Proactiveinvestors United Kingdom IG Group https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom IG Group RSS feed en Mon, 24 Jun 2019 12:25:49 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190619135415_14117083/ Wed, 19 Jun 2019 13:54:15 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190619135415_14117083/ <![CDATA[RNS press release - Directorate Change ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190614153655_14112081/ Fri, 14 Jun 2019 15:36:55 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190614153655_14112081/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190603112718_14096187/ Mon, 03 Jun 2019 11:27:18 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190603112718_14096187/ <![CDATA[News - Analysts more upbeat on IG Group after trading update ]]> https://www.proactiveinvestors.co.uk/companies/news/220856/analysts-more-upbeat-on-ig-group-after-trading-update-220856.html Liberum Capital has upgraded its rating for IG Group Holdings PLC (LON:IGG) to 'buy' from 'hold' after the online broker unveiled “stunning” new medium-term growth targets.

On Wednesday, the FTSE 250-listed group said it expected to generate an additional £100mln of revenue by 2022 by upping spending by £30mln a year to take advantage of opportunities in new products and territories.

READ: IG Group makes long-term dividend commitment as trading activity picks up

This, plus growth of 3-5% in its core business, would see revenue in 2022 around 30% higher and earnings around 50% higher than the past and coming year, the firm added.

In a note to clients, Liberum analyst Ben Williams said that while IG's fourth-quarter update was “weakish”, he was very much impressed by IG’s willingness to pour investment into achieving the new targets “and by a steadfast holding of a barely covered dividend”.

Taking the new targets as the base for its numbers, but acknowledging that the market is expected to see considerable execution risk, Williams trimmed his share price target for IG to 687p from 693p, based on a multiple of 14 times his 2021 forecast earnings. 

But, he said: “With an 8% yield on top, and that upside/downside, the stock is already clearly a buy, hence we upgrade our recommendation."

Peel Hunt also ups target

Broker Peel Hunt also upgraded its forecasts for IG by 5% and hiked its target price to 650p from 620p, keeping a 'buy’ rating on the stock. 

“We take a cautious approach to the targets as we observe the execution, with potential for upside,” analyst Anthony Da Costa said.

After jumping around 14% higher after the trading update, IG shares were up another 1% on Thursday to 539.8p.

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Thu, 23 May 2019 12:08:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220856/analysts-more-upbeat-on-ig-group-after-trading-update-220856.html
<![CDATA[News - IG Group makes long-term dividend commitment as trading activity picks up ]]> https://www.proactiveinvestors.co.uk/companies/news/220772/ig-group-makes-long-term-dividend-commitment-as-trading-activity-picks-up-220772.html May has seen a strong pick-up in trading at spread better IG Group Holdings PLC (LON:IGG) prompting it to raise its forecasts.

Shares rose by more than 10% as IG also laid down a punchy sales forecast for the next three years in a strategy update.

Cryptocurrency prices have rebounded since the start of the month, which will have helped, but IG said that market conditions generally were more favourable.

Fourth-quarter revenue is now forecast at £115mln, compared with £108mln in the three months previously.

Turnover for the year to May is expected to come in at £475mln (£569mln).

Revenues have been affected by a  sector-wide tightening up on the regulatory environment for trading financial instruments such as spread betting, CFD and options.

Operating profits for the year to May will be £190mln, while the dividend is maintained at 43.2p.

IG also vowed to maintain the payout at least at this level going forward.

In the strategy review, the group added it expects to see growth resume after this year and will up spending by £30mln a year to take advantage of opportunities in new products and territories.

These new opportunities are forecast to generate an additional £100mln of revenue by 2022, with the core business to grow by 3-5% a year.

“Assuming these targets are achieved, the Group's revenue in FY22 will be around 30% higher than in FY19.“

On this year’s £475mln, that would equate to annual turnover of £618mln.

Shares rose 11% to 525.2p.

