IRELAND/UK - IFG Group, which bought UK pension provider James Hay last year, wants to acquire other personal pension managers in Britain under pressure to boost capital, chief executive officer Mark Bourke said.
Revenue climbed 29% in 2010 to €120.6m ($170m) after the Dublin-based pensions investment and advisory firm completed the purchase of James Hay in March, IFG said in regulatory statement today. Net income rose to €5.41m from €5.38m in 2009 after the company booked a restructuring charge for the acquisition.
"We expect the opportunity to consolidate," Bourke said. "Small players who aren't profitable or at break even can't afford increased capital adequacy, so there is a position to do accretive transactions with them."
IFG is well positioned to grow organically or through acquisitions after cutting net debt 67% to €14.8m, Bourke said. The Dublin-based company is "comfortable" with analysts' estimates for higher adjusted earnings per share this year of 19 cents to 21 cents, Bourke said. Adjusted earnings per share fell to 18.77 cents in 2010 from 19.8 cents a year earlier.
Ireland's pension market remains "a significant opportunity" for the company, which plans to dispose of its mortgage brokering activities and concentrate on its main business, he added.
PP has analysed the accounts of the biggest pension consulting firms and recorded the turnover (revenue) in their most recent accounts. The full leaderboard is below…
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