Financial services company IFG Group says the value of assets it had under administration at the end of June was up by 19% to £29 billion, when compared with the same time a year ago.
The Dublin-listed firm saw strong new client at its UK businesses, with James Hay adding over 3,000 clients (+50% on H1 2016) and Saunderson House bringing in 144 new clients – compared to 126 in H1 2016.
Both companies benefited from better-than-expected demand for its discretionary management service.
IFG’s revenue for the period fell by 4% to £38.5m, which largely reflects a £3.3m reduction in interest revenue at James Hay over the year.
This has also resulted in an operating loss of €100,000 and lower adjusted operating profit of £3.7m.
Exceptional costs of £2.7m relating to legal and remediation costs – principally driven by "Elysian Fuels" – were recorded in H1 2017, as well as restructuring costs in James Hay.
A further £1m in restricting costs is expected in H2.
IFG Chief Executive John Cotter said while "short-term financial performance is being impacted by the low interest rate environment, restructuring costs and the resolution of legacy issues, we expect a much improved second half underlying performance, particularly in James Hay as the effects of re-pricing and restructuring start to bear fruit.
"We are confident that both businesses are on a strong growth trajectory and that the underlying performance will translate into a much improved financial performance in 2018."
