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Preliminary Update 10-04-08

Date: 10-04-2008
Source: IFG Group

2007 Financial Highlights for IFG Group plc (Preliminary Results)

  • Turnover of €128.8 million, up by 20%
  • Adjusted operating profit of €22.0 million, up by 42%
  • Operating profit of €17.3 million, up by 21%
  • Adjusted EPS in cent per share of 24.17, up by 43%
  • EPS in cent per share of 17.42, up by 16%
  • Dividend in cent per share of 3.63, up by 10%
  • Total assets under administration and advice of circa €59 billion
  • Two substantial acquisitions in the year under review successfully integrated into the business
  • Strong balance sheet management with reduced debt levels

Commenting on the results, Mark Bourke, CEO of IFG Group plc said, “This has been a year of exceptional growth across all of our businesses. Our strategy of building the assets under our control and expanding the advisory services to our client base is clearly delivering. We now estimate the value of these assets at circa €59 billion. We believe that even in today’s challenging business environment, with our strategy, the geographical spread of our businesses and the repeat nature of our income streams, we will attain the ambitious targets we have set ourselves.”

For further information contact
Mark Bourke
Chief Executive
IFG Group plc
Telephone (00 353 1) 2752800
E-Mail : mark.bourke@ifg.ie


Trading Update 31-01-07

Date: 31-01-2007
Source: IFG

The Group performed well across its three Divisions in 2006. We have now completed and integrated the Jersey based "Langtry Trust" acquisition which continues the execution of our International strategy.

The Group has in addition to achieving targeted debt reduction also re-structured its debt with a significant associated decrease in costs.  With a strong balance sheet we are now well placed to grow organically and through acquisition.

 

The backdrop of generally favourable market conditions in each of our businesses also continues to underpin growth and development.  The Group therefore is confident of delivering consistent growth in each division in our next stage of development

For further information contact

Mark Bourke

Chief Executive

IFG Group plc

Telephone (00 353 1) 2752800

E-Mail : mark.bourke@ ifg.ie

 

 

 

 

 

 

 

 

 

 


Mortgages

Date: 24-10-2006
Source: IFG Group plc

IFG Group plc and National Irish bank make switching easier

 

 

 

Landmark deal between National Irish bank and IFG Group’s Title Insurance Subsidiary First American

 

 Release – 24th October 2006 

 

IFG Group plc is pleased to announce that their title insurance subsidiary, First American has secured National Irish Bank as a major client win for the company. Commenting on the deal, Trevor Grant , Managing Director of the mortgage and title insurance division of IFG Group said; “As the switching and re-mortgage sectors continue to gain traction in the Irish mortgage market, its is vital that lenders look beyond the traditional legal process to provide a faster and more cost effective service to their clients. First American is delighted to add such an innovative player such as National Irish Bank to its client portfolio. Consumers have really tuned into mortgage switching and it now represents the fastest growing segment of the mortgage market. As interest rate hikes continue (with a possible sixth increase expected later this year) consumers are choosing to manage their mortgages loans more efficiently and have become increasingly aware of the savings that can be made through switching their mortgage. We estimate that tens of thousands of mortgage holders will switch this year. The average lifespan of a mortgage is now less than 5 years and it is anticipated that this will further reduce to a lifespan of 3 years, as the tendency for renegotiation and switching increases.”

 

 

National Irish Bank rocked the mortgage market last week with the announcement of their new LTV (loan to value) Mortgage pricing model which significantly undercuts the rates of almost all other lenders. This is positive news for consumers and represents the boldest move since the arrival of Bank of Scotland Ireland.  Mortgage brokers anticipate that the other lenders will move to defend their market share with a range of new mortgage deals.

 

Commenting on First American’s role in National Irish Bank new product offering, Kevin Gallen, Deputy Chief Executive said; “It is essential from our perspective that our switching process is scalable and robust and our own risk is insured, as this will enable us to deliver a highly efficient switching service to our customers. First American has a proven business model and therefore were the logical choice to facilitate the legalities for our switcher customers. We are confident that our customers will benefit from a streamlined switcher process as it will make its easier and cheaper for consumers to move their mortgage. “

 

 

Trevor Grant went on to say “We estimate that the Irish re-mortgage and switching market together with top-ups is worth between approximately €20 billion. This indicates that consumers are definitely smartening up and viewing their mortgage as a tool in their financial armoury when used carefully can reduce the overall outgoings. The fact that switching was historically an immensely cumbersome process may have deterred many from using this useful financial tool to reduce monthly mortgages repayments significantly. While most of us struggled to qualify for our original mortgage, with a 5-10 year track-record behind us, the lenders are lining up for our business; so ultimately it’s never been easier or cheaper to switch to a lower rate. ”

 

 

About First American

 

·       First American is the title insurance subsidiary

 

·       First American employs 80 people in IFG’s Group’s head office in Booterstown Co Dublin. The title services provided by First American are underwritten by First Title Insurance plc.

 

About National Irish Bank

 

·       National Irish Bank, now part of the Danske Bank Group, has 700 employees, 59 branches and 13 business banking centres.  In addition to serving personal customers, the bank also caters for business and corporate customers. 

 

·       In April 2006, a 12 month programme to migrate National Irish Bank (together with sister bank Northern Bank) onto Danske Bank’s technology platform was completed. The programme involved 2,500 people across the Danske Group, 85 projects and an investment of €150m. The Bank believes its technology is now the best in the market for personal and business customers.

 

·       All National Irish staff have been through a major retraining exercise which has involved more than 2,500 training days.

 

·       In March 2006 National Irish Bank was named `Best Financial Institution’ in the Investor Magazine/MoneyMate Awards 2006.  

 

·       National Irish Bank’s technology programme was named ‘ICT Project of the Year – Private Sector’ at the ICT Excellence Awards 2006.    

 

·       National Irish Bank was awarded the ‘Inspired IT Team of the Year Award’ at the BT Inspired IT Awards, 2006.

 

·       In April 2006, National Irish Bank re-branded and introduced a range of new products and services for personal and business customers. These included ’s first product packages which bring together a customer’s basic banking requirements - current account, credit card, overdraft and eBanking. These products, together with National Irish Bank’s mortgage offerings, have been a regular feature in media best buy tables. 

 

·       National Irish recently announced plans to open 15 new branches over the next 3 years. 

 

For further details, log onto www.nationalirishbank.ie.

 

 


 

© IFG Group plc 2007
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