Financial services company set to buy back £30m of its own shares

Financial services company IFG will buy up to £30m (€37.3m) of its own shares later this month, it confirmed yesterday.

At the time of its interim results in August IFG announced it would embark on a share buyback following the disposal of its international business for £70m.

In consultation with its advisers, Davy Corporate Finance, following the disposal, it looked at a number of factors including the company’s net cash position; the group’s ongoing earnings and cashflow generation; the group’s optimal capital structure; acquisition and investment opportunities; and the relatively low interest income capable of being generated by the group’s current cash balance.