Financial services group IFG plans to expand its chain of independent financial advisers in Ireland and Britain. The expansion in Britain will probably involve three or four sizeable acquisitions. After IFG reported a doubling of pre-tax profits to €7.1 million (£5.6 million), chief executive Mr Richard Hayes said the group aimed to grow a nationwide chain of independent financial advisers in Ireland and Britain. He added that the new regulation of financial intermediaries in Ireland would create the same sort of opportunities as IFG has been able to exploit in Britain.
Turnover in financial services, taking in independent financial advice, mortgage broking, pension fund management and endowment policy trading, almost doubled to €38.3 million. Most of this growth was organic with only a small contribution from last year's acquisitions.
Recurring income was €8.3 million last year, and this is set to rise to €13 million in the current year.
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