Financial services group IFG has reported another year of strong growth, recording a 63 per cent increase in 1998 pre-tax profits to £3.77 million (€4.79 million).

All divisions reported an increase in profitability except for the technology business where the company narrowed its loss to £300,000 from £353,000 the previous year. However, chief executive Mr Richard Hayes said IFG expected to be close to break-even at the operating profit level in this division in the current year, moving into profit after that.

It now has about 3,500 customers for its Securemail service while 550 people have taken its BusinessGold and Lawlink services.

The main engine for last year's growth was the financial services division where profits in Ireland increased to £1.44 million from £942,000 in 1997. IFG's mortgage business rose to £117 million from £58 million in 1997.

The company's British financial services business - which includes the consulting actuary business Santhouse Whittington - reported a profit of £1.04 million, up from £595,000. Its international financial services business also boosted profits to £1.13 million from £843,000. The engineering side reported a 61 per cent rise in profits to £451,000.

IFG announced a 52 per cent increase in earnings per share to 7.15 pence and said it would pay a final dividend of 1.0 pence.