Sterling weakness hits IFG profits

THE weakness of sterling against the euro wiped out a 12% underlying profit increase at financial services group, IFG, resulting in flat pre-tax profits of just over €9.9 million for the first half of this year.

Operating profit was also unmoved at €11m but revenue fell by €3.5m on the same period last year to €58m. Earnings per share for the first six months rose from 9.13c to 9.34c. The interim dividend per share rose by 10%, year-on-year, to 1.27c.

Despite the largely uneventful results, IFG chief executive, Mark Bourke said he and the rest of the group’s management were confident that the business could continue to perform well, despite the current tough trading conditions.