Financial services group IFG has reported pre-tax profits of €12 million for 2008, down from €15 million a year earlier.
Revenues fell by €19.5 million from €128.8 million to €109.3 million over the year, mainly as a result of losses related to its Irish property business where revenue declined by €18.1 million from €47 million in 2007 to €29 million last year.
The company said it saw a 16 per cent decrease in the value of sterling, which affects approximately 80 per cent of the group’s earnings.
IFG's mortgage- broking unit in Ireland posted a loss of €0.9 million compared with a profit of €5.2 million in 2007.
"In Ireland, the property market collapsed in 2008 with inevitable results in our broking and title insurance businesses," the company said in a statement.
Profits at the company's international division rose 26 per cent from €9.7 million in 2007 to €12.2 million last year.
IFG chief executive Mark Bourke said that 2009 would be a "challenging year" for the group but one in which it expected to deliver solid results.
