IFG profit falls in first half
Revenue at IFG fell in the first six months of the year as market conditions remained challenging.
The company, which operates a pension administration and financial advisory service in the UK and Ireland, said revenue declined to £38 million from £39.7 million a year earlier.
Adjusted operating profit fell to £5.9 million compared with a year earlier figure of £7.2 million. Adjusted earnings, meanwhile, fell to £4 million.
In Ireland, although economic conditions remained difficult, IFG said it continued to win new corporate clients. The total funds under management in the corporate pensions increased from £557 million to £662 million, and secured 31 new clients in the first six months of the year.
In July, IFG completed the sale of its international division for £70 million. In its interim report, the company said it had net cash in excess of £50 million following the sale of the division.
“The first half of 2012 marked the transformation of IFG Group from a diversified financial services business to a focused pension administration and financial advisory provider,” said chief executive Mark Bourke.
“With stable income streams, an extremely strong balance sheet and prominent positions in our chosen markets, we continue to build the group.”
IFG cut its net debt to £7.4 million from £10.3 million a year earlier.
The company is seeking shareholder approval for a £30 million share buyback scheme.