IFG profits down at €8.6m for 2009

FINANCIAL services group IFG made pre-tax profits of €8.6 million for the year to December 31, 2009, well down on the €13.2m it achieved the previous year.

Much of the dip in performance is attributed to a poor showing in the group’s Irish property operations, where turnover was down by over €7m and profits were well down on the previous year.

Chief executive Mark Bourke said the group “delivered to expectation” and stayed “highly profitable” in its core corporate service, pension administration and advisory activities over the period. “We have transformed the group through the acquisition of James Hay, the largest provider of SIPPS (Self Invested Pension Plans) in the UK.”