Financial services group IFG have announced a drop in revenue and profit for the first half of 2012.

Revenue fell £1.7m to to £38m while operating profit fell £1.6m to £3.3m.

The company notes the sale of an international division of £70m in July and the continued strategic development of James Hay.

Mark Bourke, IFG CEO said that the first half of 2012 marked the transformation of IFG group from a diversified financial services business to a focussed pension administration and financial advisory provider.

He said the group had what he described as stable income streams, an extremely strong balance sheet and prominent positions in the group's chosen markets.