IFG Group plc announced unaudited consolidated earnings results for the six months ended June 30, 2017. For the six months, the company reported revenue of GBP 38,502,000 compared to GBP 39,901,000 a year ago. Operating loss was GBP 134,000 compared to operating profit of GBP 4,032,000 a year ago. Loss before income tax was GBP 101,000 compared to profit before income tax of GBP 4,036,000 a year ago. Profit for the period was GBP 15,000 compared to GBP 2,767,000 a year ago. Profit for financial period attributable to owners of the parent company was GBP 15,000 or 0.01 pence per diluted share compared to GBP 2,767,000 or 2.61 pence per diluted share a year ago. Net cash used in operating activities was GBP 6,587,000 compared to net cash generated from operating activities of GBP 1,234,000 a year ago. Purchase of property, plant and equipment was GBP 551,000 compared to GBP 715,000 a year ago. Purchase of intangible assets was GBP 1,534,000 compared to GBP 1,308,000 a year ago. Adjusted operating profit was GBP 3.7 million compared to GBP 5.8 million a year ago. Adjusted EPS was 2.98 pence compared to 4.05 pence a year ago.

The financial performance of the business has been impacted, in first half of 2017, by reduced interest revenue and exceptional costs relating to legal and remediation expenditure on legacy matters, as well as an accelerated restructuring within James Hay. The company expects underlying business performance continuing to improve in second half of 2017, with strong momentum into 2018. However, the resolution of the Elysian Fuels matter remains uncertain and could materially impact reported results in second half of 2017.