IFG Group Interim Results for the six months ended 30 June 2011
07 Sep 2011
Interim Results for the six months ended 30 June 2011
IFG Group plc today (31 August 2011) released its interim statement for the six months to 30 June 2011. Key highlights include:
Financial Highlights
• Revenue of £56.3 million (2010 HY: £49.6 million)
• Adjusted operating profit of £11.9 million (2010 HY: £9.8 million)
• Operating profit of £7.9 million (2010 HY: £0.4 million)
• Adjusted earnings of £10.0 million (2010 HY: £8.4 million)
• Proposed dividend in cent per share of 1.50 (GBP equivalent of 1.31 pence per share) (2010 HY: 1.35 cent per share, GBP equivalent of 1.18), an increase of 11%
• Group net debt £10.3 million (2010 HY: £17.2 million)
• Total assets under administration and advice of circa £60 billion
Business Highlights
• Completion of the integration of James Hay on time and within 10% of expected costs
• Successful launch of James Hay Partnership full private client SIPP and James Hay Partnership iSIPP
• 1,254 new SIPPs; total SIPPs under administration of 38,987 at the period end
• Strong performance in UK independent financial advisory services, 79 new client wins in Saunderson House
• Stable revenue in IFG International demonstrates resilience of the business even in difficult markets
• Evelyn Bourke appointed as Non-Executive Director
Commenting on the results, Mark Bourke, CEO of IFG Group plc said,
“Our business continues to show resilience and ability to deliver in times of market uncertainty and in difficult economic conditions. With a strong balance sheet we are also well placed in each of our chosen markets to grow organically and by acquisition”.
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