Spread-bet IG Group prospers
Britain's biggest spread-betting firm IG Group met forecasts with a 40 per cent rise in full-year profit yesterday as increased financial market volatility encouraged clients to place more bets.
IG said pretax profit for the year to May 31 was £96.99m, up from £68.89m the previous year and compared with a consensus of £96.4m from as average of nine forecasts collected by the company.
IG said higher business volumes after the credit crunch developed helped to lift revenue for the year 51 per cent to £184m. Spread bets allow investors to profit from falling as well as rising prices. Chief executive Tim Howkins said: "We've had very strong trading since year-end."
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Last Updated:
22 July 2008 8:00 AM
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Source:
n/a
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Location:
Yorkshire
