IG Group half year results disappoint

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IG Group half year results disappoint
Master Investor Magazine 46 cover

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FTSE 250 online trading firm IG Group (LON:IGG) saw its share price drop by 6.94% to 596.50p as of 11:50 GMT) after operating profits for the six months ended 30th November fell by 18% to £112.5 million. There were 3,400 fewer new OTC clients during the period, but the company said that the quality of its new customers was increasing.

Recently appointed CEO June Felix commented: “The actions that have been taken over the last two years have resulted in the Company successfully navigating the introduction of the ESMA measures. At the same time the business has developed innovative new products, continued to on-board new, valuable clients, and has continued to deliver a high quality service. Our ability to do so reflects the quality of our people, our technology, and our approach to innovation.

IG has experienced significant change and will continue to do so in the future. Change will be driven by regulation, by shifting patterns of wealth, and by the continued development of financial markets around the world. I believe that IG has the capability to adapt and thrive in this evolving market. The size and quality of our client base and our broadening product offering, all underpinned by our culture and values, provide an excellent platform for sustainable growth in the medium term.

I am excited to bring my experience in strategy and product innovation, and in successfully developing businesses in the USA, Asia and Europe, to the Company. I am looking forward to leading the evolution of IG’s strategy to deliver sustainable growth and attractive shareholder returns and we expect to provide an update on our strategy before the end of the current financial year.

I am confident that the Company will, as previously guided, return to growth after FY19“.

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