Financial services group IFG benefited from its restructuring and sharp focus on the retirement wealth market in the first half of the year, with strong revenue growth driving operating profits.

Revenue from the group’s James Hay and Saunderson House businesses rose by 10 per cent to £34.5 m (€47m) in the six months to June 30th 2015, with operating profit up 12 per cent to £4.4m. Total assets under administration and advice in continuing businesses was up 11 per cent to £21.5 bn, while James Hay grew its number of customers by 26 per cent to 3,781, and Saunderson House added 166 new clients .

Paul McNamara, chief executive of IFG Group plc, said that the company’s “sharp strategic focus” on the retirement wealth market is delivering growth and improved performance.

“ Our financial strength is further enhanced by the completion of the group restructuring, which started in 2014. With positive momentum in our businesses, and a strong balance sheet, we are well positioned for the future,’ he said.

IFG is selling its Irish general insurance business, and this is expected to close in Q4 2015. This will conclude the restructuring of the group, which started in 2013.

IFG’s strategy now focuses on the development of retirement and wealth planning specialist James Hay and Saunderson House, a financial adviser to high net-worth clients.

Emer Lang, financials analyst with Davy, said that IFG remains “well placed to deliver meaningful growth in profits in the second half of 2015 and beyond”.

Looking to full-year 2015, IFG said its “investments and strategic alliances will support further growth in revenues, assets, clients and profitability in H2 and into 2016”.

“We will continue to focus on organic growth whilst exploring opportunities to accelerate growth through acquisition, should opportunities offer scope to leverage our capabilities.”

IFG said it would increase its interim dividend by 10 per cent to 1.44 pence per share.