IFG Group PLC Trading Update (0779W)
10 November 2017 - 6:00PM
UK Regulatory
TIDMIFP
RNS Number : 0779W
IFG Group PLC
10 November 2017
10 November 2017
Trading Update
IFG Group plc (the "Company" or the "Group") is a focused
financial services group with full market listings in London and
Dublin. The Company provides a range of financial solutions through
its subsidiaries, James Hay Partnership ("James Hay") and
Saunderson House Limited ("Saunderson House"). James Hay is a
leading retirement wealth planning platform and Saunderson House is
an award winning independent financial adviser.
IFG Group plc issues the following trading update for the
10-month period to 31 October 2017.
Highlights
-- The Group continues to perform in line with management
expectations as outlined in our Interim Results for H1 2017.
-- The Group has passed two significant milestones in the
period, with total Assets under Administration and Advice now over
GBP30bn and more than 60,000 customers now being served across the
two businesses.
-- Assets under Administration in James Hay, as at 31 October
2017 increased by 14% to exceed GBP25bn for the first time (31
December 2016: GBP22.1bn), with net inflows from new and existing
customers of over GBP2.1bn in the 10 months to 31 October.
-- The revised pricing model introduced in James Hay earlier in
the year has been successfully implemented. New client wins year to
date are more than 5,000 (2016: 3,700), with attrition at 6.6% (YTD
annualised), in line with expectations.
-- The reorganisation programme and associated delivery of
operating efficiencies in James Hay is on target.
-- The Bank of England Base Rate rise of 0.25% to 0.50%
announced on the 2 November 2017 will not have a material impact on
James Hay in 2017 but will improve revenues and the operating
margin in 2018.
-- Assets under Advice in Saunderson House were GBP5bn, up 9% from GBP4.6bn in December 2016.
-- Saunderson House continues to win advisory and discretionary
management clients and now serves 2,097 clients, up from 1,956 in
December 2016. This in part reflects the success of the new
discretionary management offering. 214 new clients across both
advisory and discretionary management services have joined
Saunderson House year to date (2016: 182). Attrition remains
immaterial.
-- No further developments with HMRC on the Elysian Fuels matter
have occurred since the Interim Results.
-- The interim dividend of 1.60 pence per share will be paid on
27 November 2017 to shareholders who were on the register on 3
November 2017.
John Cotter, Group Chief Executive, commented:
"I am delighted that the Group has achieved over GBP30bn of
Assets under Administration and Advice and 60,000 clients,
underlining the success of our focused distribution strategy in
James Hay and the enhanced product offering in Saunderson House. We
remain confident that both businesses have growth momentum and
strong fundamentals, which will lead to an improved financial
performance next year."
Enquiries:
John Cotter Group Chief Executive +44(0) 203 8876181
Andrew Price Group Chief Financial Officer +44(0) 203 8876181
This announcement has been issued through the Companies
Announcement Service of
the Irish Stock Exchange.
This information is provided by RNS
The company news service from the London Stock Exchange
END
ISEZMMGMFLRGNZM
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