The financial services group, IFG, has reported strong growth in the first half of the year, with pre-tax profits up 42 per cent to £736,000. The performance is particularly good given the £149,000 loss that IFG had to take in its technology division compared to a loss of £18,000 in this division in the first half of 1996. The technology losses relate to costs associated with the development of its Lawlink service to the legal profession. Although Lawlink has more than 150 subscribers among law practices and professional firms, it is not expected to be profitable until 1999.
Turnover in the half-year rose from £8 million to just short of £10 million and earnings per share were up from 1.05p to 1.45p. In line with its policy, no interim dividend is being paid, although a final dividend of 0.8p per share is expected with the final results.
Chief executive, Mr Richard Hayes said that IFG was on course to continue its record of profits and earnings growth. "Several new initiatives are under way including the launch of the First National Travel Club and the development of franchise operations in Ireland for the IFG Mortgage Bureau," Mr Hayes said.
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