FG, the financial services group, today reported flat pre-tax profits of €9.9m for the first half of 2008, despite a slight decline in revenue to €58m.

Adjusted earnings per share were up 6% at 12.8 cent and a 10% higher interim dividend of 1.27 cent will be paid.

IFG said there was growth in its UK home loans business, but volumes in the Irish mortgage business had fallen sharply. It is expecting a drop of 40% in lending this year.

IFG also earns fees from its trustee and corporate services business, which recorded a 29% increase in profits to €5.6m, helped by acquisitions.

Commenting on the results, Mark Bourke, CEO of IFG Group plc said:"The Group has performed well in difficult market conditions. This reflects our focus on robust business models which emphasize the benefit of repeat income streams. The underlying rate of profit growth was 12% which was off set by the movement in sterling.

We believe that our strong management, cash flow and balance sheet will enable us to continue to deliver even in these difficult markets."

Results detail