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Wed, 22 May 2019 09:29:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220772/ig-group-makes-long-term-dividend-commitment-as-trading-activity-picks-up-220772.html
<![CDATA[RNS press release - IG GROUP HOLDINGS PLC Strategy and Business Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190522070005_14082685/ Wed, 22 May 2019 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190522070005_14082685/ <![CDATA[RNS press release - IG GROUP HOLDINGS PLC Pre Close Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190522070004_14082678/ Wed, 22 May 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190522070004_14082678/ <![CDATA[RNS press release - Change to Nomination Committee membership ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190515153209_14075445/ Wed, 15 May 2019 15:32:09 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190515153209_14075445/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190501094235_14059091/ Wed, 01 May 2019 09:42:35 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190501094235_14059091/ <![CDATA[News - Why UK investors shouldn’t worry if they own shares in overseas cannabis companies ]]> https://www.proactiveinvestors.co.uk/companies/news/219290/why-uk-investors-shouldnt-worry-if-they-own-shares-in-overseas-cannabis-companies-219290.html Online trading platforms aren’t set to follow IG Group PLC’s (LON:IGG) lead and stop offering shares in overseas cannabis companies.

The Telegraph reported over the weekend that IG, Europe’s largest online platform, is to sell its clients’ marijuana shares by the end of May after lawyers warned that investing in them might be a crime.

READ: London emerges as new hotspot for medicinal cannabis firms

The UK has recently relaxed the rules on medicinal cannabis, but the dealing, possession and use of the drug for recreational purposes remains a criminal offence.

But in Canada and certain US states, the drug can be used recreationally, which has led to a raft of businesses competing to make everything from the leaf itself thorugh to cannabis-infused drinks and sweets.

#potstocks #cannabis #ACB #CGC #Tilray I just got word that my trading platform IG markets (one of the biggest multi) is banning cannabis trading. Most major platforms and banks may soon follow. Means nothing it is a registered security in a lawful jurisdiction. Grubs. pic.twitter.com/OMrNjzwxgu

— Bitcoin Baller (@BallerBitcoin) April 23, 2019

Many of those companies already have UK-based shareholders, but law firm Macfarlanes claimed earlier this year that investors on this side of the pond could be committing an offence under the Proceeds of Crime Act by trading recreational cannabis stocks.

“UK investors in cannabis-related companies, even indirectly, risk technically committing money laundering offences under POCA,” Macfarlanes concluded in their report.

Don't panic

So, should UK investors be worried if they have investments in overseas cannabis companies?

“No, absolutely not,” said Robert Jappie, an expert on cannabis law at Mackrell Turner Garrett in London.

Jappie said although the law was ambiguous, in practice there is little chance of a UK-based cannabis investor being prosecuted.

“[IG’s move] seems overly cautious to me. Any pull-out based on proceeds of crime concerns or potential criminal activity I think is entirely unnecessary.”

IG’s rivals, including Hargreaves Lansdown, AJ Bell and Interactive Investor seem to agree and have all said they will continue to offer shares in US and Canadian marijuana companies to customers.

Business as usual for other platforms

AJ Bell said its customers would still be able to invest in cannabis stocks as long as the investment settles in CREST – London’s online trade settlement platform – and the company is traded on a HMRC-recognised stock exchange.

Interactive Investor will continue to promote cannabis firms as well, although a spokesperson added it would continue to monitor any developments.

In an email, Hargreaves Lansdown said: “We are an execution only service and investors have the ability to invest in listed companies of interest to them. It is not for us to decide which are suitable for them.”

 IG couldn’t immediately be reached for comment.

