Financial services group IFG today reported pre tax profits of €14.1 million for 2001 an increase of 70 per cent on last year.
The group also reported a sharp increase in recurring income which is seen as the key performance indicator in the industry. Recurring income rose 94 per cent to €16.1m in 2001. Over the past five years recurring income has grown at a compound annual growth rate of 46.5 per cent.
This income recurs over a long period of time, consisting of trustee fees, insurance renewals, actuarial fees and fund management fees.
Commenting on today’s results Mr Richard Hayes IFG’s chief executive said IFG’s ability to generate strong growth has continued and the growth in income "gives us confidence for the future".
