IFG revenue drops by almost €20m

The IFG Group has reported €19.5m drop in revenue from 2007 in its preliminary results for last year to December 31, 2008.

The group's revenue came in at €109.3m, as compared to €128.8m for the year before.

Mark Bourke, CEO of IFG Group said: "2008 was a year of excellent performance given particularly difficult markets and sterling’s weakness.

"The group has continued to strengthen its core administration, advisory services and growing the assets under our administration and advice.

"Our strategy of building diversified and geographically spread income streams is proving resilient in adverse economic conditions and will leave us well positioned for any economic recovery. 2009 will be a very challenging year, but one in which IFG expect to deliver solid results."