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Profits Down as IFG Sells Foreign Divisi

Friday, August 31 10:36:23

IFG Group, the financial services company, has turned in lower profits and revenues for the first half of 2012. Revenue was down almost £2m to 38m while adjusted operating profit fell to £5.9m from £7.2m. The group has sold its international division which administers time-shares for owners for £70m in July and is now focussed on pension administration and financial advice. IFG has net cash following that sale in excess of £50m and proposes to make a £30m share buyback initiative, subject to shareholder approval. IFG CEO Mark Bourke says there have been significant corporate client wins in Ireland and the Uk in the first half. "The first half of 2012 marked the transformation of IFG Group from a diversified financial services business to a focussed pension administration and financial advisory provider. With stable income streams, an extremely strong balance sheet and prominent positions in our chosen markets, we continue to build the group," he said.