Financial services company IFG Group had a strong financial performance during the first half of the year, with revenue rising by over 15% and operating profit nearly doubling.

When compared with the same period in 2015, the group’s revenue was £5.4m higher at £39.9m, while operating profit rose from £2.2m to £4m.

The company attributed the improved performance to strong organic growth in 2015, which has translated into increased earnings and cash flow.

The value of assets under administration and advice rose by £3 billion to £24.4 billion during the period, with IFG’s UK retirement investment platform James Hay passing the £20 billion threshold between January and June.

Interim dividend increased by 11% to 1.60p.

However, the group warned that the organic growth rate of new clients in both businesses has been impacted by client inertia pre- and post-Brexit.

The firm has also incurred restructuring costs as a result of relocating its remaining group functions from Dublin to London and the closure of legacy UK finance functions, but says the move will deliver long-term benefits through closer alignment with its businesses.

Commenting on the outlook for IFG Group, CEO Paul McNamara said: “Market conditions are more challenging, impacted by the possible consequences of Brexit, political uncertainty, lower interest rates and stock market volatility.

“We are cautious that the short-term trajectory for growth and profitability has therefore moderated, notably in the platform business.

“However, we are confident our business model is robust and see no reason to modify our strategic plans as we continue to invest in our businesses to meet the increasing and evolving needs of our customers and to generate sustainable returns for our shareholders.”