IFG confident of delivering growth

Business has been good at IFG so far this year and the financial services company is confident of posting growth for the whole of 2006, shareholders heard yesterday.

IFG chairman Joe Moran told the firm's annual general meeting in Dublin that each of the group's three divisions was experiencing "strong trading".

"We remain confident of delivering growth for the full year," Mr Moran said.

Mark Bourke, who was appointed IFG chief executive in June, later told reporters that the firm was on course to deliver earnings per share growth of 20-25 per cent this year. He said IFG was seeing "very strong growth" in the Irish mortgage market, where it operates a network of brokers. The company was also "getting traction" in the sub-prime market, where it has a joint venture with GE Capital to target mortgage clients with poor credit ratings, he said.

Mr Bourke was optimistic about Seniors Money, a product allowing over-60s to borrow against their homes without releasing equity. He predicted a run rate of €80 million for the product this year.

In the UK, where IFG generates most of its profits from pensions and trustee activities, the company is "doing well", he said. Shares in IFG rose four cent to close at €1.75 last night.