IG Group posts 15% Q1 revenue growth
Financial spread betting company sees double-digit growth following 'challenging year'
IG Group has posted a 15% year-on-year increase in Q1 FY2014 revenues for the three-month period ending 31 August 2013.
The online and telephone spread betting specialist reported a top line figure of £93.6m, outperforming the £81.5m posted during the corresponding period last year.
The company experienced double-digit growth in all regions barring Japan and Australia which contracted 8% and 2% respectively.
Although pleased with the start of the year, IG said the figures were set against a “particularly quiet quarter” in 2012.
During the period, the group completed the migration of its websites in the UK and Australia to the IG.com domain and said it is on track to have the roll-out substantially complete by the end of the second quarter.
In addition, following a successful pilot, the company has begun to promote the MetaTrader 4 platform as part of a drive to increase its market share within the forex market.
The news comes after IG announced a 3.5% growth in profit for the financial year ending 31 May 2013 – a 12-month period which chairman Jonathan Davie labelled as “a challenging year”.
“Management outlined a range of initiatives with the results in July, aimed at broadening the offering, attracting new clients and improving current client retention,” an IG statement said.
“The company continues to work on these initiatives, which it believes will provide it with an increasingly strong platform for growth in future years.”
The company had previously announced that Davie is to step down from his role as chairman in October 2014 after nine years on the IG Board, with his successor expected to be named in March.
Chairman of the audit committee Martin Jackson will also leave the board at the 2014 annual general meeting.