News

IFG cuts eps forecasts

17 November 2008 12:22:00

Irish finance group IFG has cut its earnings per share forecasts for the full year due to the "exceptionally poor Irish property market."

The group now expects eps for 2008 of 21 to 22 cents compared with previous forecasts of 25 to 26 cents.

The mortgage and title insurance business in Ireland has operated in a very difficult environment where transactions levels have fallen in the intermediary market by 60 - 70%, and IFG said the sector will not contribute to second half profits.

"Our assessment for 2009 is for markets in all divisions to remain very difficult," said the group.

"However, given the resilience of our business model and its focus on long term income streams, we expect to deliver results in line with 2008," it added.

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