DUBLIN-BASED financial services group IFG says it has had a “good start to the year”, with its businesses proving resilient to challenging market conditions.

In an interim management statement issued yesterday, IFG said its corporate pensions and individual advisory business in Ireland performed well in the first four months of the year in terms of “client wins” and profitability.

However, its Irish general brokering business continues to face a difficult environment due to a lack of capital and transactions.

“Focus in this business remains on achieving neutral contribution,” it said.

In Britain, the group’s pensions administration business James Hay (which it acquired in 2010) and its financial advisory business had a good start to the year.

IFG said the acquisition of James Hay, together with its “highly cash-generative” businesses, placed the group in a strong position. Its financial strength was also bolstered by its low gearing levels.

“Our initial objective of building highly stable revenue streams with longevity has been achieved,” it said. “Our growth strategy of building these businesses and our goal of occupying the leading position in our chosen markets remain our focus.”

In a research note, Goodbody stockbrokers described the update as positive and said it should “give comfort to consensus expectations for the company”.

Earlier this month, IFG confirmed it had received an approach which could lead to an offer to buy the company. However it said the approach was preliminary in nature and subject to a number of conditions.