Profits before tax at Dublin and London-listed financial services group IFG soared by 86 per cent to £8.6 million, the group said on Tuesday, largely driven by the group’s retirement wealth platform, James Hay.

Revenues rose by 16 per cent to £71.3 million (€91.2mn) in the twelve months to December 31st 2015, with adjusted earnings per share up by 51 per cent to 8.14 pence. IFG said it would pay a final dividend of 3 pence per share, bringing its total dividend for 2015 up to 4.44, up 10 per cent on 2014.

The group completed its restructuring last year, with the sale of its Irish general insurance business, and its sole focus is now on the UK wealth platform and high net worth advice markets, via its subsidiaries James Hay and Saunderson House.

Paul McNamara, chief executive, said that IFG now has a “ very clear strategic focus”.

“We have two quality businesses with distinctive propositions in markets where we see continued growth opportunities. We have the capability and resources to meet the evolving needs of our clients, to sustain profitable growth, and deliver long-term shareholder value,” he said.

Total assets under administration and advice at year end rose by 17 per cent to £23.5 billion, with James Hay recording net flows of £3.1 billion, with new SIPPs up 92% to 12,084, bringing the total number to 52,101 at year end.

Saunderson House assets under advice grew by 8 per cent to £4 billion at year end, and it aadded 243 new clients, growing total clients served by 13 per cent to 1,809.

Looking ahead, Mr McNamara said that the group is well positioned with growing and increasingly profitable businesses with distinctive offerings in attractivemarkets, supported by a strong and liquid balance sheet.

“The markets in which we operate remain competitive and will see changing taxation and regulatory requirements which will need to be managed but, at the same time, will create opportunities. With strong management and a focused investment strategy we are well placed to continue to successfully develop our two businesses in the medium term”.

In a note, Davy analyst Emer Lang said it was an “excellent” set of results.

“The group continues to be well positioned in its two core markets and its “ambitious plans” for James Hay augur well for continuing strong earnings growth,” she wrote.