IFG : Half Yearly Report 2016

Solid first half performance, with uncertain market conditions ahead

• Increase in revenue and operating profit reflecting strong organic growth in prior year, translating into increased earnings and cash flow
• Assets under administration and advice increased to £24.4 billion, with James Hay passing the £20 billion threshold in H1 2016
• Organic growth rate of new clients in both businesses impacted by client inertia pre and post Brexit decision
• Increased demand for advice from existing clients of Saunderson House given volatile market conditions
• Relocation of remaining Group functions from Dublin to London and closure of legacy UK finance functions underway, incurring restructuring costs but delivering long-term benefits through closer alignment with the businesses
• Interim dividend increased by 11% to 1.60p in line with our progressive policy

Financial highlights

Business highlights

Paul McNamara, Chief Executive of IFG Group plc, commented;

'We have delivered a solid first-half performance, with further growth in revenue and profits as James Hay and Saunderson House each continue to offer a compelling and distinctive proposition to their clients. Market conditions are more challenging, impacted by the possible consequences of Brexit, political uncertainty, lower interest rates and stock market volatility. We are cautious that the short-term trajectory for growth and profitability has therefore moderated, notably in the Platform business. However, we are confident our business model is robust and see no reason to modify our strategic plans as we continue to invest in our businesses to meet the increasing and evolving needs of our customers and to generate sustainable returns for our shareholders.'

Enquiries:

Paul McNamara Group Chief Executive Tel: +353 (0)1 632 4800

John Cotter Group Finance Director Tel: +353 (0)1 632 4800

For full report, please click here: Half-yearly report 2016

Back to News