Financial services group IFG has reported pre-tax profits of £10.16m sterling for the year to the end of December, up from £2.7m in 2010.

It described 2011 as a year of ''significant business progress and corporate activity''.

The company posted revenues of £110.8m for the year, up from £103.5m the year before.

Operating profit last year rose to £12.2m, up from £3.8m the previous year. Its shares rose strongly on the Dublin stock exchange this morning after it released its results.

IFG said it is emerging from the financial crisis with both its business and balance sheet strengthened after taking the opportunity to build a leading position in its chosen markets. It added that about 65% of its group profit is now generated in its UK division and 35% generated by its international business segment.

The company announced a 10% increase in its dividend for the year to 4.40 cent per share.

It said its net debt was reduced by 28% from £12.7m to £9.1m during 2011 and last March, the group renegotiated banking facilities on ''very favourable terms''. This refinancing added Barclays Bank Ireland and HSBC Bank to its banking syndicate.

It said its total assets under administration and advice now amounts to about £14 billion in the James Hays partnership and £3 billion in Saunderson House.

IFG said that its Irish core corporate pensions and individual advisory business continues to grow in difficult market conditions, with total income up 6% from 2010. It reported ''resilient'' operating profits of £1.8m, which included additional costs in strengthening its sales resources.

It said the Irish business secured 36 new corporate customers and the individual advisory business had a good year in securing new clients. It also entered into a partnership deal with Quintas Wealth Management in Munster.

IFG's chief executive Mark Bourke said that last year the business proved "resilient in volatile and challenging markets." He said 2012 promises to be a significant year for the group.

IFG sells International Division for $70m

IFG Group today announced a deal to sell its entire International Division to AnaCap Financial Partners for £70m. The amount will be paid in full on the completion of the sale.

However, it said that the deal is subject to conditions including shareholder and regulatory consent and an EGM will be held on the matter on June 27.

The company said the international division reported a profit for 2011 of just over £8m, while the division's gross assets were £64m. The unit's chief executive Declan Kenny will remain with the International Division following the sale and he will resign from the board of IFG.

''This sale represents an excellent price for this valuable business. The proceeds will provide options for the group including debt repayment, shareholder return and strategic investment in the SIPP and advisory businesses,'' commented IFG chief executive Mark Bourke.

The International Division consists of trustee and corporate services in multiple jurisdictions including Jersey, Cyprus, Switzerland and the Isle of Man.