1 Jul 2008 17:02
1 July 2008
IFG Group plc ("IFG" or the "Company")
Statement and Results of Annual General Meeting
The Company's Annual General Meeting was held today at Radisson SAS, St Helen's, Stillorgan Rd, Dublin 4, at which Joe Moran (Chairman of IFG) made the following statement:
"The year under review was marked by strong progress as evidenced by strategic developments and financial performance.
Driven by the effective execution of the Group's strategy, turnover was up by 19.5% to €128.8 million. Operating profit was up by 42% to €22 million. Adjusted EPS was up by 43% to 24.17 cent. The directors are recommending a 10% increase in dividend to 3.63 cent per share.
This performance has been delivered during a period of turmoil in global financial services markets. It is a testament to your company's robust strategy of building assets under administration and advice, to the disciplined approach of optimising the use of the Group's capital resources and to the astute and committed management team. The key differentiator and core attribute is that our businesses are un-conflicted in the delivery of advice and asset administration services.
Yesterday's announcement of the acquisition of Excel-Serve Management Ltd in Cyprus (formerly Deloitte's Corporate and Trustee Services business) is exactly in line with our strategy and is further evidence of our ability to effectively execute suitable opportunistic transactions.
This acquisition is financed in part by debt and in part by equity raised in our recent placing of 5% of share capital and is in keeping with our policy of ensuring that the Group maintains a strong balance sheet whilst taking advantage of the opportunities which arise.
Overall performance in the current year, despite very difficult markets, is in line with expectations and we remain confident of achieving our full year targets.
This is a people business and I would like to take this opportunity to thank all our staff for their continuing enthusiasm and commitment".
All resolutions proposed at the Annual General Meeting of the Company were passed. The full text of each resolution was included in the notice of the Annual General Meeting of the Company circulated to Shareholders in June 2008.
Contact Details:
D M Lynch
Director and Secretary
Tel : 353 1 2752809
IFG House, Booterstown Hall, Booterstown, Co Dublin