REVENUES UP BUT MARGIN DOWN AT SPREADBETTING GROUP
8 June 2007
IG Group Holdings report higher market volatility
Britain's biggest spreadbetting company, the GBP 1.06
billion IG Group Holdings plc expects to meet forecasts
with a 35 percent rise in annual revenues, but deliver a
slightly lower margin on core earnings, a statement
revealed this week.
"Recent months have benefited from higher market
volatility and accelerated client recruitment across the
group's financial businesses," the statement announced,
adding that IG's sports division has continued to make
good progress throughout the year.
Finance Director Steve Clutton said for the past three
months IG had been opening new accounts at the best rate
in over a year. Client recruitment "which is a key lead
indicator (has been) up at levels about 1 000 new
financial spread-betting accounts per month," he said.
The new IG customers tend to be "middle England, doctors
and teachers and mostly male," Clutton said, adding
City-based clients had been largely "complianced out".
Clutton said he expected to report revenues of around
GBP120 million ($238 million) for the year ended May 31,
around ten percent higher than analysts' forecast for
revenue. IG's margin on EBITDA earnings were higher in
the second half of the year than in the first, but would
be down over the full year compared with 2005/06 because
of investment in staff and information technology,
Clutton said.
IG has outperformed the general financials sector by 17
percent over the past 12 months.
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