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31/05/2011

David Jones from IG Index talks about volatility and the $

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Additional Information
Market: LSE
Sector: Equity Instruments
EPIC: IGG
Latest Price: 476.50p  (-3.25% Descending)
52-week High: 505.00p
52-week Low: 379.50p
Market Cap: 1,730.91M
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IG Group
www.iggroup.com

IG Group Holdings plc is a United Kingdom-based company, which is principally engaged in running a spread betting market, trading as principal and market maker for foreign exchange, and contracts for difference and acting as a fixed odds bookmaker. During the fiscal year ended May 31, 2008, the Company began trading on a regulated futures and options exchange. The Company hedges unmatched bets and trades, as considered appropriate, to ensure that it is not unacceptably exposed to material losses. The Company principally operates in the United Kingdom, Europe and Asia Pacific. Its direct wholly owned subsidiaries include IG Finance, which is engaged in financing, and IG Group Limited, which is a holding company. On December 6, 2007, the Company acquired HedgeStreet Inc.

Full IG Group profile here
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IG Group first half trading strong, company takes doubtful debt charge due to volatile October

20th Nov 2008, 12:27 pm IG Group first half trading strong, company takes doubtful debt charge due to volatile October

IG Group said trading conditions in the first half have been strong, particularly in the second quarter, and it expects to increase pretax profit for the six months to end-November to £58 million from £48 million a year earlier on revenues of £125 million, up 45 percent.


 Recent volatile market conditions resulted in extraordinary trading conditions for the group, which achieved significant new records in October for monthly revenue, number of transactions and number of accounts opened.


However, while the volatility produced significant additional revenue, it also produced significant uplifts in betting duty and doubtful debts, both of which were adversely affected by the impact of market volatility on clients' trading performance. As a result the group expects that betting duty and the charge for doubtful debts will be approximately £7 million and £15 million, respectively for the six month period, with one third of the betting duty and almost 80 percent of the doubtful debt charge arising during October.


Account opening and client activity remain strong across the group and IG is benefiting from its broader international reach and increased product diversity.  It continues to evaluate a number of additional overseas markets.  The business remains debt free and highly cash generative.  


Setting aside the exceptional charge for doubtful debts, the business continues to perform extremely well and the board remains confident in the future prospects of the group, IG added.

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