FINANCIAL SERVICES group IFG said its performance through the nine months to September had been satisfactory and that it expects earnings of 18-20 cent a share.
It said the purchase of British pensions business James Hay Holdings from Santander Bank for €42.7 million had added a new and significant dimension to its scale and presence in its markets.
“Our pensions administration business, which consists of The IPS Partnership and James Hay, is trading robustly,” IFG said in a trading update yesterday.
IFG said changes to pension contribution regulations by the British government were supportive of overall market growth which it estimates to be about 12 per cent per annum.
The firm’s strategy of building an Irish business and mirroring that in Britain was progressing well with “solid performances from our group pensions and individual advisory businesses”.
However, IFG said trading conditions in Ireland remained very difficult.
The group’s revenue increased 16 per cent to €57.4 million from €49.7 million in the first half of the year.
IFG posted an operating profit of €0.3 million after acquisition-related costs in the first half of 2010, compared to an operating profit of €9.1 million for the same period a year earlier.
“We expect to conclude new banking arrangements by year end which, together with internal cash generation, will position us to grow significantly both organically and through acquisition . . .” it said.
