Financial services company IFG Group has reported pre-tax profits of £4.6m for the year to the end of December, down from just over £5m the previous year.

Revenues for the year rose to £65.1m from £63.3m while adjusted operating profits from continuing businesses fell to £7.9m from £9.2m in 2013.

During the year the company restructured with the sale of five businesses, including its Irish pension and advisory business.

IFG said it is now focused on the UK wealth platform and high net worth advice markets.

It said that assets under advice and administration at the end of the year rose by 9% to £20.1 billion compared to £18.5 billion at the end of 2013.

Its board is recommending a final dividend of 2.73 pence per share. This final dividend, when added to the interim dividend of 1.31 pence, makes a total dividend of 4.04 pence per share. 

The company's chief executive Paul McNamara said he expects 2015 to deliver meaningful growth in group profitability.

"2014 marked a fundamental transformation of IFG Group as we exited non-core businesses and continued to invest for growth in James Hay and Saunderson House.  We are strongly positioned with two profitable businesses in attractive markets and a strong liquid balance sheet to support further growth and investment," he said. 

In its results statement, IFG said that revenues from its two core UK businesses, James Hay and Saunderson House, increased by 6% to £61.2m. 

It said the growth was driven by Saunderson House, which recorded an 18% increase in revenue while James Hay's revenue was broadly consistent with 2013.