James Hay parent posts £2.6m profit and reveals £4.6m provision

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James Hay parent IFG has posted pre-tax profits of £2.6m for the first half of 2013 whilst making a £4.6m provision during the period.

The profit represents an increase of 13 per cent compared to £2.3m H1 2012.

The provision relates to working capital provided to its international division, IFG International, which it sold in July 2012.

The group’s half-yearly accounts published today, show the firm increased revenues by 7 per cent to £13.5m, up from £12.6m in the first half of 2012. James Hay’s operating profit fell 26 per cent from £4.7m to £3.4m the previous year.

Administrative expenses rose 4 per cent to £2.8m, up from £2.7m in the previous year.

IFG chief executive Mark Bourke says: “Operationally, the core businesses have delivered a good first half result and new business momentum continues. Strategically, we have clear direction. Financially, we have a strong and flexible balance sheet allowing further investment. The Group is in good shape and we are building a platform for substantial growth over the medium term.”