IFG Group, the parent company of James Hay Partnership and Saunderson House, has named John Cotter as its interim chief executive as its latest results show a dip in operating profits.
Cotter, the group finance director, will take over from outgoing Mark Bourke on 7 April as the CEO recruitment process continues. The group's preliminary results state the outfit achieved an operating profit of £4.6m compared to £6.2m in 2012. However, revenue was up by 4.6% to £79.6m compared to £76.2m the previous year. Adjusted operating profit of £9.6m was in line with 2012, it said. Profit after tax from continuing operations increased by 49% to £3.6m and a final dividend of 3.19c per share, is proposed, maintaining dividend pay-out. The group sold off its IFA arm to Ascot L...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
