Financial services group IFG Group has told its AGM today that it is on course to provide "meaningful" growth in profitability this year.

In an interim management statement, the company said that trading was in line with its expectations so far this year, with new business momentum sustained in its core businesses. 

Its two core UK businesses, James Hay and Saunderson House, continue to attract new clients and assets, IFG said, while they are also maintaining strong client retention.

Revenues and profits in the first quarter are ahead of the same time last year with continuing emphasis on margin and cost management, today's trading update said.

Assets under administration at IFG's James Hay business rose to £17.3 billion at the end of the first quarter from £15.6 billion the same time last year. 

IFG said that James Hay now administers over 49,000 schemes and added 2,622 new Self-Invested Personal Pension plans (SIPPs) in the year to March.

It also said that trading in Saunderson House has maintained momentum and new client take-on is "strong". 93 new clients were added in the first three months of the year compared to 90 the same time last year. 

The number of clients served by the business is now about 1,700 with about £3.9 billion assets under advice.

"IFG is strongly positioned with two profitable businesses in attractive markets and has a strong liquid balance sheet to support further growth and investment," commented the company's chief executive Paul McNamara in today's statement.