Wednesday, November 14 10:43:45
Irish financial services group, IFG, is poised for expansion after its sold off its international division earlier this year leaving it with cash in hand and a tender offer that will return E37.3m to shareholders.
The group's interim management statement this morning said that its performance is on track and its core businesses are performing well despite challenging economic conditions.
The sale of the International division was completed in July 2012 and proceeds of £70m were received.
Its Board concluded that the reduction of bank debt and the return of £30m (E37.3m) capital by way of a Tender Offer is in the best interests of the Group and Shareholders.
"With a deleveraged balance sheet and a net cash position expected by year end, the Group is in a strong financial position with capacity to expand our SIPP and advisory businesses," it said.
In the UK, its two principal businesses, James Hay Partnership (Pensions Administration) and Saunderson House (Independent Financial Advisory) continue to make progress.
James Hay Partnership administers over 40,000 self-directed pension schemes in SIPPs, SSAS' (small self administered schemes) and Wraps with around £12bn assets under administration.
IFG said market conditions are difficult in Ireland as the economy remains depressed.
But it said it was encouraged by the new client wins within its corporate pensions business and the extension of its individual advisory offering.