IFG Group's revenues for 2013 up by 4.6%

Thursday 27 March 2014 18.13
IFG revenues for 2013 rise, but operating profits down
IFG revenues for 2013 rise, but operating profits down

Financial services group IFG has said that John Cotter, its group financial director, will assume the role of interim chief executive from April 7 while the search for a new CEO continues.

As previously announced, the group's CEO Mark Bourke is leaving the company next month.

Reporting its annual results today, IFG said its revenues for the year to the end of December rose by 4.6% to £79.6m on the back of strong growth in its Saunderson House and Ireland divisions.

Operating profits for the year fell to £4.6m from £6.2m in 2012 while the company said its adjusted operating profit of £9.6m was in line with the 2012 figure.

The company has also recommended a final dividend of 3.19 cent per share for the year.

"The group delivered a solid financial performance, increased revenues and expanded its client and asset base. We continued to invest in people, technology and operational capability," commented the company's CEO Mark Bourke. 

"New business momentum has been maintained in 2014. With a strong balance sheet, management strength and clear strategic focus, the group is positioned to deliver growth," he added.

IFG said its businesses in Ireland delivered an improving performance, both in revenue and operating results, against the back ground of marginally improved market conditions. It said it is building a core business here which specialises in financial advisory and the administration of mainly pension assets.

It said that while market conditions remain challenging, there are signs of economic recovery. During the year, IFG Corporate Pensions won 30 new clients, down from 51 in 2012 while it also reported a 32% increase in funds under management to £955m from £725m.

IFG's main UK business, James Hay Partnership and Saunderson House, continued to grow their client and asset bases. It added over 5,000 new SIPPS in James Hays - more than double the total of the previous year. The number of new client wins in Saunderson House also rose by over 50% year on year to 154.