LONDON (Alliance News) - Financial services company IFG Group PLC said Wednesday the company had a "positive" first quarter, with profitability "materially" ahead of the same period last year.
IFG's two businesses - James Hay and Saunderson House - had total assets under administration and advice of over GBP30.50 billion as of March 31, which it said is slightly down from GBP30.60 billion at the end of December 2017 but up 8.9% compared to the first quarter of 2017.
The company said "adverse market movements" offsetting net inflows were the reason for the slight drop from the end of the least quarter. IFG now serves about 61,000 clients across its two businesses - up 3.5% from March 2017 and up 0.4% from December.
The new leadership team is currently undertaking a review of the company. This review, and the cost of recent management changes, is expected to result in higher group costs in 2018, IFG warned.
IFG said that James Hay has appealed the HMRC assessments in relation to Elysian Fuels in order to "protect its position". IFG "will continue to work collaboratively" with the UK tax authority to resolve the issue and believes James Hay "acted appropriately and in accordance with its clients' instructions".
Chief Executive Kathryn Purves said: "I am delighted to have joined the executive team at IFG Group. The group owns two businesses which continue to perform well and we have a clear focus on addressing the legacy issues within the business and delivering value to shareholders. We are reviewing how best to deliver this and I look forward to updating the market in due course."
Purves took over from John Cotter as chief executive last month. She had been a member of the board since 2016 and was formerly chief risk officer for Partnership Assurance Group PLC, which merged with Just Retirement Group PLC to form Just Group PLC in 2016.
IFG shares were untraded Wednesday at 141.00 pence each.
Just Group (JUST)