Financial services group IFG has reported pre-tax profits of just over eight million euros for last year, an increase of over 38% on the previous year.
Turnover was 32% higher at 51 million euros, boosted by the 14 acquisition the group made during the year. A final dividend of IR1p has been declared.
IFG shares gained over 3.5% to close at 2.54 euros in Dublin this evening - a rise of nine cents - on the back of today's results.
Chief executive Richard Hayes said the group had made a good start to the current year and had managed to increase its recurring income to be credited this year to over 13 million euros, compared with 8.3 million in 2000. Such income includes insurance renewals and other fees payable over a long period of time.
One negative in the balance sheet was a 1.1 million euro loss in the company's online division. Hayes said online selling of mortages was not popular with customers, who still preferred face to face interviews when making such a big decision.
Profits in the financial services division, which includes IFG's Irish mortgage broking business grew by 67%. The international trustee and corporate services division saw profits climb 54%. Sales in the online division rose 24%, but it recorded a loss of 1.1 million euros.
