18th Mar 2014 08:38
LONDON (Alliance News) - IG Group Holdings PLC Tuesday reported a 9.1% increase in third-quarter net trading revenue, driven by its European and UK operations, while also expecting lower full-year costs than previously expected.
The spread betting firm reported GBP96.7 million in net trading revenue for the three months ended February 28, compared with GBP88.6 million for the corresponding period a year earlier.
"The year-on-year uplift was most marked in an unseasonably strong December, although conditions were reasonably supportive throughout the quarter as the financial markets responded to several catalysts, including the clarity around tapering in the US and weaker than anticipated Chinese economic data," IG Group said in a statement.
It said it is on track to deliver net trading revenue revenue for all of 2014 ahead of the prior year and in line with expectations. IG Group reported GBP361.9 million in net trading revenue for 2013.
IG Group also said it now expects full-year operating costs to come in below its previous guidance.
It said hiring is taking "a little longer than anticipated" and it expects a GBP2 million reduction in the amount it will pay into the Financial Services Compensation Scheme.
The FSCS, which is the UK's compensation fund for customers of authorised financial services firms, said towards the end of February that it doesn't expect to raise an interim levy for 2013/2014.
IG Group shares were Tuesday quoted at 648.78 pence, up 3.0%.
By Samuel Agini; [email protected]; @samuelagini
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