Profit growth ups IFG shares
Earlier this month IFG announced it had received an expression of interest in its international corporate trustee services division. Yesterday it updated that it had reached agreement for the £70m (€84m) sale of the division to London-based specialist private equity house AnaCap Financial Partners. Shareholders will vote on the deal on June 27.
That news coincided with the publication of IFG’s annual results for 2011, which showed a near £7.5m increase in pre-tax profits to £10.16m. Operating profit rose from £3.8m in 2010, to £12.2m last year and group revenue was up by over £7m at £110.8m.
