ING said in a preliminary statement of its annual results that despite an increase in revenue for 2013, there was a dip in operating profit of 4.3 per cent.

London and Dublin-listed IFG Group has said group finance director John Cotter will assume the role of interim chief executive from the 7 April whilst the recruitment process for a new chief executive continues.

This follows the previous announcement in December that group chief executive Mark Bourke would leave IFG in April.

Cotter is a chartered accountant with significant experience in the UK financial services industry. He was group finance director and chief risk officer at Collins Stewart Hawkpoint and chief operating officer at the Royal Bank of Scotland. Before this, he was also chief operating officer and chief financial officer at Morgan Stanley Bank International.

Results

IFG said in a preliminary statement of its annual results that despite an increase in revenue for 2013, there was a dip in operating profit of 4.3 per cent.

The firm reported an increase in revenue of 4.6 per cent for 2013 to £79.6 million ($132.3 million) up from £76.2 million in the prior year, mainly driven by its core UK businesses Saunderson House and the Ireland segment.

Operating profit for the year was £4.6 million, down from £6.2 million in 2012, while profit after tax from continuing operations increased by 49 per cent to £3.6 million.

Meanwhile, the firm recorded an adjusted operating profit of £9.6 million, which it said was in line with 2012.

IFG Group agreed to sell its IFA business to Berkshire-based Ascot Lloyd Financial Services earlier this month in a deal worth up to £9.1 million, subject to regulatory approval.

“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,” said chief executive Mark Bourke.