Financial services group IFG has reported pre-tax profits of just under €3m for last year, following losses of €3.2m in 2004.
Excluding exceptional charges and goodwill, pre-tax profits moved up from €6.7m to €10.7m on turnover of €92.7m, down 3% on 2004. Earnings per share were 1.69 cent and a final dividend of 2.05 cent was declared..
Profits in the international trustee and corporate service division were down slightly at €5.1m, though IFG said 2004 had been an 'exceptional' year.
Profits from its Irish mortgage business grew by 48% to €3m, as lending jumped by 30%. IFG described the performance of its joint venture with GE Capital Woodchester as on target but disappointing in the context of the overall market.
In the UK, the financial services business recorded a small profit of €900,000 after a €1.5m loss in 2004 after a shake-up of the business.
IFG shares closed nine cent lower at €2.03 in Dublin this evening.
