IFG has posted a pre-tax loss of €6.7 million for last year, partly reflecting the costs associated with the closure of its UK pension release business.

The financial services group said it recorded a profit of €8.4 million on revenues of €93.3 million before tax, goodwill amortisation and exceptional items such as the €1.6 million it paid to close the pension business.

IFG, which reported adjusted earnings of 10.24 cent per share, said it would pay a final dividend of 1.64 cent, bringing the full-year dividend to 2.4 cent, an increase of 4 per cent on 2003.

Shares in the company fell six cent, or 5.8 per cent, to €0.97 as the results fell slightly short of market expectations. However, IFG remained upbeat about the outlook.

"We intend to invest further in people and markets in those areas where we see material long-term potential," chief executive Richard Hayes said. "This should give rise to significant growth over the next three to four years."

Over that timespan, IFG is also planning to eliminate its net debt which fell by €20.8 million last year to €36.7 million.

Among the initiatives being planned by the company is the launch next week of a global accommodation platform, which will provide a booking service for 55 upmarket resorts worldwide.

According to Mr Hayes, IFG will provide the technology platform in return for a transaction charge, a business that sits well alongside its existing credit card collection service.

A breakdown of IFG's results shows that its international trustee and corporate services business had a good year, with profits growing by 29 per cent to €5.3 million.

However, its British business fared less well. Profits in its actuarial and pensioneer trustee business slipped to €2.5 million from €2.9 million while profits from financial services fell to €0.6 million from €1.9 million.

IFG said the figures reflected a very poor result from its Manchester operation but masked a good performance by its Bristol- and London-based activities.