12 May 2015 12:14
IFG Group plc - Chairman's Statement
12 May 2015
IFG set out a plan for 2014 to divest non-core activities, to build a new management team and, in line with our clear strategic direction, to re-position the Group to focus on our two core UK businesses, James Hay and Saunderson House.
These objectives were achieved in 2014. The sales of IFG Financial Services in the UK, the Irish pension and advisory business and other smaller advisory and administration businesses in Ireland, France and Asia were completed. The proceeds from those sales have strengthened our balance sheet and provided financial flexibility for the Group.
The Group is now redefined with two standalone businesses and with the central Group function clearly identified. This places the Group in a position for future growth and at the same time provides a clear line of sight to the underlying value of the two businesses James Hay and Saunderson House.
We have invested in James Hay to be a full service platform. It is now well positioned as a retirement planning specialist to support clients with a broader choice of investment options following the reforms to private pensions in the UK this year.
Saunderson House continues to increase client numbers, reflecting the investment in the business, a relentless adherence to its core client-focussed principles and also its robust investment process for asset allocation recommendations.
Trading in 2015 is in line with our expectations with new business momentum sustained in our core businesses. Our Interim Management Statement provides further details on recent operational performance. The Group is on track to deliver meaningful growth in profitability in 2015.
I would like to thank my colleagues on the Board, our management teams and all colleagues in the Group, for their contibution to delivering our strategy.
With our experienced team focused on driving growth and our strengthened balance sheet, I believe the Group will deliver growth and value over the medium and long-term, following the significant restructuring in 2014. Based on our outlook, your Board has communicated our intention to follow a progressive dividend policy from this year.
For further information, please contact IFG Group:
• Paul McNamara, Chief Executive Officer, Tel: +353 1 632 4800
• John Cotter, Group Finance Director, Tel: +353 1 632 4800
• Niamh Hore, Investor Relations & Corporate Development, Tel: +353 1 632 4800
Group Website: www.ifggroup.com