IFG 'performing' despite downturn

FINANCIAL SERVICES group IFG has disclosed that it is “performing well” despite the difficult market environment.

In an interim update, the group said that its financial position has been further strengthened by an “insignificant” net debt position, while the balance sheet is set to be further strengthened by the proceeds from the impending sale of its international business to AnaCap Partners for £70 million (€87 million).

The UK market, which accounted for 65 per cent of its profits in 2011, is delivering a “robust performance” the company said, with its two principal businesses, the James Hay Partnership and Saunderson House, both recording good starts to the year.

In Ireland, its corporate pensions and individual advisory business performed well in terms of client wins and profitability. However, the company noted that the Irish economic backdrop “remains depressed”.

Similarly, trading conditions remain tough for its international segment as intense competition and subdued client activity “continue to weigh on performance”.

Looking ahead, IFG said it is considering further investment in its core business.