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Mon, 29 Apr 2019 15:50:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219290/why-uk-investors-shouldnt-worry-if-they-own-shares-in-overseas-cannabis-companies-219290.html
<![CDATA[News - IG Group says chairman Andy Green planning to step down at its annual general meeting in September ]]> https://www.proactiveinvestors.co.uk/companies/news/218567/ig-group-says-chairman-andy-green-planning-to-step-down-at-its-annual-general-meeting-in-september-218567.html IG Group PLC (LON:IGG) has announced that its chairman Andy Green is planning to step down at the company's annual general meeting in September, completing a reshuffling of its top team.

In a brief statement, the FTSE 250-listed online financial trading firm said its senior independent director, Malcolm Le May will lead the search for Green’s successor.

READ: IG Group appoints June Felix to become its first ever female CEO

Green commented: "With the completion of the CEO succession, this feels like a good moment to hand over the reins.”

“I look forward to watching the company grow and prosper under June Felix's leadership," he added.

On 30 October last year, IG appointed Felix as its new CEO with immediate effect, making her the firm’s first ever female chief.

Felix, whose appointment follows the departure of veteran Peter Hetherington last month, previously served as president of payment tech firm Verifone Inc’s (NYSE:PAY) Europe and Russia business. She has also previously held senior roles at Citibank and IBM.

Felix, who had been a non-executive director of IG since September 2015, was selected as CEO following an extensive succession planning process that assessed external and internal candidates, the group said.

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Mon, 15 Apr 2019 08:34:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218567/ig-group-says-chairman-andy-green-planning-to-step-down-at-its-annual-general-meeting-in-september-218567.html
<![CDATA[RNS press release - Directorate Change ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190415070008_14040343/ Mon, 15 Apr 2019 07:00:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190415070008_14040343/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190401091159_14023152/ Mon, 01 Apr 2019 09:11:59 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190401091159_14023152/ <![CDATA[RNS press release - Block listing Interim Review ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190327101220_14017653/ Wed, 27 Mar 2019 10:12:20 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190327101220_14017653/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190325115336_14014465/ Mon, 25 Mar 2019 11:53:36 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190325115336_14014465/ <![CDATA[News - Stricter regulations dent IG Group’s trading revenues once again ]]> https://www.proactiveinvestors.co.uk/companies/news/216925/stricter-regulations-dent-ig-groups-trading-revenues-once-again-216925.html Online trading platform IG Group Holdings PLC (LON:IGG) slumped in early deals on Thursday as new regulations and reduced levels of market volatility dented third-quarter revenues.

Net trading revenue fell 29% to £108.0mln in the three months ended 28 February.

That was the second full quarter since strict new European rules on contracts for difference (CFDs) were introduced in a bid to protect inexperienced traders from potential big losses.

READ: IG in the red as new regs squeeze revenue

On top of the regulatory headwinds, IG said the fall in revenue was also down to reduced market volatility and the impact of the Bitcoin bubble in the year-ago period when every man and his dog seemed to be investing in crypto.

Year-to-date, net trading revenue is 15% down year-on-year to £359.0mln.

IG reiterated its expectation that full-year revenues will be lower than in 2018. It added that it was difficult to predict its performance for the final quarter given the effect of market volatility, but it did commit to maintaining its 43.2p annual dividend.

Full-year operating costs are also expected to remain broadly flat at around £290mln.

Broker thinks results could miss consensus forecasts

“Even assuming that revenues in Q4 recover to the more ‘normalised’ levels seen in Q2, this would imply full-year net revenues of between £480-485mln,” said Peel Hunt in a note to clients.

“This is below consensus estimates, and implies a reduction in consensus profit forecasts of between 5-10% (depending on whether forecasts reflected a weaker February), equating to £190-195mln. Company consensus currently stands at £215mln.”

Peel Hunt said it would review its ‘buy’ recommendation and 775p target price after Thursday’s analyst conference call.

IG shares fell 8.1% to 503.5p on Thursday morning.

