Financial services group IFG has revised down its earnings forecasts for the year due to the “exceptionally poor Irish property market”.
The company says it now expects adjusted earnings per share of 21 to 22 cents, down from previous estimates of 25 to 26 cents, according to an interim management statement for the four months of the end of October.
Next year trading for all divisions is expected to remain "very difficult" and it has forecast results "in line with 2008.
The mortgage and title insurance business in Ireland has seen a fall in transaction levels of 60 to 70 per cent in the intermediary market, and IFG said this sector will not contribute to profit for the second half of the year.
IFG has spent €32.5 million on acquisitions over the year including the purchase of two pensions businesses last month; Pensco and Nameridge. It also bought Excel-Serve in Cyprus in a move described as its "most significant acquisition to date".
At 11.55am IFG shares were trading down over 5 per cent at €0.82 on the Iseq.
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