IFG restructuring pain at an end as it makes €1.7m profit after 32.8m loss

FINANCIAL services group IFG yesterday signalled its painful restructuring was at an end as it reported a €1.7 million profit last year after a €32.8m loss in 2002.

It said profits fell 16% to €8m when exceptional items were stripped out. Revenues increased 3% to €91.4m.

Chief executive Richard Hayes said the last two years had been very difficult but that IFG was now well-placed to grow. The group saw strong growth in its core activities, which include financial advice, mortgage broking and fund management. But it was hit with exceptional costs of over €4 million in relation to its British pensions release business, Berkeley Jacobs, which was the subject of an investigation by the British financial regulator. The investigation focused on the sales and compliance procedures of the pensions release business, which encouraged people to cash in part of their pensions before they reached retirement age, in return for a reduced post-retirement income.