Irish financial-services company IFG Group said today the property slowdown was affecting its business in Ireland but said its non property-related businesses were performing well.
In an interim management statement IFG forecast it would meet analysts' estimates this year of 25 to 26 cents earnings per share (adjusted) following "strong" sales in the first four months of 2008.
Adjusted earnings per share were 24.17 in 2007.
IFG said the performance was particularly impressive in the context of a a 10 per cent depreciation in sterling, given that 80 per cent of its profit was sterling related. The company said it was continuing to seek acquisitions.
Analysts said although the business was "dealing effectively" with the challenges of a difficult property market a reduction in broker commissions by lenders will undoubtedly hurt the business.
However, this would be partially offset by increased activity in the switcher market, the only growing sector of the Irish mortgage market.
Earlier this month it was reported that IFG had embarked on a €40 million fundraising campaign for a €200 million solar energy venture in Spain.
According to the reports IFG believes there is potential to raise some €100,000 each from some 400 private clients.
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