Profits boost for Friends First

Financial services group Friends First today announced a big increase in profits over the last year.

Among the highlights of the reports was a 41% increase in profits before tax to €29.3m. Life Company profits were also up 41% to €18m and they also announced a return on equity of 15.3%.

Group chief executive Adrian Hegarty said: "2005 was another excellent year for Friends First with all of the Group’s businesses performing well ahead of expectation. We are confident that this growth will continue in 2006 as we focus on driving organic growth in strategic parts of our business.

"Irish economic data suggests that consumer confidence will continue to rise in the year ahead and we expect to benefit from this by bringing innovative and high performing savings and investment products to the market in the year ahead."