IFG Group plc is pleased to announce its half-yearly financial report for the six months to 30 June 2015.

  • Revenue from James Hay and Saunderson House up 10% to £34.5 million (H1 2014: £31.2 million)
  • Adjusted operating profit from James Hay and Saunderson House (after Group/Other costs) increased by 12% to £4.4 million (H1 2014: £4.0 million), despite increased regulatory fees, which will not reoccur in H2 2015
  • Continued investment has driven increased revenues and profits in James Hay, which are 13% and 26% respectively ahead of H1 2014
  • Saunderson House revenues grew by 7% but profitability was impacted by £1.1 million charge for regulatory fees (£0.3 million in H1 2014)
  • Residual exceptional costs relating to previous disposals have been provided in full
  • Adjusted earnings per share of 2.87 pence (H1 2014: 2.80 pence)
  • Strong balance sheet following recent disposals, with increased profits and strong cash generation expected in H2 2015
  • Interim dividend up 10% to 1.44 pence per share (interim 2014: 1.31 pence)
  • Total assets under administration and advice in continuing businesses up 11% to £21.5 billion (H1 2014: £19.4 billion)
  • James Hay delivered strong growth with new SIPPs up 26% to 3,781 (H1 2014: 2,998) and net additions up 27% to 2,265 (H1 2014: 1,784)
  • James Hay assets under administration of £17.5 billion (H1 2014: £15.9 billion) up 10% with net inflows in H1 of £0.8 billion (2014: £0.5 billion)
  • Previously announced agreements with Capita and Towry will further boost growth in H2, with 6,500 clients to join in addition to organic growth. Over 5,000 SIPPs added in H2 so far, with Towry transaction progressing
  • Saunderson House continues to grow, with 166 new clients (H1 2014: 133) up 25% year-on-year, and assets under advice up 12% to £3.9 billion (H1 2014: £3.5 billion)
  • Sale of Irish general insurance business agreed and expected to close in Q4 2015, subject to Irish regulatory consent
Paul McNamara, Chief Executive of IFG Group plc, commented:

'Our sharp strategic focus on the retirement wealth market is delivering growth and improved performance. James Hay and Saunderson House have distinctive propositions, which we continue to invest in to enhance clients' service and sustain profitable growth. Our financial strength is further enhanced by the completion of the Group restructuring, which started in 2014. With positive momentum in our businesses, and a strong balance sheet, we are well positioned for the future.'

For full report, please click here


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