Newspaper article The Journal (Newcastle, England)

Surge in Profits Is Expected for IG

Newspaper article The Journal (Newcastle, England)

Surge in Profits Is Expected for IG

Article excerpt

SPREAD betting firm IG Group has said it is expecting a 25% leap in full-year profits after recent stock market turbulence boosted business.

It has seen a surge in client activity and new account openings as investors sought to take advantage of heightened volatility in equity and currency markets caused by the eurozone debt crisis.

IG Group said revenues rose 24% in its final quarter, which had put it on course for annual underlying pre-tax profits of around pounds 157m on sales 16% higher at an estimated pounds 298m.

The firm's shares raced 8% higher on news of the profits boost.

IG opened 21,500 accounts in the three months to May 31, up on the 18,750 seen a year earlier.

Stock markets globally have been thrown into turmoil since debt woes in Greece sparked off fears of a Europe-wide crisis.

Around 13% has been wiped off the FTSE 100 Index since mid-April, while the Dow Jones Industrial Average has slumped back below the key 10,000 mark. …

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