Financial services group IFG has told shareholders at its AGM today that the company made ''good progress' last year towards it strategic goals.

IFG chairman John Gallagher said the proceeds from the sale of its international segment were partly used to return £30m sterling to shareholders as well as de-gear the company's balance sheet.

Mr Gallagher said that in the UK, the management team was re-organised and expanded.

''In James Hay Partnership we reached net book growth while Saunderson House maintained its track record of winning and retaining clients,'' he added.

Shareholders were told that the company intends to continue ''significant investment'' in the business. The Chairman said while this will limit increased profitability in the current year, it will provide a platform for growth thereafter.

''The fundamentals of our core businesses are sound. We have a strong balance sheet allowing us to invest in the business and we are confident of delivering substantial growth in the medium term,'' he added.