London-based spreadbetting firm IG Group Holdings has revealed a 47 percent increase in revenues to £126.46 million for the six months ending in November and stated that current trading is ‘strong’.
IG Group announced that its adjusted profits before tax also grew 21 percent over the same period in 2007 to £58.22 million while its statutory profits before tax increased 14 percent to £54.59 million.
“Against a backdrop of challenging capital market and economic conditions, IG has again delivered strong growth in both revenue and profits enabling us to increase the half-year dividend by 33 percent,” said Tim Howkins, Chief Executive Officer for IG Group.
“We continue to experience strong levels of client recruitment both in the UK and abroad where we have recently expanded further with the acquisition of FXOnline in Japan. Current trading is strong across the Group and IG is well positioned to deliver further growth.”
Howkins revealed that the growth at IG Group reflects the resilient nature of the firm’s business model and client base. He stated that different aspects of the company’s business are better suited to differing market conditions.
“During the equity bull market our revenue from clients trading in individual shares grew very strongly,” said Howkins.
“Since global equities began to decline in 2007 our shares business has been weaker but these market conditions lend themselves very well to short-term trading on indices and currencies. Revenues from both these areas has grown very strongly, more than making up for the weakness in shares and, together with the impressive performance of our newer international operations, has enabled us to achieve continued strong organic growth.”