IG Group first half results down, but doing much better than others in a quiet market.
UK-based spreadbetting company IG Group released more details of its first half 2013 results (for the six months ended Nov 30, 2012), with not many surprises over what they had already reported in an interim report several weeks ago.
IG Group’s first half revenues were down 14% as compared to last year, although as we reported earlier the second quarter was improved over the first quarter. And IG Group still reported a healthy net profit of £58.6 million (about $94 million) for the six month period.
What stood out to us was IG Group’s (self-reported) improved market shares in two of its key markets, the UK financial spreadbetting sector (IG Group market share 44%) and the Australia CFD market (37%). In what is a slow growth environment, IG Group is gaining on its smaller rivals. For example, we recently reported that UK rival London Capital Group saw its revenues decline by 45% in its most recent six month period.
IG has also been strong in the mobile sphere, reporting that nearly half (47%) of clients use mobile, and that fully 14% of active clients only use mobile.
Nevertheless, the stock market did not receive the news well, sending IG Group shares down about 5% in early London Stock Exchange trading.
For the full IG Group results press release click here.
For a more detailed slideshow presentation on IG’s first half click here.
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