IFG sees drop in revenue


Dublin-listed financial services company IFG Group today reported its full-year revenue had fallen to €93.3 million from €105.1 million a year earlier.

Adjusted operating profit at the company fell to €18 million from €21.2 million, while revenue at IFG was €93.3 million, with total assets under administration and advice of some €60 billion.

Commenting on the results, chief executive Mark Bourke said IFG delivered to expectation in 2009 and remained highly profitable in its core product lines of corporate service and pension administration and advisory.

"We have transformed the Group through the acquisition of James Hay, the largest provider of SIPPs in the UK. The acquisition was completed in March 2010," he said.

"The combination of leading market positions, proven customer proposition and a strong balance sheet is our basis for continued success."

IFG stock was up 0.219 per cent at €1.37 on the Iseq this afternoon as a Dublin-based broker noted the results were not as bad as had been forecast.