IFG announces €1.4m losses for 2004

Financial services group IFG made losses before tax of €1.4m last year. In addition, goodwill of €7.4m has been written off in relation to the closure of the group's pension release business.

Chief executive Richard Hayes said: "We intend to invest further in people and markets in those areas where we see material long term potential. This should give rise to significant growth over

the next three to four years.

"In that time span, on current planning, net debt will have been eliminated. The combination of profits growth and interest reduction will drive earnings per share"

Despite poor performances in the group's pension release business (leading to closure at the end of 2004), regional IFA businesses and its Manchester-based actuarial business, IFG said 2004 saw a steady performance in the Irish business and UK core operations.