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Interim Results

IG Group pretax profits up

24 January 2017 07:29

IG Group Holdings - a global leader in online trading - posts pre-tax profits of £105.2m for the six months to the end of November, 6.7% up on last time.

Net trading revenue rose by 14% to a record £244.9m while operating expenses were up 23%, with significant investment in effective marketing.

Profit after tax was £83.3 million, 9% ahead of the prior year (2016: £76.7 million), as the group's effective tax rate fell to 20.8% (2016: 22.2%).

Chief executive Peter Hetherington said: "This has been another good six months for the business, with record revenue, a new high in active client numbers and ongoing success in attracting and developing the next generation of traders.

"I am extremely proud of what we have achieved.

"The business once again proved the resilience of its operating model and its people, as it dealt exceptionally well with the short term volatility in the financial markets caused by two significant political events.

"IG is evolving and refining its offering to clients.

"Strategically, for some time, we have been shifting our emphasis to active financial trading and investing, deepening and broadening the relationship with our clients.

"In January, we received our licence from the FCA to offer an investments service to clients in the UK, in partnership with BlackRock, and intend to launch our smart portfolio ETF product in the UK in the near future.

"Also, as part of this evolution, we now offer clients our Limited Risk account, with an absolute guarantee that they can lose no more than their deposit - around half of the accounts in the UK are being opened on this basis.

"We have also taken the decision to no longer offer our Sprints binary product to new clients globally.

"We welcome the intentions of the FCA and other European regulators to improve consumer outcomes across the industry, and we believe that IG's Limited Risk account will play an important role in this.

"In delivering a sustainable business for over 40 years, IG has always sought, and will always seek, to operate to the highest regulatory standards.

"As the largest provider in the industry, IG is engaging with the consultation processes."

Story provided by StockMarketWire.com

Related Company: IGG

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