Jan 17 2012 |
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INTERVIEW: IG Mulls Expanding Into Switzerland, Middle East
Tuesday, Jan 17, 2012
By Lilly Vitorovich
Of DOW JONES NEWSWIRES
LONDON (Dow Jones)--IG Group Holdings PLC (IGG.LN), a U.K.-based spreadbetting firm that is benefiting from market volatility, is considering setting up operations in Switzerland and parts of the Middle East, Chief Executive Tim Howkins said Tuesday.
The company--which Tuesday reported a double-digit rise in first-half profit and revenue--is "just at the point of deciding which [country] to do next," Howkins told Dow Jones Newswires, noting that it is a complex process that could take around 18 months.
At present, IG operates in 14 countries across Western Europe, North America and Asia.
Howkins expects the ongoing uncertainty around Europe to "continue to drive bouts of volatility as you see swings of good news and bad news."
The group, which has slightly fewer than 1,000 employees, is in the process of recruiting around 90 new workers, which will result in around GBP4 million or GBP5 million in additional annual costs, Howkins said.
Profit before taxes and exceptional items--one of the main figures analysts in the U.K. track--rose 28% to GBP103.2 million for the six months ended Nov. 30 from GBP80.1 million, bolstered by a 26% rise in revenue to GBP218 million.
Net profit also rose 28% to GBP75.2 million from GBP58.6 million a year earlier.
IG booked a 15% increase in the number of clients trading in the six months to Nov. 30, due to "significant payback" from previous investment in IT, including a mobile app for all main mobile platforms. It also benefited from the demise of rival MF Global at the end of October 2011.
The company, which has around 140,000 clients, also reported an 11% increase in average revenue per client in the first half of fiscal 2012.
IG declared an interim dividend of 5.75 pence, up 9.5% from 5.25 pence a year earlier.
-By Lilly Vitorovich, Dow Jones Newswires; 44-0-207 842 9290; lilly.vitorovich@dowjones.com
(END) Dow Jones Newswires
17-01-12 1100GMT
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