IFG said yesterday that the current year had started well and it was confident of meeting market expectations in 2005.

The financial services group, which analysts expect to deliver earnings per share of around 12 cent in the current year, also told shareholders at its annual meeting that it was appointing Colm Barrington to its board.

A former executive of aircraft leasing group GPA, Mr Barrington has served as managing director of Babcock & Brown since 1994.

Shareholders expressed concern at the meeting about the continued reduction in shareholders' funds.

However, IFG chief executive Richard Hayes said this was not a cause for concern and he expected the trend to go in the opposite direction.

Speaking after the meeting, Mr Hayes said the business had never been in better shape and was aiming to double earnings per share to 20 cent by 2007.

IFG is now focused on four core areas, the international trustee and corporate services business, its British pensions and financial advisory business, its Irish mortgage business and title insurance processing for those wishing to remortgage.

Following the appointment of new management, its British business, which has struggled in recent years, is doing well and is on budget, Mr Hayes said.

Meanwhile, its Irish mortgage operations are performing strongly with lending up by more than 30 per cent, ahead of the overall market as the company grows its market share, he said.

Mr Hayes said MBS, its joint venture with GE Capital to target mortgage clients with poor credit ratings, was hoping to capture a significant element of a market believed to be worth around €2 billion.

IFG also launched a global accommodation platform a month ago, using its technology to provide a booking service for around 50 upmarket resorts worldwide.

Shares in the company closed one cent higher at €1.00 last night.