Thursday 22 March 2018

IFG to deliver 'substantial' growth after strong 2012

Peter Flanagan

Peter Flanagan

FINANCIAL services company IFG said it expects hit its growth targets this year as it maintains its momentum from 2012.

Speaking at the company's annual general meeting in Dublin, chairman John Gallagher said the business had made "good progress" in 2012.

"The proceeds from the sale of the international segment were partly used to return £30m (€35.4m) to shareholders as well as de-gear the balance sheet, placing us in a very strong and flexible position.

"New business momentum has continued into the current year in terms of new self-invested personal pensions sales in IFG subsidiary James Hay Partnership and new client wins in both Saunderson House and IFG Corporate Pensions," Mr Gallagher added.

"We intend to continue significant investment in the business. This will limit increased profitability in the current year but provide a platform for growth thereafter," he said.

The pensions specialist said it expects to deliver "substantial growth in the medium term".

In its first-quarter trading statement published last month, IFG said it was in a "strong financial position".

Shares in the Booterstown-based company fell 2.1pc to €1.37 in Dublin. The shares are up 11.1pc on the last year.

Irish Independent

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