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James Hay parent reports 23% profit drop

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IFG Group, the parent company of Sipp provider James Hay, has reported a 23 per cent fall in operating profit from £8m in 2011 to £6.2m in 2012.

The company’s preliminary results, published today, show the firm now has total assets under administration and advice of around £18bn.

Some £14bn of this is held within James Hay, with a further £3bn in the group’s specialist advice arm Saunderson House. The remaining £1bn is held by IFG’s operation in Ireland.

James Hay added 2,469 new Sipps to its book during 2012, compared to 2,150 in 2011.

IFG Group chief executive Mark Bourke says: “In 2012 we disposed of our International business for £70m achieving several objectives, including further concentration on our core business, a significant strengthening of our balance sheet and a substantial return of capital to shareholders.

“Our strengthened balance sheet will enable us to offer attractive shareholder returns, allowing us to invest in the business and take advantage of growth opportunities as they arise.

“Business momentum has continued into 2013. Against challenging market conditions, the group continues to deliver solid financial performance.”

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  1. I wonder if IFG’s acquisition of James Hay and subsequent drop in profits of 23% could be related? The CEO’s comments have a familiar ring, which basically could have been said about any business, anywhere in the World. I bet Santander couldn’t believe their luck when IFG walked in and asked if they could buy James Hay.

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