3rd Apr 2018 10:12
LONDON (Alliance News) - Financial services firm IFG Group PLC said Tuesday it has decided not to sell its Saunderson House advisory business despite numerous offers.
Shares were down 9.9% on Tuesday morning at 164.00 pence each.
In early February, the company had decided a sale may be the best way forward for the division.
However, it said Tuesday despite several unsolicited approaches, it did not believe they were in the interests of shareholders and thus is to end the sale process.
The company, listed in both Dublin and Ireland, said the group has begun 2018 well with profitability "materially" ahead year-on-year. It believes both Saunderson House and its other business, James Hay, are well positioned for future growth.
In February IFG recorded a pretax loss of GBP381,000 for 2017, compared with pretax profit of GBP6.4 million in the prior year. Revenue fell marginally to GBP78.4 million from GBP78.5 million.
The pretax loss was attributed to sharply higher exceptional costs, which totalled GBP8.8 million for 2017 versus GBP1.7 million in the previous year.
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