Ciarán Hancock and Eoin Burke-Kennedy
Shares in Dublin-based financial services group IFG fell by just over 1 per cent in Dublin yesterday after the company published its full-year results.
IFG reported a profit for the year of £5 million in 2013 compared with £21.1 million in the previous year. However, the 2012 number was flattered by a profit of £18.7 million from the sale of a discontinued operation.
Revenues from continuing operations rose last year by 4.6 per cent to £79.6 million. Its turnover in Ireland rose to £15.8 million from £13.8 million in 2012 and rose by 2.5 per cent in the UK to £62.8 million. Revenues from “other” countries rose marginally to £1 million.
In spite of the rise in revenue here, the Irish business made an adjusted loss of £1.3 million. This was down from £3.5 million in 2012. Its central overheads here reduced by £359,000 to £1.3 million.
The company said IFG Corporate Pensions achieved 30 new clients wins in Ireland last year and a 32 per cent increase in funds under management to €955 million from €725 million previously.
Revenues from pension administration increased to £42 million from £41.9 million in 2012 while income from independent financial advisory services rose by 9.7per cent to £37.6 million.
Operating profits for the year dropped to £4.6 million from £6.2 million the previous year due to exceptional costs relating to redundancies and a provision connected with an associate.
IFG has proposed a final dividend of 3.19 cent per share for 2013, which maintains the dividend pay out of the previous year.
"In 2013, the group delivered a solid financial performance, increased revenues and expanded its client and asset base," departing chief executive Mark Bourke said.
“New business momentum has been maintained in 2014. With a strong balance sheet, management strength and clear strategic focus, the group is positioned to deliver growth.”
IFG also announced yesterday that group financial director John Cotter would become its interim chief executive from April 7th while the recruitment process for a new chief executive continues. Mr Bourke announced in December that he was leaving to become AIB's chief financial officer.
Mr Cotter was previously group finance director and chief risk officer at Collins Stewart Hawkpoint plc and chief operating officer (Global Business Unit Control) at the Royal Bank of Scotland. He was also chief operating officer and chief financial officer at Morgan Stanley Bank International Ltd.