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Thu, 21 Mar 2019 09:12:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216925/stricter-regulations-dent-ig-groups-trading-revenues-once-again-216925.html
<![CDATA[RNS press release - Thrid Quarter Revenue Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190321070008_14009952/ Thu, 21 Mar 2019 07:00:08 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190321070008_14009952/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190307151700_13994533/ Thu, 07 Mar 2019 15:17:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190307151700_13994533/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190301140538_13987659/ Fri, 01 Mar 2019 14:05:38 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190301140538_13987659/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190222125439_13979092/ Fri, 22 Feb 2019 12:54:39 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190222125439_13979092/ <![CDATA[RNS press release - Directorate Change ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190213070004_13967236/ Wed, 13 Feb 2019 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190213070004_13967236/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190204135512_13957448/ Mon, 04 Feb 2019 13:55:12 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190204135512_13957448/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190204102112_13957025/ Mon, 04 Feb 2019 10:21:12 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190204102112_13957025/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190123143231_13944521/ Wed, 23 Jan 2019 14:32:31 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190123143231_13944521/ <![CDATA[News - IG Group sees red as regulation squeezes revenues ]]> https://www.proactiveinvestors.co.uk/companies/news/213049/ig-group-sees-red-as-regulation-squeezes-revenues-213049.html Shares in IG Group Holdings PLC (LON:IGG) fell in early deals on Tuesday after regulatory pressures caused a heavily telegraphed drop in revenues for the half-year.

The FTSE 250 firm, Europe’s largest online trading platform, said net trading revenues in the period had fallen 6% year-on-year (YOY) to £251mln while operating profits had slipped 18% to £112.5mln.

READ: IG Group expects lower first-half revenue after regulatory clampdown

The 6% revenue drop had been anticipated last month when IG issued a trading update saying a ban by the European Securities and Markets Authority (ESMA) the on the sale of binary options to retail investors in July and new restrictions on the marketing of high-risk contracts for difference (CFDs) in August would hit revenues and customer numbers.

The regulations were primarily aimed at protecting inexperienced traders from opportunistic marketing and potentially large losses.

The number of clients trading leveraged products over the counter also dropped YOY to 14,626 from 18,027, although IG noted an “improvement in client quality”.

In the region where the ESMA regulations are enforced revenues for the period had slumped 17% to £145.4mln, although this was partially offset by growth in IG’s non-EU Europe, Middle East and Africa segment of 18% while revenues in its Asia-Pacific arm and Nadex exchange in the US rose 12% and 15% respectively.

The impact of the ESMA measures would also be felt throughout the rest of the year, IG said, predicting that revenues for the 2019 fiscal year would be lower than 2018 while its total operating costs for the year would be similar to the £290mln level from the year before.

However, IG’s chief executive June Felix said she was “confident” the firm would return to growth after 2019, adding that the 43.2p per share annual dividend was expected to be maintained until the company’s earnings allowed it to resume a progressive dividend policy.

In a note to clients, analysts at broker Shore Capital reiterated their ‘Buy’ rating on the stock saying the firm was “a quality operator” that would be able to navigate the new regulatory pressures and “ultimately re-establish a level of growth in a cleaned up industry”.

Shares were down 8.2% at 588.5p.

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Tue, 22 Jan 2019 09:06:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213049/ig-group-sees-red-as-regulation-squeezes-revenues-213049.html
<![CDATA[RNS press release - Interim Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190122070005_13941985/ Tue, 22 Jan 2019 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190122070005_13941985/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190104133325_13924552/ Fri, 04 Jan 2019 13:33:25 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20190104133325_13924552/ <![CDATA[RNS press release - Response to FCA Consultation CP18/38 ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20181207091029_13895642/ Fri, 07 Dec 2018 09:10:29 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20181207091029_13895642/ <![CDATA[News - IG Group expects lower first-half revenue after regulatory clampdown ]]> https://www.proactiveinvestors.co.uk/companies/news/210461/ig-group-expects-lower-first-half-revenue-after-regulatory-clampdown-210461.html IG Group Holdings PLC (LON:IGG) as warned that it expects first-half revenue to fall 6% due to the impact of new regulation.  

