IFG's 2012 profits and revenues dip amid challenging conditions

Wednesday 27 March 2013 19.27
IFG's revenues for the year down slightly to £76.2m from £77.3m
IFG's revenues for the year down slightly to £76.2m from £77.3m

Financial services group IFG has reported operating profits of £6.2m for 2012 amid challenging market conditions.

Revenues for the year fell slightly to £76.2m from £77.3m.

The group said the Irish financial services business had a strong year with new business and assets under management showing growth.

It said it had stabilised and continued to reposition its other Irish businesses.

During the year, the company sold its international business for £70m, which enabled it to strengthen its balance sheet and allowed a ''substantial'' return of capital to shareholders.

A total of £30m was returned to shareholders, while IFG's dividend increased 10% to 4.84 cent per share from 4.40 cent per share in 2011.

See how IFG shares performed in Dublin here

The group's chief executive Mark Bourke commented that business momentum has continued into 2013.

''Against challenging market conditions, the group continues to deliver solid financial performance,'' he added.