21st Jan 2020 08:21
(Alliance News) - Contract-for-difference trading provider IG Group Holdings PLC on Tuesday reported the retirement of its Chief Financial Officer Paul Mainwaring and said that it has made good strategic and operational progress towards delivery of its medium-term targets as it pressed ahead with its revised strategy.
For the six months to November 30, the company recorded pretax profit of GBP101.2 million, down 10% on GBP113.0 million in the year ago period, on a net trading revenue of GBP249.9 million, down from GBP251.0 million a year before.
First half operating profit was GBP100.1 million, down 11% from GBP112.5 million.
The drop in first half profit was attributed to rising operating costs, which increased 11% year-on-year to GBP100.1 million.
London-based IG Group reiterated its medium term financial targets of Core Markets revenue growth at around 3% to 5% and increase in revenue from new opportunities to around GBP160 million in financial 2022, from GBP60 million in financial 2019.
"We are now six months into the delivery of our multi-year strategy and are on track to deliver on the medium-term growth targets we have set ourselves. Early indications are very encouraging with continued growth in the client base in our Core Markets, and convincing progress in the areas identified as significant opportunities. I am very much looking forward to continuing the delivery of our strategy, and also to welcoming Mike McTighe as chairman of IG Group in February," said Chief Executive Officer June Felix.
IG Group is to pay an interim dividend of 12.96 pence per share and expects to maintain its full-year dividend at 43.2p in financial 2020.
On the retirement of Mainwaring, IG Group said Mainwaring decided to step down from executive roles having completed 20 years as a UK plc finance director.
The company has commenced a search process to identify a successor to Mainwaring, who will continue as chief financial officer and executive director of IG to ensure an orderly transition.
IG Group shares remained flat at 685.60 pence each in London on Tuesday morning.
By Tapan Panchal; [email protected]
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