Irish-listed financial services provider IFG Group said revenue increased 16 per cent to €57.4 million from €49.7 million in the first-half of the year.
The company, which today issued an interim statement for the six months ended June 2010, posted an operating profit of €0.3 million after acquisition-related costs.
This compares to an operating profit of €9.1 million for the same period a year earlier.
Adjusted operating profit was €11.1 million compared with €12.2 million in the previous period
The interim dividend was increased to €1.35 per share compared to €1.27 per share for the first half of 2009.
During the period under review, IFG completed its biggest acquisition, the purchase of British pensions firm James Hay Holdings from Santander Private Banking. The deal was valued at €42.7 million.
The company said its property business in Ireland had "continued to struggle with significantly reduced capital being deployed through the broker market."IFG's Irish business recorded a loss of €1.4million for the first half.
"Our aim is to maintain neutral contribution whilst developing the life insurance and other aspects of the business. Management will continue to explore opportunities to dispose of the title insurance business by 2011," it said.
The group's international business recorded a profit of €5.5 million in the first half of the year as against profits of €7.3 million a year earlier. IFG said its international business coped well with a significant number of structure wind-ups and fees pressure and was now starting to see client activity levels increase in the second half of 2010.
“We have delivered at the higher end of expectations in terms of revenue, operating profit and adjusted earnings per share. We expect to meet market expectations for the full year. Our core businesses remain strong," said chief executive Mark Bourke.
"In March we completed the group’s largest acquisition to date and integration is on schedule. With low net debt levels we are well positioned to grow both organically and by acquisition," he added.