The European Securities and Markets Authority has banned the sale of binary options to retail investors since July and placed restrictions on the marketing of contracts for difference (CFDs) since August.

The new rules are designed to protect retail investors who were previously allowed to make large, poorly-secured bets on financial markets through the apps and websites of online trading platforms like IG and CMC Markets Plc (LON:CMC).  

ESMA rules hit IG revenues 

IG said revenue in the four months since the measures came into effect is expected to be 10% lower than the same period a year ago as the number of new clients it has taken on has fallen to 14,600 from 18,027.

READ: IG Group appoints June Felix to become its first ever female CEO

In the UK and the EU, revenue over the same period is forecast to slump 20%, offsetting 9% growth in areas that are not affected by ESMA rules. About 70% of UK and EU revenue in the four months has been generated by professional clients.

IG also announced that its German subsidiary had received a licence from the country’s regulator BaFin that will allow the group to offer financial products across the European Union after Brexit.

Shares were little changed at 608.5p in morning trading.

ShoreCap upgrades IG to 'buy' 

Shore Capital raised its rating on IG to ‘buy’ from ‘hold’ with a fair value of 800p. It marked the first time the broker has given the stock a ‘buy’ recommendation since initiating coverage in August 2015 with a ‘sell’ rating.

“Note that trading conditions have been much more favourable in the last two months of this period than they were in Q1 (and September) but we still regard this as a resilient overall performance for the six months and would not expect to make material adjustments to full year forecasts,” said ShoreCap.

The broker added that it thinks the continued weakness in the share price during the wider market sell-off in October and November, ironically a period that provided a much stronger trading backdrop for IG, was “counter-intuitive”.

“Therefore, subject to the shares opening at a price under 700p, that the derating is overdone.”

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Tue, 04 Dec 2018 08:28:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210461/ig-group-expects-lower-first-half-revenue-after-regulatory-clampdown-210461.html
<![CDATA[RNS press release - Pre-Close Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20181204070007_13889891/ Tue, 04 Dec 2018 07:00:07 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20181204070007_13889891/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20181203140516_13889354/ Mon, 03 Dec 2018 14:05:16 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20181203140516_13889354/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20181101170038_13852184/ Thu, 01 Nov 2018 17:00:38 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20181101170038_13852184/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20181101162311_13852122/ Thu, 01 Nov 2018 16:23:11 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20181101162311_13852122/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20181101153439_13852052/ Thu, 01 Nov 2018 15:34:39 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20181101153439_13852052/ <![CDATA[News - IG Group appoints June Felix to become its first ever female CEO ]]> https://www.proactiveinvestors.co.uk/companies/news/208094/ig-group-appoints-june-felix-to-become-its-first-ever-female-ceo-208094.html IG Group Holdings Plc (LON:IGG) named June Felix as its new CEO on Tuesday, making her the online financial trading firm’s first ever female chief, sending its shares higher.

Felix, whose appointment follows the departure of veteran Peter Hetherington last month, previously served as president of payment tech firm Verifone Inc’s (NYSE:PAY) Europe and Russia business. She has also previously held senior roles at Citibank and IBM.

READ: IG Group's veteran CEO steps down as regulatory pressures bite, shares slide

Felix has been appointed as CEO and an executive director on the board of IG with immediate effect, the company said.

Felix, who has also been a non-executive director of the trading group since September 2015, was selected as CEO following an extensive succession planning process that assessed external and internal candidates, IG said.

"The board is delighted to appoint June Felix as CEO of the group. She brings to the role over 25 years' experience in both the finance and digital technology sectors, and she has a deep understanding of our business,” Chairman Andy Green said in a statement.

"June has a strong track record in strategy and product innovation and has successfully developed businesses of varying scales in the USA, Asia and Europe. Her broad experience makes her ideally suited to take IG forward."

