Financial services firm IFG Group reported an operating profit of £1.4 million for the six months to the end of June, compared to losses of £100,000 for the same period last year.
The company said the first four months of 2018 was a challenging period for the group including legacy issues in UK based unit James Hay and legal costs relating to the sale of International business.
In a trading statement, the group said it continues to retain capital and liquidity to address potential legacy matters, and so no interim dividend will be declared. The board of IFG remains committed to returning to a progressive dividend policy as soon as practicable, it said.
Kathryn Purves, Chief Executive of IFG, said the group continues to trade in line with expectations. "I am pleased to report that James Hay and Saunderson House have delivered robust results in the first half. James Hay's interest margin on cash balances will increase as a result of the recent base rate rise, although the effect of this will be partially offset by lower cash balances."
