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Annual Results 2000 Press Release
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IFG Group plc ("IFG") is pleased to announce yet another excellent set of results. Profits before tax and goodwill amortisation for the year ended 31 December 2000 were €8.2m an increase of 38.5% on the previous year. Adjusted earnings per share were 15.7 cents (1999 11.94 cents) an increase of 31.5%.
The results make the year 2000 the eighth successive one in which IFG has achieved profit and earnings per share growth.
Over the past five years the compound annual growth rate in earnings per share has been 34%.
Recurring income credited was €8.284 million an increase of 40% on the previous year. This income, which recurs over a long period of time, consists of insurance renewals, fund management fees, trustee fees and actuarial fees which are payable over the lifetime of the insurance policy, investment product, trust or pension fund. This has grown at an annual compound growth rate of 38% over the past five years. As a result of the high level of new business generated during the year coupled with future renewals inherent in the acquisitions made, recurring income to be credited in 2001 has increased to in excess of €13 million.
The three core operational divisions, financial services, trustee and corporate services, and investment each contributed strong organic growth to the results for the year. In 2000, IFG made fourteen acquisitions for a combined cost in initial consideration of €25 million and a maximum of €44 million in deferred consideration. The most notable acquisitions were Berkeley Jacobs, The ISA Shop and Atlantique Trust, where initial considerations were €9.8 million, €6.8 million and €3.3 million and the maximum considerations are €19.7 million, €26.9 million and €11.7 million respectively.
The Group has four divisions - Financial Services operating in the UK and Ireland, International Trustee and Corporate Services, Online Services and Investment. The results for 2000 set out in the divisional format were as follows:-
Financial Services
Profits in this division grew by 67% to €8.006 million (1999 €4.795 million).
The key activities are:-
- Independent financial advice (IFA) in the UK and Ireland with over seventy qualified consultants.
- Consulting actuary and pensioneer trustee services in the UK and Ireland primarily for self administered pension schemes.
- Mortgage broking in Ireland.
- Provision of Title Insurance through First American Title (Ireland) Limited in a joint venture with First American Financial Group, the largest Title Insurer in the world.
- Trade Finance arrangements without taking credit risk through a subsidiary Financial Tradeline Limited operating primarily in Ireland.
- Endowment policy trading in Stg£ and IR£ policies.
- Self administered pension fund management and administration in the UK and Ireland.
Financial Services - Ireland
In July 2000 PAS Consulting Limited was acquired and is being merged with IFG Quigley Limited. This combination had an excellent year and achieved strong profit growth. During the year Retirement Strategies Limited ("RSL") received approval from the Central Bank of Ireland to act as a discretionary fund manager and as an approved fund manager under the Pensions Act. The combined grouping of the three businesses puts IFG in strong position to provide an all embracing financial service to clients including life, pensions and investment advice and also pensioneer trustee, actuarial advice, investment management and administration and accounting for self administered pension schemes.
The mortgage intermediary business had another excellent year of growth. In 2000, cheques issued by lenders to clients of the Group amounted to €296 million up from €203 million in 1999, an increase of 46%. Business submitted to lenders amount to €460 million (1999 €366 million) an increase of 26%. The Group has further developed its distribution channel and now has 84 consultants, licensed branches and franchisees working throughout Ireland. Title insurance, brought to Ireland by IFG's joint venture with First American Financial, is playing an increasingly important role in ensuring that Remortgaging is carried out efficiently and speedily.
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