Felix said she would draw on her experience of financial services firms globally and looks forward to “leading the evolution of the group's strategy to deliver sustainable growth and attractive shareholder returns."

In a note to clients, analysts at Shore Capital said Felix has an "impressive CV" and takes on the job in the midst of regulatory change, with the new ESMA rules (particularly around leverage caps) having become effective from 1 August 2018. Felix will need to combat the continued weakness in IG’s shares especially given an improved short-term backdrop, they added.

Shares in IG Group were 5.3% up at 612.0p in early trade,

- updates to add share price and analyst comment - 

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Tue, 30 Oct 2018 08:06:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/208094/ig-group-appoints-june-felix-to-become-its-first-ever-female-ceo-208094.html
<![CDATA[RNS press release - Directorate Change ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20181030070011_13846755/ Tue, 30 Oct 2018 07:00:11 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20181030070011_13846755/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20181001155948_13811876/ Mon, 01 Oct 2018 15:59:48 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20181001155948_13811876/ <![CDATA[News - IG Group's veteran CEO steps down as regulatory pressures bite, shares slide ]]> https://www.proactiveinvestors.co.uk/companies/news/205865/ig-group-s-veteran-ceo-steps-down-as-regulatory-pressures-bite-shares-slide-205865.html IG Group PLC (LON:IGG) shares fell 8% on Thursday after the online trading group said its CEO Peter Hetherington would leave the business at a time when regulatory clamp-downs are impacting the online trading industry.

Europe’s largest online trading platform did not give a reason for Hetherington’s departure but said the search for his successor was well advanced. IG said Hetherington would help with the transition to his successor until the end of the financial year but would step down as Group CEO and from the Board with immediate effect.

READ: IG Group quarterly revenues dip on lower volatility in financial markets

The firm’s CFO Paul Mainwaring will assume the additional role of interim CEO until a successor is appointed, the company said.

The regulatory pressures on online trading group such as IG Group have ramped up in recent months after new measures by the European Securities and Markets Authority (ESMA) to clamp down on the sale of so-called ‘contracts for difference’ to retail clients were introduced in July.

These tighter regulations, as well as low financial market volatility, led IG to report a 5% drop in first-quarter revenue last week.

Hetherington joined IG Group as a graduate trainee in 1994, rising through the ranks before being named CEO in 2015.

“We are not surprised to see him (Hetherington) go, particularly since the company has been losing market share for years while redeploying cash into lower-returning activities such as broking,” Liberum analysts wrote in a note to clients, adding that client numbers had fallen 7% in 2018.

Numis analysts said the company needs a CEO who can evolve the group, utilising its technology platform and global market position in the current regulatory environment.

Shares in IG Group, which have fallen by more than a quarter in the last month, were 7.7% down at 646.18p in early afternoon trade.

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Thu, 27 Sep 2018 11:52:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205865/ig-group-s-veteran-ceo-steps-down-as-regulatory-pressures-bite-shares-slide-205865.html
<![CDATA[RNS press release - Directorate Change ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20180927070018_13806252/ Thu, 27 Sep 2018 07:00:18 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20180927070018_13806252/ <![CDATA[RNS press release - Block listing Interim Review ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20180926155154_13805925/ Wed, 26 Sep 2018 15:51:54 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20180926155154_13805925/ <![CDATA[News - Numis analysts reckon IG is worth a punt after recent share price fall ]]> https://www.proactiveinvestors.co.uk/companies/news/205638/numis-analysts-reckon-ig-is-worth-a-punt-after-recent-share-price-fall-205638.html City broker Numis thinks online trading firm IG Group PLC (LON:IGG) is worth a punt now, following last week’s first-quarter update.

Revenue fell to £128.9mln in the three months to August 31 from a record of £135.2mln a year ago, even as the number of clients rose by 3% to 129,000.

