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.
Bourke said: "In 2013, the group delivered a solid financial performance, increased revenues and expanded its client and asset base. We continued to invest in people, technology and operational capability.
"New business momentum has been maintained in 2014. With a strong balance sheet, management strength and clear strategic focus, the group is positioned to deliver growth."
James Hay Partnership recorded self-invested personal pension (SIPP) sales of 5,071 (2012: 2,469) which reversed a net loss of 947 in 2012 to net growth of 2,163 in 2013. Saunderson House also increased its revenues, with 154 new client wins. Its assets under advice and administration stands at £19.7bn compared to £18.0bn in 2012
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