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Interim Management Announcement
Date: 19-05-2008
Source: Company
IFG Group plc
Interim Management Statement
IFG Group plc is issuing the following update covering its business in the year to date and its expected performance in 2008.
Year-to-date trading
Overall performance has been good and we are re-confirming that the Group expects to deliver consensus estimates 25 - 26 cent eps (adjusted) for the year.
At a divisional level the International and UK businesses have performed well with the first 4 months delivering turnover growth to expectations. This is particularly impressive given depreciation of 10% in the operating currency.
The International and UK Divisions are expected to continue to deliver, proving again the robust nature of their predominantly repeat income streams.
In Ireland, the business is reacting rapidly to a difficult property market and we believe we can capitalize on its position as the country’s largest intermediary. The non property related Irish businesses are performing well.
There have been no material events or transactions since the beginning of the year. The Group continues to seek acquisitions with a focus in the Irish and International arenas as we believe there is significant value in these markets.
Outlook
In summary, trading is strong in the year to date. The Group is affected by exchange rates as up to 80% of its profit is sterling related. We are dealing effectively with the challenges in the Irish property business. We continue to seek acquisition opportunities and we believe we will deliver to expectation for the year.
Other information
The statement is available from today on the Group’s corporate website
The interim results for the six months to 30 June 2008 will be announced on Friday 29 August 2008.
Registered in the Republic of Ireland No. 21010
Registered Office: IFG House, Booterstown Hall, Booterstown, Co. Dublin
Tel: + 353 (0)1 2752800 | Fax: + 353 (0)1 2752801
Email: group@ifg.ie