IFG 'in line with expectations'
19 May 2010
Financial services provider IFG said the group's performance was as expected and it would meet consensus forecasts for 2010
However, the Irish property related business was continuing to operate in a "difficult" environment, the firm said.
"Focus in this business remains on achieving neutral contribution," the company said in a statement.
The Irish pension and advisory business performed well through April, the firm said.
The UK unit, which includes the James Hay acquisition completed in March, is now IFG's largest division. In 2009, it accounted for 32 per cent of profits; in 2010, the company said it is expected to increase its share of overall group operating profit to more than 60 per cent.
"New business flows are healthy," IFG said. "This is significant as we have now operated in the revised pensions taxation environment for a full tax year."
IFG said its margins were being maintained at levels similar to the prior year, and it was focused on cash management and maintaining low gearing risk given the continiong volatility in the financial markets.
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