IFG Group sees adjusted profits in line with expectations, mulls sale of Saunderson House
Source - SMW
IFG Group plc said it received a number of approaches for its Saunderson House subsidiary after concluding that a sale of subdidiary would deliver greater value for shareholders.
IFG said that while there can, however, be no certainty that a transaction will complete, the group would consider a sale if appropriate value for shareholders can be achieved.
That said, however, 'good progress' was reporting across its two client-centric businesses - James Hay and Saunderson House.
James Hay added more than 6,000 new clients in 2017, an increase of over 30% compared to 2016. While assets under administration grew to £25.5bn (2016: £22.1bn). Attrition within James Hay, meanwhile, was 6.2% in 2017 (2016: 6.3%).
Recent pricing changes and the increase in interest rates in November 2017, improved revenue stream for James Hay in 2018, the group said.
Saunderson House added 247 new clients compared to 215 in 2016, the group said, driven by the faster than anticipated growth in its new discretionary management offering
Saunderson House now advises on £5.1bn of clients' assets (2016 - £4.6bn).
The group said it expects to report adjusted operating profits for the year ended 31 December 2017 in line with market consensus.
At 9:20am: (LON:IFP) IFG Group PLC share price was -17.75p at 163.25p