IFG Group Plc. (IFP.L) reported that its profit attributable to the owners of the parent company for the six months to 30 June 2014 declined to 0.7 million pounds from the prior year's 1.6 million pounds. Earnings per ordinary share dropped to 0.64 pence, from 1.56 pence in the prior year.
Profit before income tax was 2.17 million pounds, down from 3.03 million pounds in the previous year.
Adjusted earnings per share on continuing businesses 2.80 pence, compared to 3.71 pence last year, as re-presented.
Revenue from continuing businesses was 34.1 million pounds compared to 31.7 million pounds in the prior period, an increase of 8%. Total revenue, including discontinued businesses, was 42.3 million pounds compared to 39.9 million pounds in last year, an increase of 6%.
With strong management, profitable businesses and a clear strategic opportunity, it believes IFG Group is positioned for growth and improved financial performance in the second half of 2014 and into 2015. The investments in the business have driven growth in clients and assets and it expects this to translate into improved profitability in 2015.
In a separate press release, IFG Group said that it has signed an agreement for the sale of its Irish pension and advisory business to Willis Ireland, part of Willis Group Holdings (WSH).
The business being sold principally trades as IFG Pensions, Investments & Advisory Services through IFG Pensco Limited, a leading pensions consultancy and administration business; Retirement Strategies Limited and IFG Private Clients Limited, both financial advisory companies; Planlife Trustee Services Limited, a professional trustee company; Trade Credit Brokers Limited, a trade credit insurance broker.
The maximum consideration is 13.5 million euros or 10.8 million pounds consisting of an initial consideration of 11.5 million euros or 9.2 million pounds payable on completion; and up to 2 million euros or 1.6 million pounds in contingent deferred consideration, payable following the second anniversary of the sale dependent upon revenue of the new combined business over this period.
The sale is subject to certain conditions, including regulatory consent, and is expected to complete later this year.
IFG Group stated that its General Insurance business in Ireland, which trades as ARB, is not included in the transaction; however we are currently in discussions to sell IFG's interests in this business. Should an agreement be reached IFG will further update the market.
Gary Owens, CEO of the IFG Ireland segment, will join Willis to head up the combined pension and employee benefits business in Ireland and will resign from the Board of IFG Group plc.
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