FINANCIAL SERVICES group IFG has revised downwards projections for its full-year results.

The is due to the impact a weakening sterling and the “exceptionally poor Irish property market” are having on the firm.

In an interim management statement released yesterday the firm said that it was revising its expected adjusted earnings per share (EPS) for 2008 to 21-22 cent, down from 25-26 cent.

In the four months to October 31st the group said it had been hit hard by the difficult domestic property environment, causing transaction levels in its mortgage and title insurance business to drop off by between 60 and 70 per cent.

As a result, this division, which contributed over €1 million to the group’s profit in the first half of the year, will not be a contributor in the second half.

Moreover, although IFG’s UK business, which consists of pensions administration and advisory services, produced strong performances, with turnover and profit growing in excess of 5 per cent in local currency terms, the fact that sterling has weakened by more than 20 per cent in the past 15 months continues to have a considerable impact on IFG’s bottom line.

Elsewhere, the group’s trustee and corporate services international division performed to expectations, with turnover and profit growing in excess of 22 per cent in local currency terms, while IFG’s non-property-related Irish businesses are also performing as expected.

The firm has spent €32.5 million so far this year on acquisitions, including its “most significant acquisition to date”, Cypriot business services firm Excel-Serve, as well as acquiring two Irish pensions companies, Pensco and Nameridge.

Looking to 2009, the firm expects the environment in all markets “to remain very difficult”, but it predicts that it will deliver results in line with 2008.