Business Irish

Sunday 17 December 2017

Profits fall at financial firm IFG by more than 25pc

Profits at IFG were down in 2016
Profits at IFG were down in 2016

Sean Duffy

Profits before tax at Irish listed financial firm IFG fell by 26pc last year to £6.4m(€7.3m), according to preliminary results for 2016 released this morning.

Adjusted profit at the company fell by 14pc to £10m(€11.5m) last year, while earnings per share dropped by 7pc over the course of the year.

IFG said it had incurred exceptional costs of £1.7m(€1.9m) as a result of ongoing restructuring and relocation activities.

Total assets under management rose by 14pc however, to £26.7bn (€30.8bn).

“We enter 2017 with both businesses in stronger positions than last year, benefiting from the accelerated investment in people and technology, which will differentiate both businesses going forward,” said IFG ceo John Cotter.

“In our markets, serving high-net worth clients, the quality of our relationships, digital capability and product set, is critical to retaining and attracting new clients,” Mr Cotter added.

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