READ: IG revenues slide in Q1

The heightened level of volatility in financial markets which fuelled spreadbetters’ profits last year had not continued, while a regulatory crack-down designed to protect retail customers from losing too much money had also impacted trading.

Those results were still good enough to beat Numis’ forecasts but the stock has fallen more than 10% since, making it good value, according to the broker.

“Following the better than forecast Q1 performance where IG reported revenues of £128.9m against our estimate of £121.0m in a quiet quarter with some of the ESMA impact we are today upgrading,” read a note to clients.

“For this year and next our revenue forecast increases by 2% to £534.4m and £579.3m respectively. Given the recent weakness our recommendation moves to ‘buy’ from ‘add’.”

Shares fell another 2.1% to 761p on Tuesday following a profit warning from rival CMC Markets PLC (LON:CMCX).

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Tue, 25 Sep 2018 11:45:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205638/numis-analysts-reckon-ig-is-worth-a-punt-after-recent-share-price-fall-205638.html
<![CDATA[RNS press release - Directorate Change ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20180920141446_13798795/ Thu, 20 Sep 2018 14:14:46 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20180920141446_13798795/ <![CDATA[RNS press release - Result of Annual General Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20180920135150_13798752/ Thu, 20 Sep 2018 13:51:50 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20180920135150_13798752/ <![CDATA[News - IG Group quarterly revenues dip on lower volatility in financial markets ]]> https://www.proactiveinvestors.co.uk/companies/news/205298/ig-group-quarterly-revenues-dip-on-lower-volatility-in-financial-markets-205298.html IG Group Holdings PLC (LON:IGG) reported a 5% drop in first-quarter revenue as the spreadbetting firm experienced lower levels of volatility in financial markets than last year.

Revenue fell to £128.9mln in the three months to August 31 from a record of £135.2mln a year ago even as the number of clients rose by 3% to 129,000.

READ: IG Group says crypto interest waning as it cautions over customer protection changes

The company said the heightened level of volatility in financial markets that boosted last year’s results had not continued into the new fiscal year.

Revenue fell in the UK and the European, Middle East and Africa divisions by 8% and 12%, respectively, offsetting 7% growth in Asia Pacific.

New measures by the European Securities and Markets Authority (ESMA) to clamp down on the sale of so-called contracts for difference led to a significantly lower volume of trading by retail clients in the UK and the European Union in August.

IG told investors that it was not “possible to draw conclusions” from a one-month period as it would take time for retail clients time to adapt to the new rules and change their trading behaviour.

“The group's performance in the month of August has not changed the company's previously stated view that the impact of the ESMA measures on historic revenue would have been a reduction of approximately 10%,” the group added.

The German subsidiary IG setup ahead of Brexit, has received a licence in principle, subject to conditions from the regulator to offer financial services to EU clients.

The firm said this “provides certainty that IG will continue to be able to offer its regulated financial products in all EU member states following the UK's planned exit” from the bloc.

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Thu, 20 Sep 2018 08:09:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205298/ig-group-quarterly-revenues-dip-on-lower-volatility-in-financial-markets-205298.html
<![CDATA[RNS press release - First Quarter Revenue Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20180920070006_13797501/ Thu, 20 Sep 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20180920070006_13797501/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20180905140634_13780135/ Wed, 05 Sep 2018 14:06:34 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20180905140634_13780135/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20180903124715_13776822/ Mon, 03 Sep 2018 12:47:15 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20180903124715_13776822/ <![CDATA[RNS press release - Notice of AGM & Director Appointments ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20180820141204_13761682/ Mon, 20 Aug 2018 14:12:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20180820141204_13761682/ <![CDATA[RNS press release - Annual Financial Report ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20180813102034_13752963/ Mon, 13 Aug 2018 10:20:34 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20180813102034_13752963/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20180810152114_13751959/ Fri, 10 Aug 2018 15:21:14 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1122/LSE20180810152114_13751959/