kelpie

DUBLIN-BASED financial services group IFG has said 2013 marked a turnaround for the business in Ireland, with an improved performance in both revenue and operating results.

In a trading statement, management said revenue year-to-date is growing and the company is expecting a return to profitability for the full year.

In its core business in Ireland, IFG Corporate Pensions' funds under management grew to €979m at the end of April and in the year to date.

IFG, based in Booterstown, Co Dublin, provides independent advice on retirement planning in both the UK and Ireland.

Trading was in line with expectations in the first four months of the year, the company said.

"Our businesses have had a good start to the year," the statement said.

"New business momentum has been sustained in our core businesses with James Hay Partnership, Saunderson House and IFG Ireland continuing to win new clients and assets."

The group announced earlier in the year that it had agreed to sell its UK-based IFG Financial Services for an initial consideration of £3.5m (€4.3m).

That figure could potentially rise by a further £5.6m (€6.9m) if certain revenue targets are met by the company. Yesterday the group said the sale demonstrated the group's focus.

Paul McNamara, the new group chief executive, is due to take up his post on July 28.

Shares were down 1.2pc at €1.62 each following the update.

Irish Independent

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