IFG confident about earnings targets

Dublin-based financial services group IFG said it expects to meet expectations of adjusted earnings per share of 18 cents to 20 cents for 2009.

"Trading conditions are extremely difficult in Ireland,” it said, noting this market now accounted for less than 5 per cent of profits.

“We have fully integrated the two pension administration businesses acquired in the latter part of last year and we are making good progress in the corporate pensions market, particularly in winning new business,” the company said.

Cash generation and capital management were “key priorities across all divisions,” the company said in an interim management statement today.

Its international division, which delivered over 60 per cent of profits last year, was performing well, the company said.

IFG said its UK operations, where operates a financial services business administering individual pension funds and separately provides pensions advice to financial advisers, had “enjoyed a solid start to the year”.

It said the impact of the fiscal changes in the recent British budget were limited although the company remains cautious in its outlook for the remainder of the year.

IFG said its strategy of “building diversified recurring revenue streams is proving resilient.”

At 1.25pm IFG shares were 6 per cent higher in Dublin at 88 cent giving the company a market capitalisation of €65.9 million. The stock is down 56 per cent over the last year but up 87 per cent so far this year.