IFG Group's annual profits and revenues rise after restructuringTuesday 22 March 2016 18.37
Financial services firm IFG Group has seen a significant rise in pre-tax profit following the restructuring of its business last year.
IFG Group said its pre-tax tax profit from continuing operations for the year to the end of December jumped by 86% to £8.6m from £4.6m.
Revenues for the year from the company's James Hay and Saunderson House operations combined rose by 16% to £71.3m.
Following its restructuring IFG Group now operates two brands - James Hay Partnership, which is focused on retirement and wealth planning and Saunderson House, which is focused on financial advising.
The company said it was proposing a final dividend of three pence per share, and a total dividend for the year of 4.44 pence, up 10% on the previous year.
The company's chief executive Paul McNamara said that IFG has a very clear strategic focus, especially now that the group restructuring is complete.
"We have two quality businesses with distinctive propositions in markets where we see continued growth opportunities. We have the capability and resources to meet the evolving needs of our clients, to sustain profitable growth, and deliver long-term shareholder value," Mr McNamara said.
Shares in the company closed 4.64% higher in Dublin trade today.
IFG said that assets under administration and advice grew by 17% from £20.1 billion to £23.5 billion. It added over 12,000 clients in James Hay and increased the client base in Saunderson House by 13%.
The company noted that the markets in which it operates, UK high net worth platform and advisory services, are growing in line with economic recovery and structural changes.
It said it was benefiting from increasing life expectancy and the fact that its clients are increasingly focusing on managing retirement assets in a "more dynamic and integrated manner".
Looking ahead, the company said it was well positioned with growing and increasingly profitable businesses with distinctive offerings in attractive markets.
But it added that the markets in which it operates remain competitive and it will see changing tax and regulatory requirements which will need to be managed.
"With strong management and a focused investment strategy we are well placed to continue to successfully develop our two businesses in the medium term," it added.