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IG Group on track to resume revenue growth; chief bean counter to retire

Published: 08:32 21 Jan 2020 GMT

IG Group -

Spread betting leader IG Group Holdings PLC (LON:IGG) reiterated in its half-year results that it expects to return to revenue growth over the full year.

Net trading revenue in the six months to the end of December fell to £249.9mln from £251.0mln in the same period of 2018. IG noted that the 2018 trading period included two months of trading under a less strict regulatory regime.

Profit before tax slipped 11% to £100.1mln from £113.0mln the year before.

An interim dividend of 12.96p has been declared, being 30% of the 43.2p full-year dividend paid last year. The group once again said it intends to at hold the full-year payout at 43.2p until earnings growth allows it to return to dividend growth.

“We are now six months into the delivery of our multi-year strategy and are on track to deliver on the medium-term growth targets we have set ourselves. Early indications are very encouraging with continued growth in the client base in our Core Markets, and convincing progress in the areas identified as Significant Opportunities,” said June Felix, the chief executive of IG.

The chief financial officer, Paul Mainwaring, will not be around to see whether those medium-term targets are met as he has announced his intention to retire this year. A search to find his successor is underway.

Shares in IG were down 1.1% at 684.69p in early deals.

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